Form Energy closes US$40 million funding round for its long-duration storage

By John Parnell
LinkedIn
Twitter
Reddit
Facebook
Email

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.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

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.”

11 November 2025
San Diego, USA
The 2024 Summit included innovative new features including a ‘Crash Course in Battery Asset Management’, Ask-Me-Anything formats and debate-style sessions. You can expect to meet and network with all the key industry players again in 2025 from major US asset owners, operators, RTOs and ISOs, optimizers, software and analytics providers, technical consultancies, O&M technology providers and more.

Read Next

Sponsored
May 1, 2025
Alper Peker and Dominic Multerer of Camopo explain how flexibility is the key to long-term profitability for hybrid renewables-plus-storage power plants.
May 1, 2025
Yarra Energy Foundation has secured funding to install three new community batteries in and around Melbourne, Victoria, Australia.
May 1, 2025
AEMO has revealed that, as of March 2025, the pipeline of new standalone BESS in the NEM has increased by 86% year-on-year (YoY).
April 30, 2025
NYSERDA has launched a programme to incentivise residential and retail energy storage in the state, offering a total of US$775 million for energy storage projects.
April 30, 2025
Investor NTR has picked system integrator Fluence for a 55MW/110MWh BESS project in Finland, with grid forming capabilities.

Most Popular

Email Newsletter