Iron-Air Battery Maker Form Energy Secures $450 million for Energy Storage Technology

In a fresh announcement, iron-air battery maker Form Energy, based in Massachusetts, United States has said that it has secured a $450 million Series E financing led by American investment firm TPG Rise. TPG Rise is making the investment through TPG Rise Climate, its dedicated climate investing strategy, and The Rise Fund, its longstanding, multi-sector impact investing strategy.

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Form Energy is an American technology company developing and commercializing a new class of cost-effective multi-day energy storage systems.

Form Energy held that TPG Rise is making the investment through TPG Rise Climate, its dedicated climate investing strategy, and The Rise Fund- its longstanding, multi-sector impact investing strategy.

Form Energy is currently engaged in a site selection process for its first full scale battery manufacturing facility. Starting with identifying over 100 initial sites across 16 states in the US, Form Energy has narrowed the site selection to three states and expects to make an announcement in this regard before the end of the year.

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Marc Mezvinsky, Partner at TPG, said, “Form Energy continues to demonstrate its ability to rapidly advance and scale long duration energy storage technology. The company is a leader in a market that is a critical part of the energy transition. We are delighted to deepen our partnership with Mateo and the team as they position Form for its next phase of growth and innovation.”

Joining the Series E round of Form Energy are GIC- a capital market company and Canada Pension Plan Investment Board (CPP Investments), along with existing investors ArcelorMittal, Breakthrough Energy Ventures (BEV), Capricorn Investment Group, Coatue, Energy Impact Partners (EIP), MIT’s The Engine, NGP ETP, Temasek, Prelude Ventures, and VamosVentures.

Leon Pedersen, Managing Director at CPP Investments, held, “By introducing new storage solutions to the market, Form Energy can contribute to the energy transition process while also providing attractive risk-adjusted returns for the CPP Fund.”

Ang Eng Seng, CIO of Infrastructure, GIC, stated, “We are pleased to partner with Form Energy’s best-in-class team as the company scales to manufacture and broadly commercialize its breakthrough multi-day battery technology.”

“Over the next decade, Form Energy’s low-cost, iron-air battery technology will unlock gigawatts of new renewable energy capacity and open the door to tremendous opportunities,” added Choo Yong Cheen, CIO, Private Equity at GIC.

Mateo Jaramillo, CEO, Form Energy, said, “Over the last five years, through rigorous R&D and product engineering, our 100-hour iron-air battery product is ready to scale. The Series E funding will accelerate our ability to responsibly build a globally competitive U.S. battery manufacturing supply chain and advance American innovation.”