Form Energy Fuels Iron-Air Battery Expansion with $750M Series G, Surging Backlog to 80 GWh

August 17, 2026

Form Energy USA

Overview

Form Energy has successfully secured $750 million in Series G funding, led by T. Rowe Price, pushing its total capital raised past $2 billion. This substantial investment will accelerate the manufacturing scale-up of its iron-air battery systems at its West Virginia facility and expedite critical commercial deployments. The company also announced a quadrupling of its project backlog from 20 GWh to 80 GWh, fueled by new agreements with major partners like Xcel Energy and Google, underscoring strong market demand for its long-duration energy storage solutions.

In Depth

Background

The global transition towards a clean energy economy fundamentally depends on the effective integration of intermittent renewable energy sources such as solar and wind. A persistent challenge has been the absence of cost-effective, long-duration energy storage capable of balancing grid supply and demand over periods of days, rather than mere hours. Form Energy’s innovative iron-air battery technology directly addresses this critical gap, providing a solution designed to store electricity for extended durations at a significantly lower cost per MWh compared to existing alternatives. This capability empowers utilities to more effectively manage grid fluctuations, substantially reduce reliance on fossil-fuel peaker plants, and bolster overall grid resilience. The escalating demand from diverse sectors, including utilities and data centers, underscores the growing recognition of long-duration storage as a foundational element for achieving future energy independence and climate mitigation goals.

Key Findings

Form Energy has successfully concluded a $750 million Series G financing round, spearheaded by T. Rowe Price, elevating the company’s total capital raised beyond the $2 billion threshold. This significant infusion of capital is strategically allocated to rapidly scale the manufacturing capabilities of its proprietary iron-air battery systems at its Weirton, West Virginia facility and to accelerate their commercial deployment across diverse grid applications. The company reported an extraordinary four-fold expansion in its project backlog, soaring from approximately 20 GWh to an impressive 80 GWh. This surge is directly linked to new commercial agreements with prominent energy and technology firms, including Xcel Energy, Google, Crusoe, and FuturEnergy Ireland, unequivocally validating the urgent market demand for Form Energy’s multi-day energy storage solution. Leveraging abundant and inexpensive materials, these iron-air batteries offer over 100 hours of continuous discharge, distinguishing them from traditional lithium-ion systems optimized for short-duration, high-power needs, making them uniquely suited for long-duration grid-scale storage. This funding round and the substantial backlog growth firmly establish Form Energy as a critical enabler in the evolving energy storage ecosystem. The anticipated ramp-up of the Weirton plant is poised to catalyze the global adoption of multi-day energy storage, thereby significantly reducing barriers to widespread renewable energy integration and fostering more stable, reliable, and cost-effective electricity grids. For the broader industry and investors, Form Energy’s trajectory reinforces the immense potential of non-lithium, long-duration storage technologies as a cornerstone for a truly decarbonized and resilient energy infrastructure.

Source: https://formenergy.com/form-energy-secures-750m-in-series-g-financing/

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