From: Mercom India
Form Energy, an iron-air-based battery systems provider for multi-day energy storage, has closed a $270 million credit facility to support manufacturing scale-up and working capital requirements for its iron-air battery systems.
Barclays served as the sole structuring bank and initial coordinating lead arranger for the transaction.
Citi, Jefferies, JPMorgan Chase, RBC Capital Markets, Societe Generale, Stifel, and Wells Fargo also participated in the lending syndicate.
TPG Capital BD acted as debt adviser to Form Energy, while Kirkland & Ellis served as the company’s financing legal counsel.
The financing comprises a revolving credit facility and a tax credit advance facility. The tax credit advance facility allows the company to borrow against tax credits generated from producing eligible components under Section 45X Advanced Manufacturing Production Credit.
The facility also includes an accordion feature that can increase the total credit available to up to $1 billion.
The company did not disclose the amounts allocated to the revolving credit facility and tax credit advance facility, the facility’s maturity, interest rates, or other borrowing terms.
The company develops and commercializes multi-day energy storage systems and said it will use the proceeds to support manufacturing scale-up and working capital as it expands production at Form Factory 1 in Weirton, West Virginia.
The credit facility follows Form Energy’s $750 million Series G funding round, which closed in August of this year. According to the company, the funding increased its total equity raised to more than $2 billion. T. Rowe Price led the Series G funding round, along with new investors Sequoia Capital, Janus Henderson, Franklin Templeton, and PEAK6 Investments.
According to Mercom’s recently released 1H 2026 Funding and M&A for Energy Storage report, VC funding for energy storage companies in 1H 2026 totaled $1.6 billion across 51 deals, representing a 6% YoY decline compared to the $1.7 billion raised across 36 deals in 1H 2025.
In August, Ore Energy, a developer of iron-air batteries for long-duration energy storage, raised $43 million in Series A funding in a round co-led by Plural and HV. Positron Ventures also participated in the round, bringing the company’s total funding to more than $61 million.
