American energy storage company Form Energy, Inc. announced a $405 million Series F financing round led by T. Rowe Price. The Series F brings Form Energy’s total funds raised to date at over $1.2B.
In addition to participating in the Series F financing round, GE Vernova and Form Energy have signed a Memorandum of Understanding regarding areas of strategic collaboration to support Form Energy as it continues to ramp manufacturing operations and commercial deployments of its iron-air battery systems.
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“To meet the urgent demands to modernize the grid and enable higher renewable energy generation, it’s essential to speed up the rollout of affordable technologies that can decarbonize the power grid while ensuring it remains secure, reliable and resilient,” GE Vernova President Jessica Uhl said. “We’re proud to collaborate with Form Energy, sharing our deep manufacturing and engineering expertise, to support their ambitious journey to scale in the U.S. and globally. Form’s innovative 100-hour iron-air battery systems can be a game-changer, and we’re excited to play a role in helping them achieve global impact.”
In May 2023, Form Energy broke ground on Form Factory 1, its first high-volume manufacturing facility in Weirton, West Virginia. Just a year later, the company completed the construction of the 550,000-square-foot facility, installed new manufacturing equipment and initiated trial production of its breakthrough iron-air batteries.
With over 900 employees, including 300 at Form Factory 1, the company plans to grow its team further as it ramps up high-volume production in the coming months.
By 2028, Form Factory 1 is projected to have more than 1 million square-feet of manufacturing space, employ at least 750 people and have an annual manufacturing capacity of 500 megawatts, at minimum.
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