Form Energy has raised $750 million in Series G financing to accelerate manufacturing of its multi-day iron-air battery systems and support a commercial backlog that has expanded from approximately 20 gigawatt-hours to 80 gigawatt-hours. T. Rowe Price led the round after also leading Form Energy’s previous Series F financing. New investors participating in the Series G include Sequoia Capital, Janus Henderson, Franklin Templeton, and PEAK6 Investments. The latest investment brings Form Energy’s total equity funding to more than $2 billion.
Existing investors providing additional backing include 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 served as sole and exclusive placement agent for the private placement.
Form Energy plans to use the new capital to accelerate manufacturing scale-up at its facility in Weirton, West Virginia, while advancing commercial deployments of its iron-air battery technology.
The company is developing energy storage systems designed to provide electricity over multiple days, addressing periods when power generation from renewable resources or other sources may not meet demand.
Form Energy is positioning iron-air batteries as a cost-effective option for longer-duration energy storage applications that shorter-duration battery technologies cannot serve as efficiently.
The financing follows a significant increase in Form Energy’s commercial pipeline.
Earlier in 2026, the company said its backlog expanded fourfold from approximately 20 GWh to 80 GWh of iron-air battery systems.
That growth includes projects involving Xcel Energy and Google, Crusoe, and FuturEnergy Ireland.
The agreements reflect growing demand for multi-day energy storage as electricity consumption rises and utilities, technology companies, and other large power users seek additional tools to maintain a reliable electricity supply.
The opportunity is growing as data centers and other power-intensive infrastructure increase electricity demand across major markets.
Form Energy’s technology is designed to store electricity for extended periods and discharge it when needed, providing another resource for balancing power systems during periods of high demand or constrained generation.
Scaling manufacturing in West Virginia will be a major component of the company’s next stage of development.
Form Energy is increasing production capacity as it moves from technology development toward larger commercial deployments.
The $750 million Series G provides additional capital to support that manufacturing expansion while funding the infrastructure, workforce, and operations required to fulfill its growing order backlog.
Form Energy has also strengthened its executive team as it prepares for increased production and commercial activity.
Navneet Govil has joined the company as Chief Financial Officer.
Govil will lead Form Energy’s finance organization and oversee financial strategy, capital formation, and investor relations.
He brings more than three decades of finance leadership experience and most recently served as Executive Managing Partner and Chief Financial Officer at SoftBank Investment Advisers.
Govil also served on the investment committee and helped oversee finance and investment operations across the SoftBank Vision Funds’ global portfolio.
Form Energy has also appointed Wes Sloan as Chief Operating Officer.
Sloan will lead the company’s operations organization as Form Energy scales its manufacturing capabilities and prepares for broader commercial deployment.
He has more than 25 years of experience across aerospace, automotive, and energy.
Sloan most recently served as Executive Vice President at Panasonic Energy North America, where he oversaw production operations in Nevada and helped lead large-scale battery manufacturing.
He previously held senior leadership positions at Rolls-Royce, including responsibility for engine assembly and testing.
Sloan also led deployment of Lean Six Sigma across the company’s services division in the U.K., the Americas, and Europe.
The appointments give Form Energy experienced financial and manufacturing leadership as it transitions toward substantially larger commercial operations.
With more than $2 billion of equity raised, an 80 GWh backlog, and $750 million of additional capital, Form Energy is entering its next phase focused on turning its iron-air battery technology into large-scale energy infrastructure.
