Oct 5, 2022 - Economy

Form Energy raises $450 million to extend battery storage

Illustration of a mining cart full of batteries. — Illustration: Gabriella Turrisi/Axios

Form Energy, a Massachusetts-based developer of long duration battery storage using iron, raised $450 million in Series E funding led by TPG Rise.

Why it marters: Long duration storage — a battery that can last for days or even weeks, instead of hours — is key to decarbonizing the electric grid, because it supports inherently intermittent renewables like wind and solar. Particularly at utility scale.

Other investors include GIC, CPP Investments, ArcelorMittal and Breakthrough Energy Ventures. The company previously raised over $350 million, including in mid-2021 at a $1.2 billion valuation.

The bottom line: Iron is hardly the first material that comes to mind when thinking about energy innovation, but Form believes its iron rusting and de-rusting method will help it avoid the supply bottlenecks and high costs associated with more traditional battery materials like lithium.

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Form Energy raises $450 million to extend battery storage

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