Form Energy Revenue, Valuation, Funding & Investors
Form Energy is valued at $2.5B as of August 2026.
Last Form Energy valuation
$2.5B
Series G · Aug 2026
Last Form Energy funding round
$750M
Series G · Aug 2026
Form Energy revenue
$85M
Series F · Oct 2024
Key investors in Form Energy
Breakthrough Energy Ventures
Capricorn Investment Group
The Engine
Blindspot Ventures
Coatue
T. Rowe Price
About Form Energy
Form Energy is a Somerville-headquartered company that develops iron-air batteries for multi-day energy storage from wind and solar sources. These 100-hour duration systems deliver dispatchable clean power to electricity grids across North America. The technology defers construction of new transmission lines and displaces fossil fuel peaker plants. Originating from MIT research, Form Energy partners with utilities such as Xcel Energy and Georgia Power for pilot projects in Colorado, Minnesota, and Georgia. The company operates manufacturing facilities in West Virginia and Vermont to scale production for grid integration.
Founded
2017
HQ
Boston, MAWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Revenue
$85M (Oct 2024)
Valuation
$2.5B (Aug 2026)
Form Energy Valuation
Form Energy is currently valued at $2.5B, based on its Series G in August 2026.
The $750M round was led by T. Rowe Price, with participation from BrandywineGLOBAL, Gigascale Capital, Breakthrough Energy Ventures, Engine Ventures, GE Vernova T&D India and 6 other investors.
Form Energy's valuation has grown 7.4x from $339M at its Series C in November 2020 to $2.5B in August 2026, across 5 priced rounds.
Form Energy valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Aug 2026 | Series G | $2.5B | - |
| Oct 2024 | Series F | $3.4B | 40.2x |
| Oct 2022 | Series E | $1.2B | - |
| Aug 2021 | Series D | $1.3B | - |
| Nov 2020 | Series C | $339M | 4.0x |
Form Energy Revenue
Form Energy's latest recorded revenue is $85M, as of its Series F in October 2024. At a $3.4B valuation, that implies a 40.2x revenue multiple.
Revenue moved from $85M in November 2020 to $85M in October 2024, while the revenue multiple moved from 4.0x to 40.2x.
Form Energy revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Oct 2024 | $85M | $3.4B | 40.2x | Series F |
| Nov 2020 | $85M | $339M | 4.0x | Series C |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Form Energy Funding History
Form Energy has raised a total of $2B across 7 funding rounds.
Form Energy's first fundraising round was a $9M Series A in June 2018. The most recent completed round was a $750M Series G in August 2026.
Form Energy funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Aug 2026 | Series G | T. Rowe Price (lead); BrandywineGLOBAL; Gigascale Capital; Breakthrough Energy Ventures; Engine Ventures; GE Vernova T&D India; Dustin Moskovitz; Sequoia Capital; Coatue; Capricorn Investment Group; Cari Tuna; Blindspot Ventures | $750M | $2.5B | Form Energy raised USD 750 million in a Series G financing on August 12, 2026, led by T. Rowe Price, with participation from Coatue alongside Sequoia Capital, Janus Henderson, Franklin Templeton, PEAK6 Investments, and several existing backers. The financing brought the company’s total equity raised to more than USD 2 billion. The capital is being used to expand manufacturing capacity in Weirton, West Virginia, and to accelerate commercial deployments of the company’s multi-day iron-air battery systems. The company said it had begun shipping its iron-air batteries in 2026, and the new funding follows earlier commercial momentum including a major utility project with Xcel Energy and Alphabet. Form Energy is a U.S.-based technology company focused on long-duration energy storage systems that can store electricity for days. It operates a manufacturing facility in Weirton, West Virginia, and is building out production scale for grid battery deployments. |
| Oct 2024 | Series F | T. Rowe Price (lead) | $405M | $3.4B | Form Energy is an American technology company developing cost-effective, multi-day energy storage systems using iron-air battery technology. The company was founded in 2017 by Mateo Jaramillo, Yet-Ming Chiang, Ted Wiley, Marco Ferrara, and William Woodford, and is headquartered in Boston, Massachusetts. The company's iron-air batteries are designed to provide long-duration grid-scale energy storage for renewable energy integration and grid reliability. On October 9, 2024, Form Energy completed a $405 million Series F financing round led by T. Rowe Price, with new strategic investor GE Vernova (a General Electric spin-off) joining alongside