Form Energy raises $750M Series G led by T. Rowe Price to scale iron-air manufacturing

Form Energy/Iron-air multi-day battery

Form Energy raised $750 million in a Series G led by T. Rowe Price, taking its total equity raised past $2 billion. The money scales manufacturing at its factory in Weirton, West Virginia, and its commercial deployments of iron-air batteries, which store energy for days by rusting and un-rusting iron.

• New investors include Sequoia Capital, Janus Henderson, Franklin Templeton and PEAK6; earlier backers such as Breakthrough Energy Ventures and GE Vernova returned.
• Form's order backlog grew from about 20 GWh to 80 GWh, with customers including Xcel Energy, Google, Crusoe and FuturEnergy Ireland.
• Iron-air cells are cheap and use abundant materials but are slow and less efficient than lithium-ion, so they suit multi-day backup, not quick cycling.
• Form also named a new CFO (Navneet Govil, from SoftBank Investment Advisers) and COO (Wes Sloan, from Panasonic Energy North America).