Battery startup Form Energy announced that it raised $750 million in a Series G funding round to expand its manufacturing capacity in West Virginia. The funding comes as investments in energy storage accelerate, driven in part by the rapid expansion of artificial-intelligence-related data center construction and rising demand for electricity in the United States.
Batteries for Energy Storage Lasting Up to 100 Hours
The United States installed 9.7 gigawatt-hours of energy storage capacity during the first three months of this year, an increase of 32% compared with 2025. However, most existing batteries can discharge energy for only a few hours, while Form Energy says its iron-air batteries can provide electricity for up to 100 hours.
Long-duration storage solutions are particularly important because they help bridge supply gaps in renewable energy generation. Renewable energy sources are expected to account for more than 90% of total new generation capacity in the United States this year.
Iron-Based Chemistry
Form’s batteries use iron instead of more expensive metals such as lithium, cobalt, and nickel, which, according to the company, helps them store large amounts of electricity at a lower cost. During discharge, the iron oxidizes and turns into rust; the process reverses when the battery is charged, converting the rust back into iron.
Major Customers and Growing Demand
This approach has helped the company attract major customers. Google is building a new data center in Minnesota that will be partially powered by a Form battery with a capacity of 30 gigawatt-hours and a cost of about $1 billion. Crusoe also said in March that it would purchase batteries from Form with a total capacity of 12 gigawatt-hours. The customer list also includes utility company Xcel Energy and FuturEnergy Ireland.
The article says that about 80% of Form’s materials come from the United States, while the remainder comes from Europe and Asia, excluding China. This domestic focus comes at a time when Chinese companies dominate battery supply chains and manufacturing, while the Biden and Trump administrations have sought to reduce the United States’ dependence on China in this sector.
Demand growth is also linked to rising electricity consumption by data centers; their use in the United States is expected to quadruple by 2035, consuming about 20% of the country’s total generated electricity. According to The Wall Street Journal, Form currently has a commercial project backlog representing nearly 80 gigawatt-hours of energy storage, four times its level earlier this year.
Round Details
The round was led by investor 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, and Breakthrough Energy Ventures, along with other investors and entities, including GE Vernova and the M&G Catalyst Fund.