existing investors including TPG Rise Climate, Breakthrough Energy Ventures, Capricorn's Technology Impact Funds, Coatue, Energy Impact Partners, MIT's The Engine Ventures, NGP, Temasek, GIC, Prelude Ventures, Claure Group, Gigascale Capital, Blindspot Ventures, and VamosVentures. The Series F represented an 85 percent increase from the previous Series E round and brought the company's total funding to over $1.2 billion. The company was valued at $3.42 billion post-money following this round. Form Energy reported 2024 annual revenue of $85.3 million, demonstrating commercial traction in the energy storage market. The company employed over 900 employees and had set a manufacturing capacity target of 500 MW and 50 GWh of annual production by 2028. In addition to the Series F equity round, Form Energy secured a $50 million loan in December 2024, bringing total capital raised to $1.424 billion across 13 funding rounds. The company's strategic collaboration memorandum with GE Vernova focused on supporting manufacturing ramp-up and commercial deployments of its iron-air battery systems. |
| Oct 2022 | Series E | The Rise Fund (lead); TPG (lead) | $450M | $1.2B | Form Energy is a Boston-based technology company developing multi-day energy storage systems using iron-air batteries that enable 100-hour duration storage to support renewable grid integration by storing excess wind and solar energy. The company announced its $450 million oversubscribed Series E financing round on October 4, 2022, led by TPG Rise Climate and The Rise Fund, with participation from new investors GIC and Canada Pension Plan Investment Board (CPP Investments), and existing backers including ArcelorMittal ($17.5 million), Breakthrough Energy Ventures, Energy Impact Partners, Coatue, Temasek, and Prelude Ventures. This round brought total funding to $800 million following a 2021 Series D that raised $240 million. The capital is intended to accelerate commercialization, scale manufacturing, double headcount from 326 employees, and advance pilot projects such as a 1MW/150-hour system for Great River Energy (announced 2020) and discussions with Georgia Power. CEO Mateo Jaramillo emphasized readiness to scale the 100-hour iron-air battery product after five years of R&D. Investors highlighted Form Energy's role in the energy transition, with TPG noting its leadership in long-duration storage and GIC expecting gigawatts of new renewable capacity unlocked by the low-cost technology. At the time, Form Energy remained pre-commercial, with CEO Jaramillo projecting meaningful revenue starting in 2025 and a product launch targeted for 2024. A prior mid-2021 funding occurred at a $1.2 billion valuation, signaling strong investor confidence amid battery sector momentum, though the Series E terms did not disclose a new valuation. The company differentiates from lithium-ion competitors like Tesla by focusing on ultra-long duration rusting/de-rusting iron batteries for grid baseload support, attracting growth equity from institutions despite the novel technology. |
| Aug 2021 | Series D | ArcelorMittal (lead) | $240M | $1.3B | Form Energy is a Boston-headquartered energy storage company founded in 2017 that develops iron-air battery technology for long-duration bulk energy storage, enabling reliable renewable electricity supply year-round. The company's batteries are designed to store energy for up to 150 hours at significantly lower cost than lithium-ion alternatives, utilizing low-cost and abundant iron as the core material rather than scarce minerals. Form Energy closed its Series D financing round in July 2021 (announced July 21, formally closed August 17) raising $240 million, with ArcelorMittal's XCarb Innovation fund leading the investment. The round valued Form Energy at $1.28 billion post-money, reflecting investor confidence in the company's technology and market potential. ArcelorMittal made an initial $25 million equity injection as part of this round, with additional investors including Breakthrough Energy Ventures (Bill Gates' fund), TPG Rise Climate Fund, and other leading climate and energy investors. Form Energy and ArcelorMittal also established a joint development agreement to explore ArcelorMittal supplying direct reduced iron (DRI) tailored for Form's battery systems, with plans for larger-scale production trials. The company's first commercial project with Minnesota-based Great River Energy was expected to launch in 2023, with wider deployment systems ready in 2024. Since the Series D, Form Energy has continued raising capital, closing a Series E in October 2022 at $1.84 billion post-money valuation, and most recently a Series F in October 2024 at $3.42 billion post-money valuation, demonstrating sustained investor backing for its iron-air energy storage technology. |
