Form Energy has raised $405 million in Series F funding to expand production of its iron-air batteries, which provide low-cost, long-duration energy storage. The company is partnering with GE Vernova to scale manufacturing and aims to make renewable energy grids more reliable. Form Energy’s new manufacturing facility in West Virginia will play a central role in meeting growing demand for its storage solutions.
The Big Leap: How $405M Propels Form Energy’s Ambitious Growth Plans
Form Energy has secured $405 million in Series F funding, a pivotal financial boost that positions the company to accelerate its production and commercial rollout of iron-air batteries. T. Rowe Price led the funding round, joined by prominent investors such as GE Vernova, TPG Rise Climate, Breakthrough Energy Ventures, and Capricorn’s Technology Impact Funds. This funding brings Form Energy’s total capital raised to over $1.2 billion, underscoring the growing interest in long-duration energy storage technologies.
With this capital, Form Energy plans to expand operations significantly, moving from research and development into mass production. CEO Mateo Jaramillo emphasizes that this funding will allow the company to meet the growing demand for its products while scaling up manufacturing capabilities to support a more resilient and sustainable energy grid.
Breaking Down the Iron-Air Battery: A Game-Changer in Energy Storage
Form Energy’s iron-air battery technology is designed to store electricity for up to 100 hours at a low cost, making it ideal for handling fluctuations in renewable energy generation. This long-duration energy storage system works by leveraging the natural oxidation process of iron, which allows energy to be stored efficiently over multiple days. The system is crucial for regions dependent on intermittent renewable energy sources like wind and solar.
Key features of the iron-air battery include:
- 100-hour energy storage capability
- Cost-effectiveness compared to conventional batteries
- Potential to replace peaker plants, reducing reliance on fossil fuels
- Ability to maintain grid stability during periods of low renewable energy generation
By focusing on low-cost materials such as iron, Form Energy aims to make multi-day energy storage commercially viable and accessible, addressing one of the primary challenges in the transition to renewable energy: reliable, affordable storage solutions.
Powering Up: Form Energy’s Manufacturing Expansion and Future Plans
Form Energy’s manufacturing expansion is a critical step in scaling production. The company’s new manufacturing facility, dubbed Form Factory 1, is located in Weirton, West Virginia. This 550,000-square-foot factory has already begun trial production of iron-air batteries and will ramp up to full-scale production over the coming years. The facility is expected to grow to more than 1 million square feet by 2028, creating hundreds of new jobs in the region.
Form Factory 1 will have the capacity to produce at least 500 megawatts annually. The facility is a key part of Form Energy’s plan to meet surging demand for long-duration storage solutions, particularly in areas looking to integrate more renewable energy into their grids. In addition to expanding production, Form Energy is focused on refining its manufacturing processes to reduce costs and increase efficiency.
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The Strategic Alliance with GE Vernova: What It Means for the Industry
The strategic partnership with GE Vernova, announced alongside the Series F funding, marks a significant collaboration in the energy sector. GE Vernova brings decades of experience in manufacturing and engineering to help Form Energy scale its operations efficiently. The partnership includes a Memorandum of Understanding that outlines key areas of cooperation, including manufacturing, engineering, and commercial deployments of iron-air batteries.
Jessica Uhl, President of GE Vernova, highlights the importance of scaling affordable technologies that can decarbonize the power grid. The partnership is expected to accelerate the commercialization of iron-air batteries, particularly in sectors such as utilities and large-scale industrial applications, where reliable long-duration storage is crucial.
Impact on the Energy Market: Why Form Energy’s Innovation Matters Now
Form Energy’s iron-air batteries have the potential to reshape the energy market by providing an affordable, scalable solution for long-duration storage. Traditional lithium-ion batteries are effective for short-term storage but struggle to meet the demands of storing energy for days. Iron-air batteries fill this gap, enabling utilities to store excess energy generated from renewable sources and discharge it when needed.
This capability is vital for decarbonizing the energy sector. As renewable energy adoption increases, the demand for reliable, cost-effective storage solutions grows. Iron-air batteries offer a solution that can balance supply and demand, ensuring grid stability even when renewable energy output is low. This can reduce the need for backup power plants and lower greenhouse gas emissions.
Form Energy’s Vision: What Comes Next for the Future of Clean Energy
Form Energy’s long-term vision involves transforming the electric grid into a system that is more resilient, reliable, and capable of supporting a high percentage of renewable energy. With Series F funding and strategic partnerships, the company is now focused on scaling up production to meet the needs of the global energy market. The success of Form Factory 1 will serve as a model for future facilities as the company expands its operations.
The company also continues to innovate in battery technology, aiming to further reduce costs and improve efficiency. Form Energy envisions a future where iron-air batteries become a cornerstone of the energy grid, supporting the global shift toward renewable energy sources while maintaining grid reliability year-round.
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