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Form Energy, a U.S. company developing multi-day energy storage systems, announced a $405 million Series F financing round led by T. Rowe Price. The round included participation from GE Vernova and existing investors such as TPG Rise Climate and Breakthrough Energy Ventures. The funding brings Form Energy’s total capital raised to over $1.2 billion, supporting expansion of its iron-air battery systems designed for long-duration energy storage.

GE Vernova and Form Energy signed a Memorandum of Understanding to collaborate on manufacturing and commercial deployment of iron-air batteries. GE Vernova emphasized the need for affordable, scalable technologies to modernize the grid and support renewable energy integration. The partnership aims to leverage GE Vernova’s manufacturing and engineering expertise to accelerate Form Energy’s scale-up in the U.S. and globally.

Form Energy’s CEO Mateo Jaramillo highlighted the company’s progress toward serial production of its 100-hour iron-air battery system after seven years of research and development. The Series F funding will support expansion of manufacturing in West Virginia, including job creation and workforce upskilling. The company plans to increase production capacity at its Weirton facility, targeting over 1 million square feet and 750 employees by 2028.

Form Energy broke ground on its first high-volume manufacturing facility, Form Factory 1, in Weirton, West Virginia, in May 2023. The 550,000-square-foot facility completed construction in 2024 and began trial production. With over 900 employees, the company expects to grow its workforce and manufacturing capacity, aiming for an annual output of at least 500 megawatts by 2028.