Form Energy secures $750 million to scale 100-hour iron-air batteries in the U.S.

Form Energy disclosed a $750 million Series G funding round aimed at boosting its West Virginia battery factory. Led by T. Rowe Price, the round includes participation from Sequoia Capital, Janus Henderson, Franklin Templeton, PEAK6 Investments, Prelude Ventures, Engine Ventures, TPG Rise Climate, Capricorn’s Technology Impact Funds, Breakthrough Energy Ventures, Dustin Moskovitz and Cari Tuna, Gigascale Capital, Coatue, Energy Impact Partners, NGP, GE Vernova, Blindspot Ventures and M&G Catalyst Fund.

The startup’s iron-air batteries, which store electricity by cycling iron between rusted and metallic states, can sustain discharge for up to 100 hours, addressing the need for long-duration storage as renewables dominate new U.S. generation capacity. Customers already include Google’s new Minnesota data center, which will use a 30-gigawatt-hour system, Crusoe’s 12-gigawatt-hour purchase, Xcel Energy and FuturEnergy Ireland.

Roughly 80 % of the battery’s material inputs are sourced in the United States, with the remainder from Europe and Asia, deliberately excluding China. Form Energy’s order backlog now totals about 80 gigawatt-hours, four times the amount reported earlier this year.