Iron-Air Battery Maker Form Energy Secures $450 million for Energy Storage Innovation

Oct 6, 2022 10:39 AM ET
  • The $450 million Series E financing round was led by American investment company TPG Rise.
  • Form Energy is currently taken part in a site choice procedure for its first full-scale battery manufacturing facility.

In a fresh announcement, iron-air battery maker Form Energy, based in Massachusetts, USA has claimed that it has actually secured a $450 million Series E funding led by American investment firm TPG Rise. TPG Rise is making the investment with TPG Rise Climate, its dedicated climate investing strategy, and The Rise Fund, its longstanding, multi-sector effect spending method.

Form Energy is an American innovation company establishing and marketing a new class of affordable multi-day energy storage systems.

Form Energy held that TPG Rise is making the investment via TPG Rise Climate, its dedicated climate spending method, and The Rise Fund- its longstanding, multi-sector impact investing method.

Form Energy is presently engaged in a website selection process for its first full scale battery manufacturing facility. Starting with identifying over 100 preliminary sites across 16 states in the US, Form Energy has actually tightened the site option to three states and also expects to make an announcement hereof before completion of the year.

Marc Mezvinsky, Partner at TPG, said, "Form Energy continues to show its capability to rapidly advance and also scale long period of time energy storage modern technology. The firm is a leader in a market that is a critical part of the energy change. We are delighted to strengthen our collaboration with Mateo as well as the team as they place Form for its next phase of growth as well as innovation."

Signing Up With the Series E round of Form Energy are GIC- a funding market company and also Canada Pension Plan Investment Board (CPP Investments), in addition to existing capitalists ArcelorMittal, Breakthrough Energy Ventures (BEV), Capricorn Investment Group, Coatue, Energy Influence Partners (EIP), MIT's The Engine, NGP ETP, Temasek, Prelude Ventures, and also VamosVentures.

Leon Pedersen, Managing Director at CPP Investments, held, "By introducing new storage remedies to the market, Form Energy can add to the energy transition process while likewise offering appealing risk-adjusted returns for the CPP Fund."

Ang Eng Seng, CIO of Infrastructure, GIC, mentioned, "We delight in to partner with Form Energy's best-in-class team as the firm scales to make and also broadly market its breakthrough multi-day battery technology."

" Over the next decade, Form Energy's low-cost, iron-air battery innovation will certainly unlock gigawatts of new renewable resource capacity and also unlock to incredible possibilities," included Choo Yong Cheen, CIO, Private Equity at GIC.

Mateo Jaramillo, CEO, Form Energy, claimed, "Over the last 5 years, via rigorous R&D as well as item design, our 100-hour iron-air battery item prepares to scale. The Series E funding will certainly increase our capacity to sensibly build an around the world affordable U.S. battery manufacturing supply chain and also advance American advancement."

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