Form Energy Ignites Clean Power Revolution with $405 Million Boost for 100-Hour Iron-Air Battery Breakthrough

• Form Energy has secured a massive $405 million in Series F funding to accelerate the development and manufacturing of its groundbreaking 100-hour iron-air battery technology.

• This latest funding round brings the company’s total capital raised to over $1.2 billion, making it one of the best-funded startups in the long-duration energy storage sector.

• The financing was led by investment giant T. Rowe Price, with new participation from GE Vernova (a General Electric energy spin-off) and continued support from prominent venture capital firms including Breakthrough Energy Ventures and TPG Rise Climate.

• The funds will primarily be used to ramp up production at Form Energy’s first high-volume manufacturing facility, Form Factory 1, located in Weirton, West Virginia, which recently completed construction and began trial production.

• Form Factory 1 spans 550,000 square feet with plans to expand to over 1 million square feet by 2028, aiming for an annual manufacturing capacity of at least 500 megawatts and employing 750+ workers.

• Form Energy’s iron-air batteries represent a radical departure from conventional lithium-ion technology, using abundant and low-cost materials like iron, water, and air to store energy for up to 100 hours—far surpassing lithium batteries’ typical 4-hour duration.

• This multi-day storage capability could revolutionize grid reliability by providing clean energy through days without sun or wind, enabling a significant reduction in carbon emissions and accelerating the transition to renewable energy.

• The company has already begun commercial deployments, breaking ground on its first battery installation in Cambridge, Minnesota, in partnership with Great River Energy, expected to be operational by 2025.

• Additional installations are planned for Minnesota, Colorado, California in 2025, with further projects slated for New York, Georgia, and Virginia in 2026, signaling rapid geographic expansion.

• CEO Mateo Jaramillo expressed pride in the team’s progress, emphasizing the company’s readiness to meet growing demand for cleaner, more reliable energy storage solutions.

• The iron-air battery’s reliance on iron—a plentiful element—offers a scalable and affordable alternative to lithium, addressing supply chain and cost challenges associated with traditional battery materials.

• Form Energy’s innovation is seen as a critical enabler for a carbon-neutral future, providing utilities with the ability to store and dispatch renewable energy across multiple days, smoothing out variability in wind and solar generation.

• The company currently employs over 900 people, including 300 at its Weirton factory, with plans to expand the workforce as production scales.

• Strategic collaboration with GE Vernova aims to support manufacturing scale-up and commercial deployments, further strengthening Form Energy’s position in the energy storage market.

• This milestone funding round underscores investor confidence in Form Energy’s vision to transform the electric grid through long-duration storage technology that could replace fossil fuel peaker plants and reduce greenhouse gas emissions.

• As the world intensifies efforts to combat climate change, Form Energy’s iron-air batteries stand out as a promising solution to deliver reliable, affordable, and clean power around the clock.