Form Energy Secures $405M in Series F Financing to Expand Iron-Air Battery Business and Operations

Form Energy Secures $405M in Series F Financing to Expand Iron-Air Battery Business and Operations

Oct.09.2024

Weirton, WV - October 9, 2024 - Form Energy, Inc., an American technology company developing and commercializing a new class of cost-effective, multi-day energy storage systems, announced today a $405 million Series F financing round led by T. Rowe Price.

"Form Energy's multi-day energy storage solutions are positioned to be critical to ensuring an energy transition that is reliable and affordable. The company is at the forefront of driving decarbonization in the power and commercial & industrial sectors. We're thrilled to collaborate with the Form Energy team as they embark on their next chapter of breakthrough advancements and continued growth," said Joseph Fath, Portfolio Manager of T. Rowe Price Growth Stock Fund, Inc.

Also joining the Series F round is GE Vernova, along with existing investors TPG Rise Climate, Breakthrough Energy Ventures (BEV), Capricorn's Technology Impact Funds, Coatue, Energy Impact Partners (EIP), MIT's The Engine Ventures, NGP, Temasek, GIC, Prelude Ventures, Claure Group, Gigascale Capital, Blindspot Ventures, and VamosVentures. The Series F brings Form Energy's total funds raised to date at over $1.2B.

In addition to participating in the Series F financing round, GE Vernova and Form Energy have signed a Memorandum of Understanding regarding areas of strategic collaboration to support Form Energy as it continues to ramp manufacturing operations and commercial deployments of its iron-air battery systems.

Jessica Uhl, President of GE Vernova, noted, "To meet the urgent demands to modernize the grid and enable higher renewable energy generation, it's essential to speed up the rollout of affordable technologies that can decarbonize the power grid while ensuring it remains secure, reliable, and resilient. We're proud to collaborate with Form Energy, sharing our deep manufacturing and engineering expertise, to support their ambitious journey to scale in the U.S. and globally. Form's innovative 100-hour iron-air battery systems can be a game-changer, and we're excited to play a role in helping them achieve global impact."

Mateo Jaramillo, CEO and Co-founder of Form Energy, said, "We are deeply grateful to T. Rowe Price for leading our Series F fundraising round and look forward to collaborating with them as we expand our operations to meet the surging demand for our product. We are also excited to welcome GE Vernova to our growing group of investors and extend our sincere thanks to our long-standing partners, whose continued trust and support have been crucial to our success and growth over the years."

"TPG Rise Climate's capital and capabilities are well-aligned with Form's growth profile and trajectory. We are proud of the deep partnership we've built with Mateo and the team over the years and continue to have strong conviction in the transformational technology they're bringing to the long-duration energy storage market. With the backing and collaboration of this group of new and existing blue-chip investors, we look forward to further scaling and commercializing the business," said Marc Mezvinsky, Partner at TPG and senior member of its climate investing team.

Jaramillo added, "Form is at an exciting juncture as we gear up to fulfill our mission of deploying multi-day energy storage solutions that will enable a more reliable, clean, and resilient electric grid. After seven years of dedicated R&D, product engineering, testing, and validation, and most recently trial production, our 100-hour iron-air battery system is ready for serial production and commercial deployment. We are excited to continue proving that American manufacturing for innovative energy technology is alive and well, right here in the industrial heartland of West Virginia and the Ohio River Valley. This Series F funding will foster American innovation by accelerating the expansion of our multi-day battery manufacturing, creating new jobs, and upskilling a manufacturing workforce, as well as advancing the development of a more efficient and scalable process for low-cost green iron production."

In May 2023, Form Energy broke ground on Form Factory 1, its first high-volume manufacturing facility in Weirton, West Virginia. Just a year later, the company completed the construction of the 550,000-square-foot facility, installed new manufacturing equipment, and initiated trial production of its breakthrough iron-air batteries. With over 900 employees, including 300 at Form Factory 1, the company plans to grow its team further as it ramps up high-volume production in the coming months. By 2028, Form Factory 1 is projected to have more than 1 million square-feet of manufacturing space, employ at least 750 people, and have an annual manufacturing capacity of 500 megawatts, at minimum.

To learn more about Form Energy, please visit www.FormEnergy.com.

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