MIT’s energy storage technology producer had secured an initial $200m tranche last month, with existing backer The Engine contributing to the round.
Form Energy, a US-based developer of grid-scale energy storage systems spun out of Massachusetts Institute of Technology (MIT), completed a $240m series D round on Tuesday backed by MIT-affiliated venture fund The Engine.
Steel producer ArcelorMittal led the round through its XCarb fund, while Perry Creek Capital, NGP Energy Technology Partners, Coatue, Temasek, Energy Impact Partners, Breakthrough Energy Ventures (BEV), Prelude Ventures, Capricorn Investment Group, Macquarie Capital, TPG Rise Climate, Rise Fund and energy utility Eni’s Next fund also took part.
Form Energy had secured an initial $200m in series D capital last month.
Founded in 2017, Form Energy has created a system built around a rechargeable iron-air battery capable of providing electricity for some 100 hours at a fraction of the cost of lithium-ion batteries.
The technology is used to store surplus energy from renewable power plants, allowing them to supply energy across multiple days even in less beneficial conditions. It plans to jointly develop ion materials with ArcelorMittal for use in its systems.
Mateo Jaramillo, co-founder and chief executive of Form Energy, said: “We are very pleased to welcome ArcelorMittal and TPG Rise Climate to our investor group.
“This is a critically important and exciting time at Form Energy and we look forward to collaborating with our diverse coalition of leading investors as we accelerate development and prepare for commercialisation to meet the urgency of demand for scalable climate solutions.”
The round lifted the company’s overall funding to $367m, $9m coming in a 2018 series A round featuring existing investor The Engine, as well as BEV, Prelude Ventures, Macquarie Capital and petroleum supplier Saudi Aramco.
The Engine, BEV, Prelude Ventures, Eni Next, Macquarie Capital and Capricorn Investment Group provided $40m in series B funding in 2019.
Coatue Management led Form Energy’s $76m series C round in November 2020, investing with The Engine, BEV, Prelude Ventures, Capricorn Investment Group, Macquarie Capital, Energy Impact Partners, NGP Energy Technology Partners, Eni Next and Temasek.
– A version of this article first appeared on our sister site, Global Corporate Venturing.
