- Somerville, Massachusetts-based energy company Form Energy recently announced it closed $40 million in Series B funding
Form Energy — a Somerville, Massachusetts-based energy company developing systems incorporating ultra-low-cost, long-duration storage — announced it has closed $40 million in Series B funding led by Eni Next LLC (the corporate venture capital vehicle of Eni Group). And the company also announced that development pioneer and noted power infrastructure development expert Michael Skelly has joined the board.
“With their world-class team and novel approach to solving long-duration energy storage, Form Energy has what it takes to unlock the power of renewable energy to transform the grid,” said Skelley. “It is with great excitement that I join Form Energy’s board of directors to support the team in this significant undertaking.”
New investor Capricorn Investment Group, Series A investors Breakthrough Energy Ventures (BEV), Prelude Ventures, MIT’s The Engine and Macquarie Capital also joined the round. This funding round will be used for developing engineering prototypes and a megawatt-scale commercial pilot of the energy storage system.
“We have committed our lives to clean energy technology development, and the Series B funding will provide Form with the resources necessary to continue to drive our progress forward,” added Form Energy CEO and co-founder Mateo Jaramillo. “The arrival of cost-effective long-duration storage is not nearly as far off as many would believe and we are laser-focused on quickly developing the product to meet an urgent market need and enable a future that is 100% renewable, affordable and reliable.”
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