Form Energy, a long-duration energy storage startup, announced the closure of a USD 240 million Series D funding round led by the XCarb innovation fund, an initiative of ArcelorMittal (a Luxembourg-based multinational steel manufacturer). Texas Pacific Group (TPG Rise) also participated in the round through its impact investing funds TPG Rise Climate and The Rise Fund.

Other investors joining the funding round were Perry Creek Capital together with existing investors NGP Energy Technology Partners III, Coatue, Temasek, Energy Impact Partners (EIP), Breakthrough Energy Ventures (BEV), Prelude Ventures, MIT’s The Engine, Capricorn Investment Group, Eni Next, and Macquarie Capital.

The round brings Form Energy’s total funding to over USD 360 million. The funds are expected to accelerate the commercialization of the company’s low-cost energy storage technology. In July 2021, Form Energy also signed an agreement with ArcelorMittal to jointly develop iron materials for its batteries by sourcing iron locally and manufacturing the battery systems with close proximity.

The company onboarded three new leadership members to support its growth. RJ Johnson joined as Senior Vice President of Commercial Operations, prior to joining Form Energy RJ has led energy operations at Tesla. Brian Lewis was appointed as Deputy General Counsel, Brian previously was a Director & Associate General Counsel at Facebook. Dr. Judith Williams is to lead the people pillar as Vice President of People. Williams possesses more than 20 years of global human resources experience, having served in leadership positions at companies including SAP, SE, and Dropbox.