Form Energy recently announced a $405 million Series F financing round led by T. Rowe Price.
Also joining the Series F round is GE Vernova, along with existing investors TPG Rise Climate, Breakthrough Energy Ventures, 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 $1.2 billion.
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.
In May 2023, Form Energy broke ground on Form Factory 1, its first high-volume manufacturing facility in Weirton, West Virginia.
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.