Iron-air US LDES startup Form Energy secures US$750 million Series G financing

Announced 12 August, Form said the proceeds from the Series G will be used to accelerate its manufacturing scale-up in Weirton, West Virginia, and advance commercial deployments of its iron-air “multi-day” battery energy storage systems (BESS). Image: Form Energy

US startup Form Energy has secured a US$750 million Series G financing round led by global investment management firm T. Rowe Price.

Announced 12 August, Form said the proceeds from the Series G will be used to accelerate its manufacturing scale-up through its first factory, called Form 1, in Weirton, West Virginia, and advance commercial deployments of its iron-air “multi-day” battery energy storage systems (BESS).

T. Rowe Price previously led Form’s Series F round, the Series G brings the company’s total equity raised to over US$2 billion.

New investors in the Series G included Sequoia Capital, Janus Henderson, Franklin Templeton, and PEAK6 Investments.

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The round also received continued support from existing investors including Prelude Ventures, Engine Ventures, TPG Rise Climate, Capricorn’s Technology Impact Funds, Breakthrough Energy Ventures, Facebook and Meta co-founder Dustin Moskovitz and his wife, philanthropist Cari Tuna, Gigascale Capital, Coatue, Energy Impact Partners, NGP, GE Vernova, Blindspot Ventures, and M&G Catalyst Fund.

Notably, when Form first emerged, it was widely considered to be in a category of one, with its iron-air long-duration energy storage (LDES) technology. While the company is thought to hold extensive patents and IP for its proprietary battery, other iron-air battery startups have emerged.

India-headquartered Meine Electric claims it is “APAC’s first iron-air LDES innovator” and recently announced a pilot project at the Simhadri Thermal Power Station, owned by NTPC, India’s biggest electric power utility.

Dutch iron-air startup Ore Energy raised US$43 million in a Series A funding round earlier this month. As with Form Energy’s battery, Ore’s technology works by essentially rusting and derusting metal.

Axios reported that Form’s Series G funding round was completed at a US$1.75 billion pre-money valuation. That valuation is down “from a roughly US$3 billion pre-money valuation achieved during its previous fundraising cycle in October 2024, reflecting a down round despite strong commercial momentum.”

Form’s recent activity

The company noted its recent commercial agreements and increase to its backlog from approximately 20GWh to 80GWh.

In February, utility Xcel Energy announced it would install 30GWh of Form Energy’s iron-air batteries at a data centre in Minnesota belonging to Google.

The next month, Form signed a 12GWh supply agreement in the US with AI data centre infrastructure developer Crusoe.

It also announced in March, an agreement to jointly deploy a 10MW/1,000MWh iron-air BESS in the northwest of Ireland with developer FuturEnergy Ireland.

Form Energy stated that in order to support its growth, it expanded its executive leadership team, appointing chief financial officer Navneet Govil and chief operating officer Wes Sloan.

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