| Nov 2020 | Series C | Coatue (lead); Temasek; Breakthrough Energy Ventures; The Engine; Macquarie Asset Management; NGP Energy Technology Partners; Prelude Ventures; Energy Impact Partners; Capricorn Investment Group; Blindspot Ventures | $76M | $339M | Form Energy is a Boston-based startup developing ultra-low-cost, long-duration energy storage technology, including iron-air batteries capable of providing power for up to 100 hours to support grid-scale renewable energy integration and decarbonization. The company, spun out of MIT, focuses on multi-day energy storage solutions that store surplus renewable energy for use during extended periods without wind or solar. On November 13-30, 2020, Form Energy closed its $76-82.9 million Series C funding round led by Coatue Management, with participation from new investors Energy Impact Partners, NGP Energy Technology Partners III, and Temasek Holdings, alongside existing backers Breakthrough Energy Ventures, Capricorn Investment Group, Prelude Ventures, The Engine, Macquarie Capital, and Eni Next. The post-money valuation for this round reached $338.71 million, bringing total funding raised to approximately $120-134 million at that point. Funds were allocated to accelerate development, scale manufacturing, build the team, and advance toward commercialization of their undisclosed electrochemical storage technology. At the time, Form Energy had demonstrated a fully functioning cell meeting technical targets but remained pre-commercial, with first deployments still years away. The round followed a $40 million Series B in 2019 used for cell scaling and product engineering. The Series C positioned Form Energy for broader commercialization amid growing demand for long-duration storage to enable higher renewable penetration. Subsequent rounds included a $240-252.5 million Series D in 2021 led by ArcelorMittal at higher valuations, building on partnerships for iron materials development and expanding investor syndicate. |
| Aug 2019 | Series B | Eni Next (lead); Breakthrough Energy Ventures; The Engine; Macquarie Asset Management; Aramco; Prelude Ventures; Capricorn Investment Group; Inspired Capital Partners | $40M | - | Form Energy is an energy storage developer founded in 2017 (originally as Baseload Renewables) that focuses on ultra-low-cost, long-duration energy storage systems. The company is developing lithium-sulphur and iron-air batteries designed to store energy from renewable sources like wind and solar for use as baseload electricity or to help manage grid peaks. The technology evolved from research led by MIT professor Yet-Ming Chiang and his former graduate student William Woodford, with the company co-founded by Marco Ferrara, Mateo Jaramillo (former Tesla energy storage director and current CEO), and Ted Wiley. Form Energy closed its Series B financing round on August 7, 2019, raising $40 million led by Eni Next, the corporate venture capital vehicle of Italian energy company Eni. The round also included new investor Capricorn Investment Group and returning Series A investors Breakthrough Energy Ventures, Prelude Ventures, MIT's The Engine, and Macquarie Capital. The capital was designated to develop engineering prototypes and a megawatt-scale commercial pilot of the energy storage system. The company's founding team included wind development pioneer Michael Skelly, who joined the board during this Series B round. Form Energy has since raised significantly more capital, securing $455 million in a Series E round in October 2022 at a $1.84 billion valuation, followed by a $405 million Series F round in October 2024 at a $3.42 billion valuation, bringing total funds raised to over $1.2 billion. |
| Jun 2018 | Series A | The Engine (lead); Sleeping Bear Capital; Saudi Aramco Energy Ventures; Blindspot Ventures | $9M | - | Form Energy raised a $9 million Series A financing round around June 2018 led by The Engine, with participation from Breakthrough Energy Ventures and Prelude Ventures. The company develops iron-air batteries capable of storing clean energy for up to 100 hours to enhance grid reliability using abundant, low-cost materials like iron, water, and air. Form Energy was founded in 2017 by energy storage experts to enable multi-day energy storage for the electric grid. |
Who has invested in Form Energy?
