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

Form Energy, a U.S. long-duration energy storage company, has completed a $750 million Series G funding round to expand its iron-air battery production capacity. These batteries can discharge for up to 100 hours, significantly longer than the several hours typical of current mainstream storage batteries.

In the first quarter of this year, the U.S. added 9.7 gigawatt-hours of new energy storage capacity, a 32% increase year-on-year. However, most existing projects can only provide short-duration discharge. As the share of renewable energy in new power generation installations in the U.S. continues to rise, long-duration storage capable of providing power across days is gaining more attention.

Iron-Air Batteries Focus on Low-Cost Long-Duration Discharge

Form Energy's technology replaces lithium, cobalt, and nickel—materials that are more expensive—with iron. During discharge, iron oxidizes into rust; during charging, rust is reduced back to iron. The company believes this approach is better suited for large-scale, low-cost energy storage.

According to TechCrunch, about 80% of Form Energy's materials come from the U.S., with the remainder primarily sourced from Europe and Asia, without relying on the Chinese supply chain. Currently, Chinese companies dominate battery manufacturing and supply chains, while the U.S. government has been pushing to reduce dependence on Chinese battery supplies in recent years.

Client List Expands, Project Reserves Rise to 80 Gigawatt-Hours

Form Energy has secured several large clients. Google is building a new data center in Minnesota, equipped with a 30 gigawatt-hour battery system provided by Form, with project costs around $1 billion. Crusoe also announced in March that it would procure 12 gigawatt-hours of batteries from Form.

In addition to these clients, Xcel Energy and FuturEnergy Ireland have also partnered with Form. Media reports from The Wall Street Journal indicate that the company's current commercial project reserves are approximately 80 gigawatt-hours, expanding about fourfold from earlier this year.

Data Centers Drive Up U.S. Power Demand

After years of stability, U.S. electricity demand is rising again, with data centers seen as one of the main driving factors. Reports suggest that by 2035, electricity consumption by data centers is expected to quadruple, accounting for about 20% of the total electricity generation in the U.S.

Against this backdrop, energy storage projects capable of covering longer power supply gaps are becoming a focus for both the grid and large tech companies. For Form Energy, the new round of funding will be used to meet the growing orders and expand production capacity.

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