Form Energy closed a $750 million Series G round led by T. Rowe Price, to scale its Weirton, West Virginia iron-air battery factory and fulfill an 80 GWh commercial backlog driven by AI data centers and grid needs.
Form Energy raised $750 million in a Series G equity financing round, bringing its total equity capital raised to more than $2 billion. The round was led by T. Rowe Price, which had also led the company’s prior $405 million Series F in October 2024. New participants include Sequoia Capital, Janus Henderson, Franklin Templeton, and PEAK6 Investments. Existing backers that participated include 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. Morgan Stanley served as sole and exclusive placement agent.
How will Form Energy use the funds?
Proceeds will accelerate manufacturing ramp-up at Form Factory 1 in Weirton, West Virginia, and speed commercial deployments of the company’s 100 hour iron-air battery systems. The facility, located on the site of a former steel mill, is a 550,000 square foot high volume plant that already employs nearly 400 people and has been expanding capacity since late 2024. Earlier public support included a U.S. Department of Energy award of up to $150 million and state incentives. The new capital directly addresses the need to match production to rapidly growing commercial demand.
What is Form Energy’s technology?
Form Energy’s core product is a rechargeable iron-air battery that stores electricity for up to 100 hours by oxidizing iron to rust on discharge and reducing it back on charge. The chemistry relies on abundant, low cost iron rather than lithium, cobalt, or nickel, enabling multi day (rather than multi hour) storage at lower cost. Roughly 80% of materials are sourced from the United States, with the remainder from Europe and Asia (not China).
Long duration storage is increasingly critical as renewable generation (projected to account for more than 90% of new U.S. capacity in 2026) grows and as electricity demand rises for the first time in decades, driven largely by AI data centers. Data center power consumption is expected to quadruple by 2035 and reach about 20% of U.S. electricity use. Conventional lithium-ion batteries typically provide only a few hours of discharge; Form’s systems target multi day bridging of renewable intermittency and high reliability needs of hyperscale computing.
U.S. energy storage installations reached 9.7 GWh in the first quarter of 2026, up 32% year over year, underscoring the broader market tailwind.
The funding coincides with a sharp expansion in Form’s commercial pipeline. The company reported its backlog grew from roughly 20 GWh earlier in 2026 to about 80 GWh of iron-air systems under agreement, a fourfold increase. Key announced projects include:
- A 300 MW / 30 GWh system with Xcel Energy to help power a new Google data center in Minnesota (Google’s portion valued at approximately $1 billion).
- 12 GWh of batteries for Crusoe’s AI data centers.
- An agreement with FuturEnergy Ireland for the first iron-air project in Ireland.
- Earlier utility projects with Great River Energy, Georgia Power, and others.
These contracts demonstrate commercial validation beyond pilots and position Form as a leading supplier of multi day storage for both grid reliability and high load digital infrastructure.
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Concurrent with the financing, Form appointed two senior executives to support scaling:
- Navneet Govil as Chief Financial Officer. He previously served as Executive Managing Partner, CFO, and Investment Committee member at SoftBank Investment Advisers, overseeing finance for the Vision Funds.
- Wes Sloan as Chief Operating Officer. He most recently was Executive Vice President at Panasonic Energy North America, responsible for large scale battery production in Nevada, and earlier held senior manufacturing roles at Rolls-Royce.
The company is actively hiring across manufacturing, engineering, and commercial roles in Weirton and other locations.
Form Energy, founded in 2017 by veterans including former Tesla battery executive Mateo Jaramillo, has progressed from laboratory validation through pilot manufacturing and into high volume production and commercial offtake. Prior major rounds included Series F ($405 M, 2024), Series E ($450 M, 2022), Series D ($240 M, 2021), and earlier raises that collectively exceeded $1.2 billion before this Series G. The company has also received significant non-dilutive support, including DOE manufacturing grants.
The Series G capital, combined with the expanded backlog and strengthened leadership, positions Form to convert pipeline into revenue while further expanding U.S. manufacturing capacity. The round reflects strong investor conviction in iron-air technology as a scalable, cost effective solution for multi day storage amid surging electricity demand from renewables and AI infrastructure.
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