Form Energy secured $750 million in funding to accelerate the production of its 100-hour iron-air batteries designed for electric grid storage, the company announced today. The round aims to scale manufacturing and deployment to meet growing demand for long-duration energy storage solutions, crucial for integrating renewable power sources.
The funding round was led by existing investors including Breakthrough Energy Ventures and Bill Gates, with participation from new backers. Form Energy plans to use the capital to expand its manufacturing facilities and advance its battery technology. CEO Mateo Jaramillo highlighted the importance of long-duration storage in stabilizing renewable-heavy grids and reducing reliance on fossil fuels.
Long-duration batteries like Form Energy’s 100-hour iron-air system address a critical gap in energy storage by providing multi-day backup power, unlike lithium-ion batteries which typically last only a few hours. This capability is essential as utilities shift to intermittent renewable sources such as wind and solar. The $750 million round is among the largest for energy storage startups this year, underscoring investor confidence in the sector’s growth potential.
Form Energy’s next milestone includes ramping up commercial deployments with utility partners across the U.S. The company aims to have its first large-scale battery systems operational by 2027, supporting grid reliability and decarbonization efforts.