Form Energy raises $750M to build more 100-hour batteries for the grid | TechCrunch

Energy storage innovator Form Energy has successfully secured $750 million in a Series G funding round to expand its manufacturing facility in West Virginia.

This massive capital injection, led by T. Rowe Price alongside numerous venture capital firms, arrives at a time of escalating electricity demand driven largely by the global surge in artificial intelligence data center construction. The company's unique technology relies on iron-air chemistry, which utilizes a process of oxidation and reduction—essentially rusting and un-rusting iron—to store electricity. This approach offers a far more cost-effective solution than standard batteries, bypassing the need for scarce and expensive minerals like lithium, cobalt, and nickel.

Unlike conventional battery systems that discharge power for only a few hours, Form Energy’s systems can deliver electricity for up to 100 hours. This extended capability is crucial for supporting grid reliability and bridging gaps in renewable energy generation. The startup’s strategic decision to source eighty percent of its materials domestically and avoid Chinese supply chains has made it highly attractive to Western clients. Already, major technology and utility corporations, including Google and Xcel Energy, have contracted the company for large-scale energy storage projects. With this new round of capital, the enterprise aims to satisfy a rapidly growing commercial backlog that has recently expanded to eighty gigawatt-hours.