Form Energy
Energy
Founded: 2017
Last Round Valuation: $1.84B
Form Energy is a renewable energy storage technology and manufacturing company based in the United States. It was established in 2017 under the name Baseload Renewables and later rebranded as Form Energy. The company's primary focus is on developing an iron-air battery that has the capacity to store up to 100 hours of electricity generated from renewable sources. The founders of Form Energy are Mateo Jaramillo, Theodore Wiley, William Woodford, Dr. Marco Ferrara, and Dr. Yet-Ming Chiang. The company is headquartered in Somerville, MA.
Form Energy Overview:
Form Energy is a US-based energy storage technology and manufacturing company that is dedicated to addressing the challenge of renewable energy intermittency. Founded in 2017 under the name Baseload Renewables and later rebranded as Form Energy, the company has gained significant attention for its innovative approach to long-duration energy storage.
The primary focus of Form Energy is the development of a breakthrough energy storage solution known as the "aqueous air battery." This iron-air battery is designed to provide long-duration storage, capable of storing electricity for up to 100 hours. By utilizing abundant and non-toxic materials like iron and water, Form Energy aims to create a safe, scalable, and cost-effective storage system that can be integrated into existing renewable energy infrastructure.
The concept behind Form Energy's aqueous air battery is to store excess electricity generated from intermittent renewable energy sources, such as wind and solar power, and release it during periods of high demand or when renewable generation is low. This long-duration storage capability is crucial for enabling a reliable and resilient transition to a clean energy future, as it can bridge the gap between renewable energy production and the continuous supply of electricity.
The team at Form Energy consists of accomplished scientists, engineers, and industry experts. The founders of Form Energy are Mateo Jaramillo, a former Tesla executive who played a key role in developing the Tesla Powerwall, Theodore Wiley, William Woodford, Dr. Marco Ferrara, and Dr. Yet-Ming Chiang, who is a renowned materials science professor and has made significant contributions to the field of energy storage.
Form Energy has received notable recognition and support from various entities. The company has secured substantial funding from prominent investors, including Breakthrough Energy Ventures, Eni Next, Capricorn Investment Group, and Prelude Ventures, among others. Additionally, Form Energy has been selected for partnerships and collaborations with leading energy companies, utilities, and research institutions to further advance its technology and bring it to market.
By addressing the critical need for long-duration energy storage, Form Energy aims to accelerate the global transition to renewable energy and reduce dependence on fossil fuels. The company's innovative approach and commitment to sustainability have positioned it as a key player in the energy storage industry. As the development and commercialization of its aqueous air battery progress, Form Energy holds the potential to revolutionize the way renewable energy is stored and utilized, making clean and reliable power accessible to all.
Founders:
Mateo Jaramillo
Theodore Wiley
William Woodford
Dr. Marco Ferrara
Dr. Yet-Ming Chiang
Top Investors:
ArcelorMittal
Blindspot Ventures
Breakthrough Energy Ventures
Canada Pension Plan Investment Board
Caotue Management
Capricorn Investment Group
Coatue
Energy Impact Partners
Eni Next
GIC
Macquarie Asset Management
NGP ETP (NGP Energy Technology Partners)
Prelude Ventures
Temasek
The Engine
VamosVentures
Funding History:
Date | Share Type | Amount Raised | Raised to Date | Issue Price | Post Money Valuation | Key Investors |
---|---|---|---|---|---|---|
Oct 2022 | Series E | $455MM | $841.52MM | $18.38 | $1.84B | GIC, Canada Pension Plan Investment Board, ArcelorMittal |
Aug 2021 | Series D | $252.5MM | $386.52MM | $18.10 | $1.28B | ArcelorMittal |
Nov 2020 | Series C | $82.9MM | $134.02MM | $6.33 | $338.71MM | Caotue Management, Eni Next, Energy Impact Partners |
Aug 2019 | Series B | $40.17MM | $51.12MM | $3.10 | $111.81MM | Eni Next, Capricorn Investment Group, Breakthrough Energy Ventures |
Jun 2018 | Series A | $10.96MM | $10.96MM | $1.26 | $31.31MM | Breakthrough Energy Ventures, Blindspot Ventures, The Engine |