Form Energy Inc, a developer specializing in long-duration iron-air battery technology, has successfully secured USD 405 million (EUR 370.4 million) in a new funding round. The company also announced a strategic collaboration with GE Vernova Inc aimed at facilitating the commercial rollout of its battery systems.
Headquartered in Somerville, Massachusetts, Form Energy has recently initiated trial production of its 100-hour iron-air batteries. The new capital will be utilized to expand production capabilities and strengthen its workforce. The Series F financing round was led by T Rowe Price, with participation from GE Vernova as a new investor alongside existing supporters such as TPG Rise Climate and Breakthrough Energy Ventures.
This financing comes on the heels of a prior funding round in which Form Energy raised USD 450 million last year, bringing its total funding to approximately USD 1.2 billion.
As part of the collaboration, the memorandum of understanding (MoU) with GE Vernova outlines key areas for partnership, focusing on enhancing Form Energy's manufacturing operations and facilitating the deployment of its battery systems. Jessica Uhl, president of GE Vernova, highlighted the transformative potential of Form's 100-hour iron-air batteries, noting the importance of their role in the global energy landscape.
Established in 2017, Form Energy recently completed the construction of its 550,000-square-foot (51,096 sq m) manufacturing facility, Form Factory 1, in Weirton, West Virginia. The company aims to expand its operations to over one million square feet, targeting an annual production capacity of 500 MW by 2028.
