ArcelorMittal’s XCarb vehicle led the energy storage technology producer's latest round, which has been upsized from $200m and which includes Eni Next.

Form Energy, a US-headquartered developer of grid-scale energy storage systems, completed a $240m series D round on Tuesday led by steel producer ArcelorMittal’s XCarb fund.

XCarb provided $25m for the round’s first close last month, and the round also featured energy utility Eni’s Next fund.

Perry Creek Capital, NGP Energy Technology Partners, Coatue, Temasek, Energy Impact Partners, Breakthrough Energy Ventures (BEV), Prelude Ventures, The Engine, Capricorn Investment Group and Macquarie Capital filled out the investors with TPG Rise Climate…

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Robert Lavine

Robert Lavine is special features editor for Global Venturing.
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