Form Energy has raised $750 million in a Series G funding round to expand production of its iron-air batteries in West Virginia. The financing comes as US electricity demand rises and data center operators seek larger amounts of energy storage to support power-intensive infrastructure.
The company’s batteries can discharge for up to 100 hours, far longer than most lithium-ion storage systems used today. Form Energy says its iron-air chemistry relies primarily on iron rather than more expensive materials such as lithium, cobalt, and nickel.
Its batteries store and release electricity through reversible oxidation. During discharge, iron turns into rust, while charging reverses that reaction and converts the rust back into iron.
Funding Will Expand West Virginia Manufacturing
Form Energy said the new capital will support expansion of its manufacturing operations in Weirton, West Virginia, where it produces its iron-air battery systems. The round was led by T. Rowe Price and included investors such as Sequoia Capital, Janus Henderson, Franklin Templeton, TPG Rise Climate, Breakthrough Energy Ventures, Coatue, Energy Impact Partners, GE Vernova, and M&G Catalyst Fund.
The company has built a largely domestic supply chain, with around 80% of its materials sourced from the United States and the remainder coming from Europe and Asia. Form Energy says it does not rely on China for its battery supply chain.
That sourcing model has become more important as both the Biden and Trump administrations have sought to reduce US dependence on Chinese battery manufacturing and materials.
Data Center Demand Adds Pressure to US Power Supply
Demand for energy storage is rising alongside new electricity consumption from data centers. US energy storage installations reached 9.7 gigawatt-hours in the first quarter of 2026, up 32% from the same period a year earlier.
Renewable sources are also expected to account for more than 90% of new US generating capacity added this year. Longer-duration storage can help manage gaps when solar and wind generation falls while electricity demand remains high.
Form Energy has already secured several large customers. Google is using the company’s technology as part of a new Minnesota data center project that includes a 30-gigawatt-hour battery installation, while Crusoe agreed in March to purchase 12 gigawatt-hours of Form Energy batteries.
Utility Xcel Energy and FuturEnergy Ireland are also customers. The company now has a commercial backlog representing about 80 gigawatt-hours of energy storage projects, according to The Wall Street Journal, roughly four times the level reported earlier this year.
US data centers are projected to consume substantially more electricity over the next decade, with their power use expected to quadruple by 2035. Estimates cited by TechCrunch indicate they could account for about 20% of total US electricity generation by that point.
Featured image credits: Magnific.com
For more stories like it, click the +Follow button at the top of this page to follow us.