Canary Media: Form Energy wins $450M to rust iron for multiday energy storage
4 Oct 2022
News
Form Energy’s effort to commercialize multiday clean energy storage got a major boost from a $450 million fundraise Tuesday.
The Series E round, which brought in a staggering sum for an unconventional grid-storage hardware startup, will carry Form out of its current precommercial state. The company, which produces iron-air batteries, will double its staff headcount from its current level of 326 as it plows through the validation and testing required to sell a warrantied product. Simultaneously, Form is finalizing the location for its first commercial factory, which will begin manufacturing batteries in the U.S. within two years, CEO and co-founder Mateo Jaramillo told Canary Media.
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