26 investors have backed Form Energy across its funding rounds, including Breakthrough Energy Ventures, Capricorn Investment Group, The Engine, Blindspot Ventures, Coatue and T. Rowe Price.
Lead investors include T. Rowe Price, The Rise Fund, TPG, ArcelorMittal, Coatue and 2 other investors.
Form Energy Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Paris | 3 | Participant | Aug 2019 | |
| United States | 3 | Lead | Jun 2018 | |
| San Francisco, CA | 3 | Participant | Aug 2019 | |
| Boston, MA | 3 | Participant | Jun 2018 | |
 Sydney | 2 | Participant | Aug 2019 | |
| Baltimore, MD | 2 | Lead | Oct 2024 | |
| San Francisco, CA | 2 | Participant | Aug 2019 | |
| New York City, NY | 2 | Lead | Nov 2020 | |
 Singapore | 1 | Participant | Nov 2020 | |
| United States | 1 | Participant | Aug 2026 | |
| Luxembourg | 1 | Lead | Aug 2021 | |
| San Francisco, CA | 1 | Participant | Aug 2026 | |
| Washington, DC | 1 | Participant | Nov 2020 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialForm Energy Competitors
Form Energy competitors include listed companies like SMA Solar Technology and CALB Group, and private ones like Sungrow New Energy, Verkor, NW Storm and Farasis Energy.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Hefei | Private | - | - | $2.8B | - | |
 Germany | Publicly listed | $1.7B | ($77M) | $2.2B | 1.1x | |
| Grenoble | Private | - | - | $2.1B | - | |
| Paris | Private | - | - | $1.7B | - | |
| China | Publicly listed | $6.6B | $1.2B | $3.9B | 1.3x | |
| Ganzhou | Private | - | - | $4.2B | - |
Form Energy Public Comps
Form Energy is still privately-owned, but its public comps include ReNew, Pertamina Geothermal, Meshek Energy Renewable, Cadeler, Andersons, Voltronic Power, Chugoku Electric Power, Renewables Infrastructure Group, Nexus Select Trust and Auren Energia.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.4B | $976M | 7.3x | 6.2x | 10.4x | 9.8x | |||
| $433M | $326M | 6.0x | 5.7x | 7.9x | 7.3x | |||
| $44M | $28M | 72.1x | - | 113.2x | - | |||
| $714M | $479M | 5.8x | 4.2x | 8.7x | 7.7x | |||
| $11B | $315M | 0.3x | 0.3x | 10.5x | 8.0x | |||
| $644M | $141M | 3.4x | 3.4x | 15.8x | 16.9x | |||
| $9.3B | $1.6B | 2.2x | 2.2x | 12.7x | 14.5x | |||
| ($167M) | $344M | (14.3x) | 12.4x | 6.9x | - | |||
This data is available for Pro users. Sign up to see all Form Energy competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Form Energy
| When was Form Energy founded? | Form Energy was founded in 2017. |
| Where is Form Energy headquartered? | Form Energy is headquartered in Boston, MA, United States. |
| Is Form Energy publicly listed? | No, Form Energy is a private, VC-backed company. |
| What is Form Energy's valuation? | Form Energy was last valued at $2.5B in its Series G in August 2026. |
| How much funding has Form Energy raised? | Form Energy has raised $2B across 7 funding rounds. |
| What was Form Energy's last funding round? | Form Energy's last funding round was a $750M Series G in August 2026, led by T. Rowe Price. |
| Who are Form Energy's investors? | Form Energy's investors include Breakthrough Energy Ventures, The Engine, Capricorn Investment Group, Blindspot Ventures, Macquarie Asset Management, T. Rowe Price, Prelude Ventures, Coatue, Temasek, BrandywineGLOBAL and 16 others. |
| What is Form Energy's revenue? | Form Energy's latest recorded revenue is $85M (October 2024). |
| What is Form Energy's revenue multiple? | Form Energy's latest valuation implies a 40.2x revenue multiple ($3.4B valuation on $85M of revenue). |
| Which companies are comparable to Form Energy? | Companies comparable to Form Energy include Sungrow New Energy, SMA Solar Technology, Verkor, NW Storm, CALB Group and Farasis Energy. |
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