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Form Energy raises $750M to expand 100-hour iron-air battery manufacturing
Key points
- Form Energy raised $750 million in a Series G funding round.
- The funding will expand manufacturing of 100-hour iron-air batteries.
- Iron-air batteries use iron instead of lithium, cobalt, or nickel.
- The company has an 80 gigawatt-hour project backlog.
Funding for Manufacturing Expansion
Battery startup Form Energy announced it has raised $750 million in a Series G funding round. This capital infusion is earmarked for expanding the company's manufacturing capacity for its iron-air batteries in West Virginia. T. Rowe Price led the round, with participation from investors including Sequoia Capital, Janus Henderson, and Franklin Templeton.
Long-Duration Battery Technology
Form Energy specializes in iron-air batteries capable of discharging power for up to 100 hours, a significant increase compared to most current batteries that discharge for only a few hours. This long-duration storage is crucial for bridging gaps in renewable power generation, which is projected to account for over 90% of new U.S. generating capacity this year.
The company's battery chemistry utilizes iron, which is oxidized and reduced during discharge and charge cycles, effectively turning iron into rust and back again. This approach avoids reliance on more expensive minerals like lithium, cobalt, and nickel, contributing to lower storage costs.
Market Demand and Customer Base
The investment comes as the U.S. installed 9.7 gigawatt-hours of energy storage in the first quarter of this year, a 32% increase from 2025. The demand for energy storage is being fueled by the rapid growth of AI data centers, which are expected to quadruple their electricity use in the U.S. by 2035, consuming approximately 20% of the country's total electricity.
Form Energy has secured major customers, including Google, which is using a 30-gigawatt-hour Form battery for a new data center in Minnesota. Other customers include Crusoe, Xcel Energy, and FuturEnergy Ireland. The company currently has a commercial project backlog of about 80 gigawatt-hours of energy storage.
Domestic Supply Chain Focus
Approximately 80% of Form Energy's battery materials are sourced from the U.S., with the remainder coming from Europe and Asia, specifically excluding China. This domestic-focused supply chain aligns with U.S. efforts to reduce reliance on Chinese companies, which dominate the global battery supply chain and manufacturing sectors. This strategy has helped Form Energy attract customers amid rising U.S. electricity demand.
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Reporting from
Form Energy secured $750 million in funding to scale up production of its iron-air batteries in West Virginia. This investment addresses the growing demand for long-duration energy storage, particularly driven by the expansion of AI data centers and the need to integrate renewable energy sources into the grid.