Form Energy has closed a US$40 million Series B funding round led by Eni Next, the venture capital vehicle of Italian oil firm Eni.
Several Series A investors have returned, including Breakthrough Energy Ventures (BEV), the coalition of investors that includes Bill Gates, Jack Ma and Richard Branson. Prelude Ventures, MIT’s The Engine and Macquarie Capital were among those to back both rounds as well.
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Capricorn Investment Group was another standout new investor.
The fresh funding will be used to create a megawatt-scale prototype.
Form Energy, whose origins are in MIT, is developing a low-cost, long-duration battery storage system. More precise details on the technology are few and far between. Marco Ferrara, co-founder of Form Energy has previously said that the system will be capable of several days’ worth of discharge.
Speaking with the Enel Foundation, which has supported the company, Ferrara said: “We are developing meaningful scale prototypes and testing the technology in our labs. At the same time, we are working with Enel and Enel Green Power in understanding the value of this technology. In two or three years, we will be ready to deploy the first pilot projects in the field.”