Trinity Capital – a leading provider of diversified financial solutions to growth-oriented companies – announced the commitment of $50 million in equipment financing to Form Energy, which is an American technology company developing and commercializing a new class of cost-effective, multi-day energy storage systems.
Form Energy aims to transform the global electricity system by developing innovative, low-cost, multi-day energy storage solutions. And the company is pioneering an iron-air battery capable of storing electricity for 100 hours at system costs competitive with legacy power plants. Founded in 2017 by a group of energy storage experts, Form Energy aims to enhance the reliability and sustainability of energy systems.
This funding comes on the heels of Form Energy’s $455 million Series F fundraiser led by T. Rowe Price. The equipment financing will be used to finance capital equipment for the company’s first high-volume battery manufacturing facility in Weirton, West Virginia.
KEY QUOTES:
“Form Energy’s groundbreaking iron-air battery technology has the potential to redefine the future of energy storage. We’re excited to partner with the company as they scale their operations and accelerate the pathway to a clean and reliable electric grid.”
- Cory Cramer, Director, Equipment Finance at Trinity
“We are thrilled to have Trinity’s support as we grow our business and increase manufacturing capacity to meet the growing demand for our multi-day energy storage system.”
- Charlotte Beard, CFO of Form Energy
