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

Form Energy has raised a $750M Series G led by T. Rowe Price to expand manufacturing and accelerate commercial deployments of its 100-hour iron-air battery systems. The August 12, 2026 financing adds Sequoia Capital, Janus Henderson, Franklin Templeton, and PEAK6 Investments as new investors and brings Form Energy's total equity raised to more than $2B.

This is not capital arriving ahead of a science project. Form Energy says its backlog grew from approximately 20 GWh to 80 GWh earlier in 2026, supported by agreements with Xcel Energy and Google, Crusoe, and FuturEnergy Ireland. The company is moving from proving an unusual battery chemistry to producing and deploying infrastructure measured in tens of gigawatt-hours.

The broader signal is straightforward: rising electricity demand is forcing utilities, data-center operators, and investors to look beyond short-duration storage. Form Energy is betting that multi-day storage can become a standard grid asset, and the new financing gives it more room to turn factory capacity and contracted demand into operating projects.

What Happened

In its official Series G announcement, Form Energy said T. Rowe Price led the round after also leading the company's $405M Series F in 2024. The Series G received new backing from Sequoia Capital, Janus Henderson, Franklin Templeton, and PEAK6 Investments, alongside continued support from investors including Breakthrough Energy Ventures, TPG Rise Climate, Coatue, GE Vernova, Prelude Ventures, Engine Ventures, Energy Impact Partners, and others.

Morgan Stanley acted as the sole and exclusive placement agent. Form Energy did not disclose a valuation, investor allocations, or a detailed capital budget, but it did identify 2 priorities for the proceeds: scaling manufacturing in Weirton, West Virginia, and advancing commercial deployments of its iron-air battery systems.

Why This Round Matters

Funding announcements usually arrive with a familiar pile of promises. Form Energy's case is more interesting because the company can point to a manufacturing base, extensive testing, and a growing book of commercial agreements. Its current progress report says the company has tested more than 34,700 sub-scale cells, 6,200 full-scale cells, 170 modules, and 10 grid-connected packs while building a project pipeline that extends across the United States and into Ireland.

The backlog increase is the central business fact. Moving from roughly 20 GWh to 80 GWh suggests that customers are evaluating Form Energy as more than a demonstration partner. It also creates a different kind of pressure: the next proof point is not another laboratory milestone, but repeatable manufacturing, field performance, project delivery, and utility economics.

The 100-Hour Battery Bet

Form Energy's first commercial product is a grid-scale iron-air battery designed to store energy for 100 hours. The system uses iron, air, and water in a reversible electrochemical process and is meant to address multi-day periods when electricity demand is high or weather-dependent generation is low.

That duration separates Form Energy's product from the common four-hour lithium-ion systems used for daily energy shifting. The two approaches do not have to fight for the same job. Short-duration batteries can respond quickly and cycle frequently, while multi-day systems are intended to cover longer reliability events that otherwise require different forms of firm capacity.

Form Energy also develops Formware, grid-modeling software that analyzes multi-year, hourly data and weather variability. That combination matters because utilities do not buy duration as an abstract feature. They model portfolios, reliability requirements, land, interconnection, fuel risk, and cost before deciding which assets belong on the grid.

Manufacturing Becomes the Main Event

Form Factory 1 in Weirton is where the financing thesis becomes physical. The more than 550,000-square-foot facility sits on the former Weirton Steel site and has moved from construction into trial production and manufacturing expansion. The Series G is meant to push that operation toward the volumes required by Form Energy's contracted pipeline.

The location also gives the company a useful industrial logic. Iron is abundant, the product is designed and manufactured in the United States, and the factory is embedded in a region with a deep manufacturing history. None of that guarantees attractive unit economics, but it gives Form Energy a domestic production base at a moment when energy security and supply-chain resilience have become board-level concerns.

Commercial Demand Is Getting Larger

The scale of the named projects explains why Form Energy needs another $750M. Its 2026 pipeline includes a planned 300 MW / 30 GWh project with Xcel Energy to support a new Google data center in Minnesota, a 12 GWh supply agreement with Crusoe for AI data centers, and a 10 MW / 1,000 MWh project with FuturEnergy Ireland.

Those agreements connect long-duration storage to 2 powerful demand stories. Utilities need resources that can support grid reliability across extended periods, while data centers are creating large, concentrated loads with demanding uptime requirements. Form Energy is positioning its iron-air system where those priorities meet, but execution will determine whether the technology becomes a durable infrastructure category or remains a specialized option.

Leadership for the Scale-Up

Form Energy was founded in 2017 by Mateo Jaramillo, Ted Wiley, William Woodford, Yet-Ming Chiang, and Marco Ferrara. Mateo Jaramillo remains CEO, William Woodford is CTO, Yet-Ming Chiang is Chief Science Officer, and Marco Ferrara is Chief Digital Officer. The company says it now employs nearly 1,000 people across West Virginia, Massachusetts, and California.

The financing announcement also introduced Navneet Govil as CFO and Wes Sloan as COO. Navneet Govil previously held senior finance leadership roles at SoftBank Investment Advisers, while Wes Sloan most recently oversaw large-scale battery production at Panasonic Energy North America. Those appointments match the next phase of the company: capital formation, manufacturing discipline, and commercial delivery now sit beside chemistry and product engineering as core operating capabilities.

What This Signals

The Series G gives Form Energy one of the largest private financing packages in climate and energy technology, but the amount is less important than what it is attached to. The company has a factory, a 100-hour product, major customers, and a backlog that has expanded rapidly. Investors are funding the difficult middle between invention and dependable infrastructure.

The market should watch manufacturing yield, project commissioning, field reliability, and customer expansion next. Form Energy has already shown that iron-air storage can attract scientific talent, strategic partners, and more than $2B in equity. The harder and more valuable question is whether it can make multi-day batteries ordinary enough for utilities and data-center operators to treat them as part of the standard grid toolkit.