Form Energy is an American company developing innovative multi-day energy storage solutions to transform the electrical grid. Founded in 2017 by energy storage experts Mateo Jaramillo, Yet-Ming Chiang, Ted Wiley, William Woodford, and Marco Ferrara, the company creates advanced iron-air batteries that store electricity for up to 100 hours. Their technology aims to make renewable energy more reliable and accessible while maintaining grid stability during high-demand periods. Form Energy operates from its main manufacturing facility in Weirton, West Virginia, where they produce their proprietary battery systems. The company combines technical expertise with practical manufacturing capabilities to address the growing need for sustainable, long-duration energy storage.
Battery Technology
Form Energy’s flagship product is an iron-air battery system that uses basic elements – iron, water, and air – as its primary components. The technology operates through a reversible rusting process: during discharge, iron metal oxidizes (rusts) to release electrons, providing electricity. When charging, an electrical current converts the rust back to iron, releasing oxygen. These batteries are housed in modules approximately the size of a washer-dryer unit and contain cell stacks immersed in a water-based, non-flammable electrolyte.
The system offers significant cost advantages compared to traditional lithium-ion batteries, with production costs estimated at one-tenth of conventional alternatives. While the round-trip efficiency ranges from 50-70% (compared to lithium-ion’s 90-95%), the lower cost and extended storage duration make it particularly suitable for grid-scale applications. The use of abundant materials like iron ensures sustainable scaling and manufacturing, supporting long-term deployment across various markets.
Recent Projects
In early 2024, Form Energy secured $405 million in Series F funding to accelerate their manufacturing capabilities. The company is expanding its Weirton facility by adding 300,000 square feet, targeting an annual production capacity of 500 MW/50 GWh by 2028. Form Energy also established a significant partnership with GE Vernova for manufacturing operations and supply chain management. Their commercial projects include a 1.5 MW/150 MWh installation with Great River Energy in Minnesota, scheduled for completion by late 2025, and additional deployments planned in New York, Georgia, and Virginia for 2026.
Investors
Form Energy has attracted substantial investment from prominent organizations. Recent Series F investors include T. Rowe Price, GE Vernova, TPG Rise Climate, and Breakthrough Energy Ventures. Additional backers comprise Capricorn’s Technology Impact Funds, Coatue, Energy Impact Partners, MIT’s The Engine Ventures, Temasek, and GIC. The company has also received support from ArcelorMittal, one of the world’s largest steel manufacturers, demonstrating industry confidence in their technology.
Business Details
Location: Somerville, Massachusetts, USA
Website: https://formenergy.com
LinkedIn: https://www.linkedin.com/company/form-energy/
