Form Energy, Inc., an American company specializing in energy storage solutions, has successfully closed a $405 million Series F financing round led by T. Rowe Price. This latest funding boosts Form Energy’s total capital raised to over $1.2 billion.
Alongside the financing round, Form Energy has entered into a Memorandum of Understanding with GE Vernova, focusing on strategic collaborations that will bolster Form Energy’s manufacturing capabilities and commercial deployment of its innovative iron-air battery systems. “To meet the urgent demands for modernizing the grid and facilitating greater renewable energy generation, it is crucial to accelerate the deployment of affordable technologies that can decarbonize the power grid while maintaining its security, reliability, and resilience,” stated Jessica Uhl, President of GE Vernova. “We are proud to partner with Form Energy, leveraging our extensive manufacturing and engineering expertise to support their ambitious scaling efforts both in the U.S. and globally. Form’s groundbreaking 100-hour iron-air battery systems have the potential to be transformative, and we are eager to contribute to their global impact.”
In May 2023, Form Energy commenced construction on its first high-volume manufacturing facility, known as Form Factory 1, located in Weirton, West Virginia. A year later, the company has completed the 550,000-square-foot facility, equipped it with new manufacturing machinery, and begun trial production of its cutting-edge iron-air batteries.
Employing over 900 individuals, with 300 staff members based at Form Factory 1, the company is set to expand its workforce as it increases production in the months ahead. By 2028, Form Factory 1 is anticipated to expand to over 1 million square feet of manufacturing space, employ at least 750 personnel, and achieve a minimum annual production capacity of 500 megawatts.
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