Form Energy, which makes iron-air batteries designed to store electricity for days rather than hours, raised a $750m Series G, announced on 12 August 2026. T. Rowe Price led the round, as it did the Series F.
New investors were Sequoia Capital, Janus Henderson, Franklin Templeton and PEAK6 Investments. Returning investors included Prelude Ventures, Engine Ventures, TPG Rise Climate, Capricorn's Technology Impact Funds, Breakthrough Energy Ventures, Dustin Moskovitz and Cari Tuna, Gigascale Capital, Coatue, Energy Impact Partners, NGP, GE Vernova, Blindspot Ventures and M&G Catalyst Fund. Morgan Stanley acted as sole placement agent.
The company said total equity raised now exceeds $2bn. No valuation was disclosed.
The company did not publish a new valuation, and neither report gave a headcount or revenue.
What Form Energy makes
Form's batteries use iron and air to store energy for multi-day periods, which the company describes as a new class of cost-effective multi-day energy storage systems. They are aimed at utilities and large power users that need to cover long gaps in wind and solar output or in grid supply.
Form builds the systems in Weirton, West Virginia, at a plant it calls Form Factory 1. Pulse 2.0 reported that scaling manufacturing in West Virginia will be a major part of the company's next stage.
Mercom Capital described Form as an iron-air-based battery systems provider whose products are intended for multi-day energy storage, and put the previous round, a Series F led by T. Rowe Price in 2024, at $405m.
Backlog and customers
The company said its backlog grew from about 20 GWh to 80 GWh earlier in 2026. Named projects include work with Xcel Energy, Google, Crusoe and FuturEnergy Ireland.
Pulse 2.0 described the backlog as growing fourfold. The sources did not give revenue, the value of the contracts or the share of the backlog that is firm.
The release names Xcel Energy, Google, Crusoe and FuturEnergy Ireland among its projects, without giving the size or terms of each.
New executives
Alongside the funding, Form announced two senior hires. Navneet Govil joined as chief financial officer; he was previously executive managing partner, chief financial officer and investment committee member at SoftBank Investment Advisers, and has more than 30 years of finance leadership. Wes Sloan joined as chief operating officer, having been an executive vice president at Panasonic Energy North America, where he oversaw production in Nevada, and earlier held senior roles at Rolls-Royce.
The release did not include direct quotes from executives and did not state a headcount.
What the money is for
Form said the proceeds will go to scaling manufacturing in Weirton and advancing commercial deployments of its iron-air battery systems.
Company website: formenergy.com