Form Energy, a pioneering company in the development of long-lasting alternatives to lithium batteries, achieved a significant milestone on Wednesday by announcing that it has secured $405 million in funding. This capital will facilitate the acceleration of production at their initial manufacturing facility located in Weirton, West Virginia, while also enabling further research and development efforts.
The ability to produce long-duration energy storage solutions on a commercial scale is crucial for reducing carbon emissions that contribute to climate change. This technology ensures that clean energy remains accessible during periods when sunlight and wind are absent. “I’m incredibly proud of how far our team has come in scaling our iron-air battery technology,” expressed Mateo Jaramillo, the CEO of Form Energy, through an email communication.
Leading the investment round is T. Rowe Price, with participation from GE Vernova—the branch created from General Electric’s energy sectors—alongside various venture capital firms. Jaramillo emphasized that “With this new funding… we’re ready to accelerate multi-day battery deployments to meet the rising demand for a cleaner, and more reliable grid. I’m grateful for our team’s hard work and the trust our partners have placed in us as we strive towards our mission of building energy storage for a better world.”
Unlike conventional lithium batteries that typically provide energy for around four hours, Form Energy is innovating with a different chemical approach. Their batteries utilize iron, water, and air, boasting the capacity to store energy for 100 hours. If successfully scaled, these batteries could potentially supply energy during days without sunlight or wind. The abundance of iron as a raw material also supports the affordability and scalability of this technology.
In August, Form Energy partnered with Great River Energy to commence its first commercial battery installation in Cambridge, Minnesota, which is anticipated to be operational by 2025. This facility will be tasked with storing surplus energy for use during peak electricity demand periods.
Additional Form Energy battery systems located in Minnesota, Colorado, and California are scheduled to come online next year, while projects in states such as New York, Georgia, and Virginia are planned for 2026. Overall, Form Energy has successfully raised over $1.2 billion from investors thus far.
It is important to note that the fundraising total of $1.2 billion reported includes only investor contributions and does not account for any government funding.
