What is Form Energy?
Grid-storage company commercializing 100-hour iron-air batteries for multi-day renewable backup.
- Category
- Long-duration energy storage
- Headquarters
- Somerville, MA
- Founded
- 2017
- Employees
- 800+ estimated
- Total funding
- $1.2B+ disclosed equity
- Valuation
- Private; valuation not disclosed
What is Form Energy?
Form Energy is a long-duration energy storage company founded in 2017 and headquartered in Somerville, MA.
Form Energy is a long-duration energy storage company founded in 2017 and headquartered in Somerville, MA. Grid-storage company commercializing 100-hour iron-air batteries for multi-day renewable backup. Public revenue is not disclosed; the best scale signals are 800+ estimated employees, $1.2B+ disclosed equity in disclosed funding or financing, and named strategic customers, investors, or project partners.
The company operates in a market where buyers care about technical proof, safety, regulatory execution, deployment reliability, and bankable unit economics. Its product surface includes Iron-air battery system, 100-hour storage, Megawatt-scale power blocks, Weirton manufacturing plant, with commercialization tied to long sales cycles and real-world deployment milestones.
For sellers, Form Energy should be treated as a sophisticated technical buyer rather than a conventional SaaS account. Engineering and operations leaders shape architecture, finance and legal shape contract structure, and executives usually become involved when the purchase touches strategic capacity, manufacturing, safety, or regulated deployment.
What does Form Energy offer?
Form Energy's product set centers on Iron-air battery system, 100-hour storage, Megawatt-scale power blocks.
- Iron-air battery system· Core product
- 100-hour storage· Duration
- Megawatt-scale power blocks· Deployment
- Weirton manufacturing plant· Manufacturing
- Utility PPAs and projects· Commercial
- Iron and steel decarbonization R&D· Expansion
How does Form Energy make money?
Form sells utility-scale storage systems through project contracts with utilities, IPPs, and grid operators, not self-serve software pricing.
Form sells utility-scale storage systems through project contracts with utilities, IPPs, and grid operators, not self-serve software pricing. The company does not publish simple self-serve pricing because contracts are tied to deployment scope, physical capacity, engineering services, risk allocation, and long-term operating obligations.
Project pricing is negotiated around MW/MWh size, 100-hour duration, interconnection, EPC scope, warranties, and long-term service; Form publicly positions cost at far below lithium-ion for multi-day duration. Growth is driven by converting technical proof into repeatable commercial deployments, then expanding with customers or partners that can absorb larger volumes, additional sites, or more mission-critical workloads.
Unit economics depend less on seat expansion and more on utilization, manufacturing yield, project execution, contract duration, and the cost of capital. As Form Energy scales, procurement becomes more formal: vendors should be ready for safety, security, quality, compliance, and finance reviews before broad rollout.
Who leads Form Energy?
Form Energy is led by Mateo Jaramillo, with technical, commercial, and operating leadership built around long-duration energy storage.
- Mateo JaramilloCo-founder & CEOCo-founder since 2017Former Tesla battery leader; owns commercialization and utility strategy.
- Yet-Ming ChiangCo-founder & Chief ScientistCo-founder since 2017MIT battery scientist and core electrochemistry leader.
- Ted WileyCo-founder & President / COO leaderCo-founder since 2017Manufacturing and operations executive for scale-up.
- William WoodfordCo-founder & CTOCo-founder since 2017Technical leader for battery engineering and product development.
How do you contact Form Energy's leadership?
Use published company channels first. Personal addresses below are format-following examples using formenergy.com; verify before outreach unless the address is a role inbox listed as published.
first.last@formenergy.com (format-following example; verify before outreach)How much funding has Form Energy raised?
Form Energy has $1.2B+ disclosed equity; latest disclosed valuation/status is Private; valuation not disclosed.
Form Energy's disclosed financing history is concentrated in these major public events: 2017-2018: Seed / early financing; Aug 2021: Series D - $240M; Oct 2022: Series E - $450M; Oct 2024: Series F - $405M. The latest disclosed valuation or status is Private; valuation not disclosed, and the company has not disclosed full revenue or profitability.
2017-2018: Seed / early financing. The Engine, Breakthrough Energy Ventures, and climate investors back early iron-air R&D. Aug 2021: Series D - $240M. Led by ArcelorMittal's XCarb innovation fund to advance commercial storage. Oct 2022: Series E - $450M. Led by TPG Rise Climate for manufacturing and utility-scale deployment. Oct 2024: Series F - $405M. Led by T. Rowe Price with GE Vernova and venture investors; total private funding exceeds $1.2B.
The funding signal matters because this is a capital-intensive long-duration energy storage company. Large rounds typically fund facilities, hardware, qualification, regulatory work, safety systems, and commercial teams, so sellers should expect formal technical review, finance scrutiny, security or compliance review, and multi-stakeholder procurement.
How did Form Energy get here?
Form Energy's path runs from its 2017 founding through financing, technical proof, and commercial deployment milestones.
- 2017Company foundedForm starts with founders from Tesla, MIT, and energy storage R&D.
- Jul 2021Iron-air battery unveiledForm publicly describes a rechargeable iron-air battery for 100-hour storage.
- Dec 2022Weirton factory selectedThe company chooses West Virginia for a $760M manufacturing project.
- Jan 2023Xcel projects announcedTwo 10 MW / 1 GWh systems are planned for Colorado and Minnesota.
- Oct 2024$405M Series FFinancing accelerates factory buildout and R&D.
- 2025-2026Commercial manufacturing rampWeirton and first utility projects become the center of execution.
Who are Form Energy's competitors?
Form Energy competes with specialized startups and incumbents adjacent to long-duration energy storage.
- ESS Inc.Iron-flow battery company targeting long-duration grid storage.
- Energy VaultGravity and battery storage developer with utility-scale projects.
- AmbriLiquid-metal battery company pursuing stationary storage.
- Antora EnergyThermal battery company for industrial heat and power.
- Rondo EnergyHeat-battery company with industrial decarbonization focus.
Form Energy — frequently asked questions
