Form Energy Raises $750M Series G to Scale Iron-Air Battery Manufacturing

Form Energy has raised $750 million in a Series G round to expand iron-air battery manufacturing capacity at its West Virginia factory, bringing the company's total fundraising past $2 billion (TechCrunch; WSJ).

The round was led by 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, Breakthrough Energy Ventures, Dustin Moskovitz and Cari Tuna, Gigascale Capital, Coatue, Energy Impact Partners, NGP, GE Vernova, Blindspot Ventures, and M&G Catalyst Fund (TechCrunch).

Form Energy's core product is an iron-air battery capable of discharging for up to 100 hours. The chemistry relies on iron rather than lithium, cobalt, or nickel. During discharge, iron oxidizes to rust; during charging, the rust is reduced back to metallic iron. The company says roughly 80% of its materials are sourced from the U.S., with the remainder from Europe and Asia, notably excluding China (TechCrunch).

The company's commercial pipeline has expanded sharply. Form Energy reports a backlog of approximately 80 gigawatt-hours of energy storage, up fourfold from earlier in 2026. That demand is driven in part by hyperscale data center operators. Google is building a new data center in Minnesota that will be partially powered by a 30-gigawatt-hour Form Energy battery costing about $1 billion. Crusoe announced in March 2026 that it would purchase 12 gigawatt-hours of Form Energy batteries for its data centers. Utility customers include Xcel Energy and FuturEnergy Ireland, the latter partnering on what would be the first iron-air storage deployment in Ireland (TechCrunch).

The broader market context is significant. U.S. data centers are projected to quadruple their electricity consumption by 2035, reaching about 20% of all power generated in the country. In the first quarter of 2026, the U.S. installed 9.7 gigawatt-hours of energy storage, a 32% year-over-year increase (TechCrunch).

The Series G builds on a series of earlier capital infusions. Form Energy raised $405 million in a Series F round in October 2024 and a $450 million round in 2022 that included ArcelorMittal, bringing its total to $800 million at that point (Form Energy; Energy Storage News). The U.S. Department of Energy selected Form Energy for a $150 million award in September 2024 to support the West Virginia factory buildout (Form Energy). Manufacturing expansion at Form Factory 1 began in October 2024.

What stands out in this round is the composition of the investor syndicate. The presence of GE Vernova, TPG Rise Climate, Breakthrough Energy Ventures, and Engine Ventures alongside mainstream financial names like T. Rowe Price, Franklin Templeton, and Coatue signals that iron-air chemistry is now being evaluated through a conventional project-finance lens, not only through the climate-tech or venture framing that characterized Form Energy's earlier rounds. That matters because the economics of multi-day storage depend less on technology risk and more on cost of capital, offtake certainty, and manufacturing yield. The fact that long-duration incumbents in the power equipment supply chain are now on the cap table is worth noting.

The demand signal from data center operators is also notable. Lithium-ion battery storage, which dominates current U.S. installations, is optimized for discharge durations of two to four hours. Bridging to 100-hour discharge with iron-air addresses a different problem entirely: sustained coverage during extended renewable generation gaps or peak pricing windows. The Google and Crusoe commitments suggest that hyperscalers are beginning to treat multi-day storage as a distinct procurement category rather than an extension of existing battery strategies.

The supply chain angle is understated but consequential. With 80% U.S.-sourced materials and no Chinese dependence, Form Energy's chemistry sidesteps the tariff exposure and geopolitical risk that complicate lithium-ion and nickel-based supply chains. Whether that advantage translates into durable cost competitiveness at scale will depend on manufacturing throughput at Form Factory 1, which remains the company's primary execution risk.

The $750 million will be deployed to expand that manufacturing capacity. The company has not disclosed a specific timeline for capacity targets or new factory construction beyond the West Virginia site. What is clear is that the backlog, the customer commitments, and the capital are now in place. The remaining question is execution.