Form Energy is a technology company.
Form Energy has raised $936.0M across 3 funding rounds.
Form Energy has raised $936.0M in total across 3 funding rounds.
Form Energy is a technology company developing ultra-long-duration energy storage systems, primarily iron-air batteries capable of storing renewable energy for up to 100 hours at low cost.[1][2][3][4] It serves utilities and grid operators by solving the intermittency of renewables like wind and solar, enabling a reliable 100% renewable electric grid for communities worldwide.[1][2][6] With nearly 1,000 employees across facilities in West Virginia, Massachusetts, and California, the company has raised over $1.2 billion, secured contracts with U.S. and Irish utilities, and advanced from prototypes to grid-connected deployments, positioning it for rapid commercialization.[2][3][4]
Form Energy was founded in 2017 in Somerville, Massachusetts, by energy storage veterans including Mateo Jaramillo, Yet-Ming Chiang, Ted Wiley, William Woodford, and Marco Ferrara.[2][3] These founders, drawing from prior expertise in batteries and renewables, united around the challenge of multi-day energy storage to make renewables as dependable as fossil fuels.[1][2] Early traction came from rigorous testing of iron-air battery prototypes, scaling manufacturing, and signing utility agreements, evolving from lab concepts to the world's first grid-connected systems.[2][3]
Form Energy stands out in the energy storage market through these key advantages:
Form Energy rides the global surge in renewable energy adoption amid rising demand from AI data centers, electrification, and manufacturing, where intermittency has been the key barrier to 100% clean grids.[4][6] Its timing aligns with policy pushes for grid resilience and net-zero goals, bolstered by cheap renewables and utility needs for multi-day storage during extreme weather or lulls.[1][2] Market forces like iron's abundance and modularity favor it over resource-constrained lithium tech, while U.S. manufacturing revives industrial regions.[3][4] By enabling scalable renewables, Form Energy influences the ecosystem, accelerating utility transitions, job creation, and international clean energy deployment.[2][4]
Form Energy is poised to dominate long-duration storage as it scales factories, fulfills U.S. and Ireland contracts, and expands globally, potentially capturing a slice of the booming grid modernization market.[2][3][4] Trends like AI-driven energy demand and climate policies will amplify its growth, with manufacturing expansions and new partnerships driving revenue and deployments.[3][5] Its influence could evolve from U.S. innovator to worldwide enabler of renewable grids, fulfilling its founding mission for a 100% clean energy future.[1][6]
Form Energy has raised $936.0M in total across 3 funding rounds.
Form Energy's investors include Energy Impact Partners, The Engine, Vamos Ventures, Northpond Ventures.
Form Energy has raised $936.0M across 3 funding rounds. Most recently, it raised $410.0M Series F in October 2024.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Oct 1, 2024 | $410.0M Series F | Energy Impact Partners, The Engine, Vamos Ventures | |
| Oct 1, 2022 | $450.0M Series E | Energy Impact Partners, Northpond Ventures, The Engine, Vamos Ventures | |
| Nov 1, 2020 | $76.0M Series C | Energy Impact Partners, The Engine, Vamos Ventures |