Form Energy Raises $750M to Expand 100-Hour Battery Manufacturing

Form Energy Raises $750 Million to Expand Long-Duration Energy Storage

Battery startup Form Energy has raised $750 million in a Series G funding round to expand its manufacturing capacity in West Virginia and increase production of its long-duration energy storage systems.

The round was led by T. Rowe Price, with participation from Sequoia Capital, Janus Henderson, Franklin Templeton, PEAK6 Investments, Prelude Ventures, Engine Ventures, TPG Rise Climate, Capricorn's Technology Impact Funds, Breakthrough Energy Ventures, and other investors.

The funding comes as electricity demand in the United States rises, driven in part by the rapid expansion of data centers and AI infrastructure.

100-Hour Iron-Air Batteries

Form Energy develops iron-air batteries designed to deliver electricity for up to 100 hours.

Unlike conventional lithium-ion batteries that typically provide power for shorter durations, Form's technology is designed for long-duration energy storage, helping address gaps between electricity generation and demand.

The company's battery chemistry relies on iron rather than more expensive materials such as lithium, cobalt, and nickel.

Inside the battery, iron is oxidized and reduced during discharge and charging. The process converts iron into rust during discharge and reverses the reaction when the battery charges.

Supporting Renewable Energy and Growing Power Demand

Long-duration energy storage can help support renewable electricity generation by storing energy for longer periods and delivering it when generation is unavailable or demand increases.

The U.S. installed 9.7 gigawatt-hours of energy storage during the first quarter of 2026, according to the source, representing a 32% increase from the same period in 2025.

Form Energy is positioning its technology to address the growing electricity requirements of utilities, renewable energy projects, and data centers.

Major Customers and Projects

Form Energy has secured several major customers for its long-duration batteries.

Google is building a new data center in Minnesota that will be partially powered by a 30-gigawatt-hour Form battery. The project is reportedly valued at about $1 billion.

Crusoe has also agreed to purchase 12 gigawatt-hours of Form batteries for its data centers.

Other customers include Xcel Energy and FuturEnergy Ireland.

Growing Commercial Backlog

Form Energy currently has a commercial project backlog representing approximately 80 gigawatt-hours of energy storage, according to the source.

The backlog has increased significantly as demand for long-duration storage grows alongside U.S. electricity consumption and data center development.

Domestic-Focused Supply Chain

Approximately 80% of Form Energy's materials come from the United States, with the remainder sourced from Europe and Asia.

The company does not rely on China for its material supply chain, positioning its domestic-focused manufacturing and sourcing strategy as an advantage as the U.S. seeks to reduce dependence on Chinese battery supply chains.

Funding to Expand Manufacturing

The new $750 million Series G financing will support Form Energy's manufacturing expansion in West Virginia and help the company increase production capacity for its long-duration energy storage systems.

As electricity demand from data centers and AI infrastructure continues to grow, Form Energy is betting that low-cost, long-duration batteries can become an important part of the U.S. power grid.