- Form Energy raised $750 million in a Series G round led by T. Rowe Price, with a broad group of institutional, venture and strategic investors participating. [1] - The company’s iron-air batteries are designed to discharge for up to 100 hours. Its announced commitments include a 30-gigawatt-hour Google project and 12 gigawatt-hours for Crusoe. [1][2] - Form Factory 1 in Weirton, West Virginia, is designed to reach 500 megawatts of annual battery production at full operation. [3] - Form’s reported commercial pipeline ranges from 75 gigawatt-hours under company agreements to about 80 gigawatt-hours in a Wall Street Journal report cited by TechCrunch.
[1][4] Form Energy has raised $750 million to expand manufacturing of its iron-air batteries, giving the long-duration storage startup more capital as data-center developers and utilities seek reliable electricity. [1]
The Series G round was led by T. Rowe Price. Participating investors include Sequoia Capital, Janus Henderson, Franklin Templeton, PEAK6 Investments, Prelude Ventures, Engine Ventures, TPG Rise Climate, Capricorn’s Technology Impact Funds, Breakthrough Energy Ventures, Coatue, Energy Impact Partners, GE Vernova and others. Form did not disclose the company’s valuation, the securities issued or a detailed breakdown of how the proceeds will be spent. [1]
Customer commitments are arriving before full-scale rollout #
Form has announced several large projects. Google is developing a Minnesota data center that will be partially powered by a 300-megawatt, 30-gigawatt-hour Form battery. TechCrunch reported that the battery and related infrastructure package cost Google about $1 billion, citing The Information. Form’s project timeline calls for deliveries in 2028. [1][5]
Crusoe, an AI infrastructure company, announced in March that it had secured 12 gigawatt-hours of Form systems for data centers, with deliveries starting in 2027. The agreement includes reserved volume, pricing and delivery terms, but the companies did not disclose its value. [2]
Form’s other announced commercial relationships include Xcel Energy and FuturEnergy Ireland. The company also says its first commercial demonstration, developed with Great River Energy, is expected to come online in 2026. [1][6]
West Virginia factory is central to the expansion #
Form Factory 1 in Weirton, West Virginia, is the company’s first high-volume manufacturing facility. Form says the planned buildout will result in about 1 million square feet of manufacturing space and annual production capacity of 500 megawatts when fully operational. [3]
The company completed construction of the initial 550,000-plus-square-foot facility in 2024 and began trial production there. It also received a $150 million Department of Energy award tied to expansion of the West Virginia factory. [6][7]
The new financing follows Form’s $405 million Series F round, which brought total funding above $1.2 billion. The company has not said whether the Series G proceeds will finance additional production lines, working capital, project deployment or other uses. [6]
A long-duration alternative to conventional batteries #
Form’s system uses iron and air in a reversible rusting process. During discharge, iron is oxidized; charging reverses the reaction. Form says its first commercial product can store and discharge electricity for as long as 100 hours. [1][2]
That operating window is longer than the few-hour duration typical of many grid batteries. Form is targeting periods when renewable generation is low or the grid is under stress, while lithium-ion systems remain widely used for shorter-duration energy shifting. Other long-duration approaches include pumped hydro, flow batteries and thermal storage. [1][8]
Form says 80% of its materials come from the United States, with the remainder sourced from Europe and Asia, and that its supply chain does not rely on China. Those are company-reported figures, not an independent audit of the full supply chain. [1]
There is a small but material discrepancy in the company’s reported scale: Form’s own 2026 progress update says its commercial pipeline exceeds 750 megawatts and 75 gigawatt-hours under agreement, while TechCrunch cited a Wall Street Journal report putting the commercial backlog at about 80 gigawatt-hours. The difference may reflect different definitions or reporting dates. [1][4]
Companies mentioned #
Further sources #
[1] TechCrunch reported Form Energy’s $750 million Series G, investor list, battery… ↗ [2] Crusoe announced a 12-gigawatt-hour Form Energy agreement for AI data centers, … ↗
[[3] Form Energy said its Weirton factory will expand to about 1 million square feet… ↗](https://formenergy.com/form-energy-raises-final-steel-beam-at-form-factory-1/)
[[4] Form Energy’s own 2026 company timeline says its commercial pipeline exceeds 75… ↗](https://formenergy.com/about/)
[[5] TechCrunch reported the Google project’s 30-gigawatt-hour battery and approxima… ↗](https://techcrunch.com/2026/02/26/google-paid-startup-form-energy-1b-for-its-massive-100-hour-battery/)
[[6] Form Energy’s company history records completion and trial production at Form F… ↗](https://formenergy.com/about/)+2 more
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