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BFD Expert Voices - Climate Deals

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Form Energy, a developer of multi-day grid batteries, has selected JPMorgan and Jefferies to lead its IPO, Axios Pro has learned.

Goldman Sachs and Morgan Stanley are competing for a third slot.

State of play: Form Energy would join a growing list of energy companies that have gone public since the start of the year, including geothermal developer Fervo Energy, nuclear reactor developer X-energy, and on-site power provider ERock.

How it works: The Somerville, Mass.-based startup is designing a battery that can supply on-demand electricity for a few days instead of hours.

The capability would enable electric grids and data centers to reliably fill gaps created by intermittent renewable energy sources like wind and solar farms.

Zoom in: Form Energy started trial production in 2024 at its first high-volume factory in West Virginia, and last October began deploying commercial batteries with Minnesota utility Great River Energy.

It's also signed supply agreements with utilities Xcel Energy and Georgia Power.

Follow the money: The startup raised a $405 million Series F round in 2024, led by T. Rowe Price and GE Vernova, bringing its total raised to $1.2 billion.

It also was in market this year for another $500 million.

Other investors include TPG Rise Climate, Breakthrough Energy Ventures, Capricorn Investment Group, Coatue, Energy Impact Partners, The Engine Ventures, NGP, Temasek, GIC, Prelude Ventures, Claure Group, Gigascale Capital, Blindspot Ventures, and VamosVentures.

Form Energy, Jefferies and JPMorgan declined to comment. Goldman Sachs and Morgan Stanley did not immediately return requests for comment.

Scoop: Form Energy taps JPM and Jefferies for IPO

Goldman Sachs and Morgan Stanley competing for third slot, a source says.

The Form Energy logo is displayed on a darkened smartphone screen.

Long-duration battery developer Form Energy is aiming to fill gaps created by intermittent renewables like wind and solar. Photo: Thomas Fuller/SOPA Images/LightRocket via Getty Images

<p>Form Energy, a developer of multi-day grid batteries, has selected JPMorgan and Jefferies to lead its IPO, Axios Pro has learned.</p><ul><li>Goldman Sachs and Morgan Stanley are competing for a third slot.</li></ul>

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Scoop: Form Energy taps JPM and Jefferies for IPO

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