Form Energy

Form Energy develops long-duration utility-scale energy storage applications to bridge renewable energy supply gaps. Form’s batteries last for around 100 hours, compared to conventional lithium-ion batteries used in utility-scale storage projects that last for only five to 10 hours. Form Energy’s co-founder, Mateo Jaramillo, was the former director of Tesla's stationary storage business.

In July 2021, Form Energy unveiled its first long-duration energy storage solution to be commercialized. The product is a rechargeable iron-air battery. Form’s proprietary technology, known as “reversible rusting,” uses oxygen from ambient air to turn iron metal to rust when discharging (Fe + O2 + H2O = Fe(OH2) + energy). While charging, the electrical current converts the rust back to iron. The company claims its battery would cost 1/10th of the cost of conventional lithium-ion batteries. 

Form Energy invested USD 760 million to build its first iron-air battery manufacturing facility facility in West Virginia. The 1 million sq.ft. facility will have an annual production capacity of 500 MW of batteries when in full operation. Construction of the facility began in May 2023, following which it will begin manufacturing iron-air battery systems for commercialization in 2024.

Key customers and partnerships

In December 2022, Form Energy partnered with the state of West Virginia to build its first iron-air battery manufacturing facility. In February 2022, Form Energy partnered with Georgia Power, a subsidiary of Southern Company, to commercially deploy a 15-megawatt project of energy storage systems. 

In January 2023, the company partnered with Xcel Energy to deploy its iron-air battery systems at two of Xcel Energy’s retiring coal plant sites. The sites are expected to become operational in 2025. In September 2023, Form Energy partnered with Dominion Energy Virginia to carry out a pilot project to test two potential alternatives to lithium-ion batteries: Form Energy’s iron-air batteries and Eos Energy’s zinc-hybrid batteries. In October 2024, the company partnered with GE Vernova to expand its manufacturing operations and commercial deployment of its iron-air battery systems.

Funding and financials

Form Energy’s latest funding was in December 2023, when it was awarded a grant of USD 30 million from the California Energy Commission. The company planned to use the funds in the development and operation of its first project in California, a 5 MW/500 MWh multi-day energy storage system. The system was expected to be functional by 2025. Prior to this, in August 2023, Form Energy received a USD 12 million grant from the New York State Energy Research and Development Authority (NYSERDA), to deploy a 10 MW/1,000 MWh iron-air battery system in New York. The system was expected to be functional by 2026.

In October 2022, Form Energy raised USD 450 million in a Series E funding round led by TPG Rise. The company plans to use the funds raised to accelerate its plans to develop a globally competitive battery manufacturing supply chain in the US. Prior to this in August 2021, Form Energy raised USD 240 million in a Series D funding round led by the XCarb innovation fund, an initiative of ArcelorMittal.

Competitors: None comparable (Only company developing 100+ hour energy storage)