MIT-backed Form Energy, which has developed new energy storage technology, has raised a whopping $405 million in a Series F round led by T. Rowe Price.
Other backers of the seven-year-old startup, based in Somerville, Mass., include:
- GE Vernova and Blindspot Ventures from Massachusetts;
- New York’s TPG Rise Climate, Coatue and Energy Impact Partners (EIP);
- Miami, Fla.-based Claure Group;
- Dallas, Texas-based NGP;
- Los Angeles-based VamosVentures;
- Capricorn’s Technology Impact Funds, Prelude Ventures and Gigascale Capital, all from the San Francisco Bay Area;
- Singapore’s Temasek and GIC; and
- Bill Gates’ Breakthrough Energy Ventures.
“Form is at an exciting juncture as we gear up to fulfill our mission of deploying multi-day energy storage solutions that will enable a more reliable, clean, and resilient electric grid,” said co-founder and CEO Mateo Jaramillo, who previously established Tesla’s stationary storage unit.
100-Hour System
“After seven years of dedicated R&D, product engineering, testing, and validation, and most recently trial production, our 100-hour iron-air battery system is ready for serial production and commercial deployment, he added.
Form Energy iron-air battery is designed to store electricity equivalent to 100 hours of usage at system costs competitive with legacy power plants. It makes the batteries at a newly opened plant in West Virginia. By 2028, the factory will have an annual manufacturing capacity of at least 500 megawatts.
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“TPG Rise Climate’s capital and capabilities are well-aligned with Form’s growth profile and trajectory,” said Marc Mezvinsky, a TPG partner and senior member of the firm’s climate investing team. “We are proud of the deep partnership we’ve built with Mateo and the team over the years and continue to have strong conviction in the transformational technology they’re bringing to the long-duration energy storage market.”
Tech-heavy Founders
Form Energy was co-founded by Jaramillo and four others — Dr. Yet-Ming Chiang, a professor at MIT; Marco Ferrara, who has a Ph.Ds in nuclear engineering, and electrical engineering and computer science; chief operating officer Ted Wiley, a former product head at Aquion Energy; and William Woodford, a Ph. D who previously led low-cost automotive and grid storage Li-ion development at 24M Technologies.
Chiang serves as Form Energy’s chief scientist, while Woodford is chief technology officer. Ferrara is the company’s chief digital officer.
