Form Energy Secures $405M for New Battery Plant

Form Energy, Inc. has secured $405 million in new funding to support the opening of its first factory in Weirton, West Virginia and continue research and development. The round was led by T. Rowe Price with participation from GE Vernova.

 Form Energy has developed novel energy storage technology, building a proprietary iron-air battery. Their solution can store electricity for 100 hours with plans to make their multi-day battery the base of a reformed global electricity grid.

Manufacturing long-duration energy storage at a commercial scale is seen as essential for lowering carbon emissions that are causing climate change. The difference being that scaled clean energy is not reliant on a shining sun or strong winds.

These scalable batteries outperform lithium batteries by 25 times. A standard lithium battery will typically last four hours.

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