Form Energy Secures $750M in Series G Financing to Scale Iron-Air Battery Manufacturing and Accelerate Commercial Deployments

Form Energy, an American technology company developing and commercializing a new class of cost-effective, multi-day energy storage systems led by Mateo Jaramillo and the team, has announced a $750 million Series G financing round led by T. Rowe Price, which also led the company’s prior Series F round. This round brings Form Energy’s total equity raised to date to over $2 billion. New investors joining the Series G include Sequoia Capital, Janus Henderson, Franklin Templeton, and PEAK6 Investments. The round also received strong continued support from existing investors including Prelude Ventures, Engine Ventures, TPG Rise Climate, Capricorn’s Technology Impact Funds, Breakthrough Energy Ventures, Dustin Moskovitz and Cari Tuna, Gigascale Capital, Coatue, Energy Impact Partners, NGP, GE Vernova, Blindspot Ventures, and M&G Catalyst Fund. Morgan Stanley acted as the sole and exclusive placement agent to Form Energy in connection with its Series G private placement.

Proceeds from the Series G will accelerate Form Energy’s manufacturing scale-up in Weirton, West Virginia, and support commercial deployments of its iron-air battery systems to meet growing demand for multi-day energy storage.

The round follows several new commercial agreements that expanded Form Energy’s backlog from roughly 20 GWh to 80 GWh, including projects with Xcel Energy, Google, Crusoe, and FuturEnergy Ireland.

To support its growth, Form Energy has appointed Navneet Govil as Chief Financial Officer and Wes Sloan as Chief Operating Officer.

Govil brings more than 30 years of finance experience, most recently as CFO and Executive Managing Partner at SoftBank Investment Advisers, where he helped oversee finance and investment operations across the SoftBank Vision Funds’ portfolio.

Sloan brings more than 25 years of leadership experience across aerospace, automotive, and energy. Most recently an executive vice president at Panasonic Energy North America, he will lead Form Energy’s operations and manufacturing scale-up.

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