Form Energy company profile: valuation, funding & revenue

This Form Energy company profile covers the company's valuation, revenue, funding rounds, investors and history. Form Energy works in energy, with a focus on long-duration energy storage. It was founded in 2017 and is headquartered in Somerville, Massachusetts, United States. Its latest valuation on record is About US$2.5 billion post-money (US$1.75 billion pre-money, reported) (August 2026). Every figure links to a public source, and anything the company hasn't disclosed is marked as such.

Revenue

Funding history

Form Energy timeline

Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.

• 2017 — Form Energy is founded in Somerville by Mateo Jaramillo (CEO), Yet-Ming Chiang and co-founders.
• Oct 2024 — Series F: US$405M, valuing the company at About US$3B pre-money (reported).
• Aug 2026 — Series G: US$750M, valuing the company at US$1.75B pre-money (reported; down from about US$3B pre-money in 2024). Investors: T. Rowe Price (lead); Sequoia Capital, Janus Henderson, Franklin Templeton, PEAK6.
• August 2026 — Equity raised: More than US$2 billion in total equity (as reported).

Investors

Overview

Form Energy makes iron-air batteries designed to store electricity for about 100 hours, far longer than the four hours typical of lithium-ion grid batteries. Long-duration storage can help power grids rely on wind and solar by covering multi-day periods of low renewable output, such as a week of cloudy, windless winter weather. Form's batteries use iron, water and air, materials that are cheap and abundant, and work by "rusting" and "un-rusting" iron to store and release energy. In August 2026 it raised a US$750 million Series G led by T. Rowe Price, at a reported US$1.75 billion pre-money valuation, down from about US$3 billion pre-money in its previous round.

Form Energy was founded in 2017 by a team including CEO Mateo Jaramillo, who previously led Tesla's energy storage business, and MIT professor Yet-Ming Chiang, a battery scientist who co-founded several battery companies. The company is based in Somerville, Massachusetts, and has built its first factory in Weirton, West Virginia, on the site of a former steel mill.

Products

• Iron-air battery systems: modular units grouped into large installations for utilities, providing about 100 hours of storage.
• Utility projects: installations with utilities in several US states to support grid reliability.
• Manufacturing: production at its Weirton, West Virginia, factory.

Funding

Form Energy raised early funding from investors including Breakthrough Energy Ventures and ArcelorMittal, reaching a valuation of about US$1.2 billion in 2021. It raised a US$405 million Series F in October 2024, bringing total funding above US$1.2 billion. In August 2026 it raised a US$750 million Series G led by T. Rowe Price, with new investors Sequoia Capital, Janus Henderson, Franklin Templeton and PEAK6. Axios, as reported by Energy-Storage.news, put the pre-money valuation at US$1.75 billion, down from about US$3 billion pre-money in the previous fundraising cycle; adding the new capital implies a post-money valuation of about US$2.5 billion, consistent with research firm Sacra's estimate. Total equity raised exceeds US$2 billion.

Business model

Form sells battery systems to utilities and energy developers, typically for large projects that help meet peak demand and maintain reliability during extended periods of low renewable output. Revenue depends on project deliveries, which require manufacturing scale and successful field performance. US federal tax credits for advanced manufacturing and energy storage support the economics of domestic production.

Competition

Form competes with lithium-ion battery storage, which is cheap and widely deployed for shorter durations; with other long-duration technologies such as flow batteries, compressed air, thermal storage and pumped hydro; and with firm generation such as natural gas, geothermal and nuclear. Its argument is that 100-hour storage at low cost fills a gap that other technologies don't address economically.

Form Energy at a glance

Form Energy is a Somerville, Massachusetts, energy storage company founded in 2017 by a team including former Tesla energy leader Mateo Jaramillo and MIT professor Yet-Ming Chiang. It makes 100-hour iron-air batteries at a factory in West Virginia. It raised a US$750 million Series G in August 2026 led by T. Rowe Price at a reported US$1.75 billion pre-money valuation, a down round from 2024.

Timeline

• 2017: founded.
• 2021: unveils iron-air chemistry; valued at about US$1.2 billion.
• 2022–2023: announces Weirton, West Virginia, factory and utility projects.
• October 2024: raises US$405 million Series F.
• August 2026: raises US$750 million Series G at a lower pre-money valuation.

Why long-duration storage matters

Grids with high shares of wind and solar need ways to keep the lights on when the wind doesn't blow and the sun doesn't shine for days at a time. Lithium-ion batteries are excellent for shifting solar power into the evening but become very expensive if asked to cover several days. Today, gas plants usually fill those gaps. Cheap long-duration storage could replace some of that gas capacity, lowering emissions while maintaining reliability. Demand for firm power has also risen with data centre growth, increasing interest in technologies that can provide reliable capacity.

What the down round means

Raising at a lower pre-money valuation than in 2024 suggests investors priced in the time and capital needed to scale manufacturing and prove performance in the field. Down rounds are common for capital-intensive climate companies, which often need more money than expected before reaching profitability. The size of the round and the quality of the investors also show continued confidence in the technology. Our guide to down rounds explains how they work.

Who uses Form Energy

Form's customers are utilities and energy developers, including utilities in states such as Minnesota, Colorado, Georgia and California, according to project announcements, along with large energy users interested in reliable clean power.

Risks

• Manufacturing scale-up: producing reliably at volume is challenging.
• Field performance: long-term operation must match expectations.
• Policy: tax credits and incentives affect project economics.
• Competition: falling lithium-ion costs and other technologies compete for projects.

Questions for buyers

• What is the cost per kilowatt-hour of storage over the project life?
• What efficiency and degradation should be expected?
• What performance data exists from operating projects?

How an iron-air battery works

When an iron-air battery discharges, it takes in oxygen from the air and converts iron metal into iron oxide, or rust, releasing electricity. When charging, an electrical current reverses the process, turning the rust back into iron and releasing oxygen. Iron is one of the cheapest and most abundant metals, so the materials cost per unit of stored energy is very low. The trade-offs are that iron-air batteries are heavy and less efficient than lithium-ion, losing more energy in each charge-discharge cycle. Those trade-offs matter little for stationary storage that runs occasionally for long periods, but would rule them out for electric cars.

Latest developments (October 2026)

Form Energy's August 2026 Series G of US$750 million, led by T. Rowe Price with new investors including Sequoia, Janus Henderson, Franklin Templeton and PEAK6, was reported at about US$1.75 billion pre-money and about US$2.5 billion post-money, according to Energy-Storage.news. Its order backlog grew from about 20 GWh to about 80 GWh, including a planned 30 GWh installation by Xcel Energy for a Google data centre in Minnesota and a 12 GWh agreement with Crusoe. In September it added a US$270 million credit facility, according to Sacra.

What to watch

Watch factory output, project deliveries, performance data and policy changes. Our guide to climate tech startups covers related companies.

Takeaways

Utilities may gain cheap multi-day storage. Founders can see how capital-intensive hardware companies face valuation swings. Investors should note that the latest round was priced below 2024 levels.

Sources

Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.

1. Energy-Storage.news
2. PV Magazine USA