Form Energy — Startup Profile

Iron-air batteries for multi-day energy storage

HQ: Somerville, MA, United States | Founded: 2012 | Employees: 500-1,000 | Stage: Late Stage (Series E) | Website: https://formenergy.com

About

Form Energy is developing iron-air batteries capable of storing electricity for 100 hours at a fraction of the cost of lithium-ion batteries. The company's technology uses iron to create long-duration energy storage that can enable the grid to rely entirely on renewable energy.

The Take

Form Energy is developing iron-air batteries that can store electricity for 100 hours at a fraction of the cost of lithium-ion, potentially enabling the grid to run entirely on renewable energy. Using iron—one of Earth's cheapest and most abundant materials—the company's technology addresses the critical challenge of long-duration energy storage that renewable energy needs to become truly reliable.

Key Metrics

• Total Funding: $205M
• Last Round: Series E
• Founded: 2012
• Headcount: 500-1,000
• Valuation: $5.38B

Funding Rounds

• Round: $205M (2024-06-01) — T. Rowe Price, ArcelorMittal
• Round: $240M (2022-04-01) — Bill Gates' Breakthrough Energy Ventures

Key People

• Yet-Ming Chiang
• Mateo Jaramillo

Key Competitors

• ESS Inc. —
• ESS Tech —
• Lithium-ion battery companies —

Timeline Highlights

• 2024-06-01: Series E
• 2012-01-01: Founded

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