Total amount raised
$1.6 Billions
Latest funding date
12/1/2024
Location
Form Energy has successfully raised over $1.2 billion across multiple funding rounds, with a recent Series F round securing $405 million in October 2024. The company is backed by 35 investors, including prominent names like Breakthrough Energy Ventures and Capricorn Investment Group.
Keep reading to explore the intricacies of Form Energy's fundraising journey and the investors backing this innovative energy storage company.
What Is Form Energy?
Form Energy, founded in 2017, is an energy technology company based in Somerville, Massachusetts. The company focuses on developing and commercializing low-cost, multi-day energy storage solutions to support a clean and reliable electric grid.
Form Energy's innovative iron-air battery technology can store energy for up to 100 hours, making renewable energy sources like wind and solar more dispatchable. This technology aims to transform the electric grid by extending transmission capacity and reducing the need for conventional thermal generation.
The company was founded by Marco Ferrara, Mateo Jaramillo, Ted Wiley, William Woodford, and Yet-Ming Chiang. Form Energy employs between 501 and 1000 people, contributing to its mission of accelerating the transition to clean energy.
How Much Funding Has Form Energy Raised?
- Series C
- Amount Raised: $76M
- Date: November 2020
- Lead Investors: Coatue
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate the development of their iron-air battery technology.
- Series D
- Amount Raised: $240M
- Date: August 2021
- Lead Investors: ArcelorMittal
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their manufacturing capabilities and scale up production.
- Series E
- Amount Raised: $450M
- Date: October 2022
- Lead Investors: The Rise Fund, TPG Rise Climate Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To extend battery storage capabilities and support commercial deployments.
- Series F
- Amount Raised: $405M
- Date: October 2024
- Lead Investors: T. Rowe Price
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To ramp up battery production and support the clean energy transition.
- Debt Financing
- Amount Raised: $50M
- Date: December 2024
- Lead Investors: Trinity Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational expenses and further technology development.
- Grant
- Amount Raised: $147M
- Date: August 2024
- Lead Investors: US Department of Energy
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fund a large-scale battery project in Maine.
- Grant
- Amount Raised: $30M
- Date: December 2023
- Lead Investors: California Energy Commission
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support renewable energy initiatives in California.
- Grant
- Amount Raised: $12M
- Date: August 2023
- Lead Investors: NYSERDA
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To advance clean energy projects in New York.
- Grant
- Amount Raised: $105M
- Date: February 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the development of their iron-air battery technology.
Total amount raised: $1.52 billion. Current valuation: Not publicly disclosed.
Key Investors
- Breakthrough Energy Ventures
- Details: Breakthrough Energy Ventures is a fund backed by prominent investors like Bill Gates, focusing on clean energy innovations. They aim to support technologies that can significantly reduce greenhouse gas emissions.
- Investment Focus Areas: Clean energy technologies, sustainable energy solutions, climate tech.
- Notable Investments: QuantumScape, Commonwealth Fusion Systems, Pivot Bio.
- MIT’s The Engine
- Details: The Engine is a venture fund built by MIT to support tough tech startups. They focus on scientific and technological innovations that address global challenges.
- Investment Focus Areas: Tough tech startups, scientific innovation, deep tech.
- Notable Investments: Commonwealth Fusion Systems, Via Separations, Analytical Space.
- Macquarie Capital
- Details: Macquarie Capital is a global financial services group providing advisory, capital raising, and principal investing services. They have a strong focus on infrastructure and renewable energy.
- Investment Focus Areas: Infrastructure, renewable energy, technology.
- Notable Investments: Green Investment Group, Savion, NuScale Power.
- Eni Next
- Details: Eni Next is the corporate venture capital arm of Eni, an Italian multinational oil and gas company. They invest in startups that are driving the energy transition.
- Investment Focus Areas: Energy transition, decarbonization technologies, sustainable energy.
- Notable Investments: Commonwealth Fusion Systems, Energy Dome, Cuberg.
- Capricorn Investment Group
- Details: Capricorn Investment Group is a private investment firm that focuses on sustainable and impact-driven investments. They aim to generate strong financial returns while making a positive impact.
- Investment Focus Areas: Sustainable technologies, clean energy, impact investing.
- Notable Investments: QuantumScape, Proterra, SpaceX.
What's Next for Form Energy?
Form Energy stands on the brink of significant growth, driven by the expansion of its manufacturing operations and the commercial deployment of its iron-air battery systems. With $405 million in Series F financing, the company is poised to scale its production capabilities and create new jobs, particularly at its Weirton, West Virginia facility. The strategic collaboration with GE Vernova further amplifies its potential, opening doors to new markets and enhancing its technological prowess.
Future fundraising opportunities appear promising as the demand for long-duration energy storage solutions continues to rise. Form Energy's ability to attract substantial investments from both private and governmental bodies underscores its market potential. However, the company must navigate challenges such as scaling up production, ensuring the reliability of its battery systems, and managing supply chain complexities. As the clean energy sector evolves, Form Energy's innovative approach positions it well for continued success and potential strategic acquisitions.
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