Form Energy's first commercial product is a rechargeable iron-air battery capable of cost-effectively storing electricity for 100 hours at a time.
[3] The plant's construction will be funded in part by the state of West Virginia with $105 million in surplus tax dollars.
[4] In January 2023, the eight-state utility Xcel Energy contracted for two systems, at Pueblo, Colorado, and at Becker, Minnesota.
[11] Investors include Breakthrough Energy Ventures, itself funded by Microsoft co-founder Bill Gates and Amazon founder Jeff Bezos, Coatue Management, TPG (through TPG Rise Climate), steel manufacturer ArcelorMittal, Perry Creek Capital, NGP Energy Technology Partners III, Temasek, Energy Impact Partners, Prelude Ventures, MIT’s investment fund The Engine, Capricorn Investment Group, Eni Next, and Macquarie Capital.
In August 2021, Form Energy announced the close of a $240 million Series D financing round led by ArcelorMittal’s XCarb™ innovation fund.