Form Energy Secures $750M Series G Funding, Exceeding $2B Total, to Scale Iron-Air Battery Production for Data Center Demand

August 23, 2026

Forbes USA

Overview

Form Energy has successfully closed a $750 million Series G funding round, bringing its total capital raised to over $2 billion. This substantial investment will accelerate the expansion of its iron-air battery manufacturing facility in West Virginia and drive commercial deployment, particularly to meet the surging power demands from data centers. The company has seen its project backlog grow significantly from 20GWh to 80GWh, including key projects with Xcel Energy and Google, solidifying its position in the multi-day energy storage market.

In Depth

Key Findings

Form Energy has secured $750 million in its Series G funding round, pushing its total capital raised past the $2 billion mark. This significant investment is earmarked to scale up manufacturing and accelerate the commercial deployment of its innovative iron-air batteries. The surge in AI-driven power demand from data centers, in particular, is a strong catalyst for increased investment in these long-duration battery technologies.

Technical and Commercial Details

**Iron-Air Battery Advantages**: Form Energy’s iron-air batteries leverage abundant and inexpensive iron as their primary active material, promising substantial cost reductions compared to lithium-ion alternatives. Critically, they are designed for multi-day energy storage, making them an indispensable solution for integrating intermittent renewable energy sources into the grid.
**Manufacturing Expansion**: The newly secured funds will predominantly support the expansion of Form Energy’s manufacturing facility in West Virginia. This expansion is crucial for enabling mass production of their iron-air batteries, with commercial shipments slated to begin this year.
**Market Demand and Backlog Growth**: The company has announced a dramatic increase in its iron-air battery system backlog, from approximately 20GWh to 80GWh. This backlog includes major projects with partners such as Xcel Energy, Google, and Crusoe, underscoring the robust market demand for long-duration energy storage solutions.

Background and Industry Context

As renewable energy penetration increases globally, the need for ‘long-duration energy storage’ (LDES) — capable of storing electricity for days, not just hours — has become paramount. While traditional lithium-ion batteries are well-suited for short-duration storage, they face cost and scalability challenges for extended periods. Form Energy’s iron-air battery technology is positioned to bridge this gap, offering a pathway to stabilize energy grids and accelerate decarbonization. The escalating power consumption of data centers, driven by the proliferation of AI workloads, presents a new and urgent market demand for stable, long-duration power supplies.

Strategic Significance and Outlook

Through this latest funding, Form Energy is set to enhance its manufacturing capabilities and accelerate its commercialization efforts. The company’s technology holds the potential to significantly contribute to the global energy transition by facilitating greater renewable energy integration and improving grid reliability. As more large-scale commercial projects come online, the iron-air battery is expected to establish itself as a leading next-generation energy storage technology.

Source: https://www.forbes.com/sites/alanohnsman/2026/08/12/iron-vs-carbon-funds-surge-for-makers-of-batteries-that-store-power-for-days/

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