Form Energy Raises $750M to Scale 100-Hour Grid Batteries

Form Energy said it raised $750 million to expand manufacturing capacity in West Virginia. The raise comes as AI data center growth is helping fuel investment in energy storage, according to the article. The company’s focus is large, long-duration batteries designed for the grid rather than short-discharge storage.

The U.S. installed 9.7 gigawatt-hours of energy storage in the first three months of the year, up 32% from 2025, while most batteries can discharge for only a few hours. Form Energy’s iron-air batteries can deliver power for up to 100 hours. That duration is important because renewable power is expected to account for more than 90% of new U.S. generating capacity this year, creating a need to bridge supply gaps when generation varies.

Form’s battery chemistry relies on iron instead of lithium, cobalt, and nickel. During discharge, the battery turns iron into rust; during charging, it reverses that process and turns rust back into iron. The company says about 80% of its materials come from the U.S., with the balance from Europe and Asia, notably not China.

Form has landed customers including Google, Crusoe, Xcel Energy, and FuturEnergy Ireland. Google is building a data center in Minnesota that will be partially powered by a 30-gigawatt-hour Form battery, and Crusoe said it would buy 12 gigawatt-hours of batteries from Form. The company has a commercial project backlog worth about 80 gigawatt-hours of energy storage, up fourfold from earlier this year, according to the TechCrunch article citing The Wall Street Journal. The Series G round was led by T. Rowe Price with participation from investors including Sequoia Capital, Janus Henderson, Franklin Templeton, TPG Rise Climate, Breakthrough Energy Ventures, GE Vernova, and others.