Form Energy, an iron-air-based battery systems provider, raised $405 million in a Series F Funding round led by T. Rowe Price. The round brings the company’s total funds raised to date to over $1.2 billion.
GE Vernova also participated in this round along with other existing investors, including TPG Rise Climate, Breakthrough Energy Ventures (BEV), Capricorn’s Technology Impact Funds, Coatue, Energy Impact Partners (EIP), MIT’s The Engine Ventures, NGP, Temasek, GIC, Prelude Ventures, Claure Group, Gigascale Capital, Blindspot Ventures, and VamosVentures.
The company recently completed construction and initiated production trials in Form Factory 1 in Weirton, West Virginia. With this funding, the company further plans to grow its team as it speeds up production in the coming months.
In addition to participating in the round, GE Vernova has signed a Memorandum of Understanding to support Form Energy as it continues manufacturing operations and commercial deployments of its iron-air battery systems.
“We are deeply grateful to T. Rowe Price for leading our Series F fundraising round and look forward to collaborating with them as we expand our operations to meet the surging demand for our product. We are also excited to welcome GE Vernova to our growing group of investors and extend our sincere thanks to our long-standing partners, whose continued trust and support have been crucial to our success and growth over the years,” said Mateo Jaramillo, CEO and Co-founder of Form Energy.
In 2022, Form Energy raised $450 million in a Series E financing round led by TPG’s global impact investing platform, TPG Rise.
According to Mercom’s 1H and Q2 2024 Funding and M&A report for Energy Storage and Smart Grid, VC funding for Energy Storage companies in 1H 2024 came to $2.4 billion in 48 deals, a 37% decrease year-over-year compared to $3.8 billion in 43 deals in 1H 2023.
