CHICAGO, October 21, 2022 – TPG’s global impact investing platform, TPG Rise, has led a USD 450 million Series E fundraising round for Form Energy. In addition to current investors ArcelorMittal, Breakthrough Energy Ventures (BEV), and Energy Impact Partners, GIC, and Canada Pension Plan Investment Board (CPP Investments) have joined this round.
The Series E investment, which raised an incredible amount for an atypical grid-storage hardware business, will propel Form beyond its present pre-commercial stage. The company, which manufactures iron-air batteries, will more than treble its present workforce of 326 as it completes the validation and testing necessary to market a warrantied product. Simultaneously, Form is finalizing the location of its first commercial facility, which will begin manufacturing batteries in the United States within two years, according to CEO and co-founder Mateo Jaramillo.
“We hope to generate considerable income in 2025,” said Jaramillo, who managed Tesla’s energy-storage division before departing in 2016 to address the problem of multiday energy storage.
Renewable energy is unreliable because various weather conditions may impact solar and wind power, causing supply interruptions. An indefinite and cost-effective storage system is necessary to facilitate a speedier shift to renewable energy. Form Energy’s 100-hour iron-air battery may be installed at utility size and employed as an energy storage technology in power-grid infrastructure.
The latest Series E fundraising accelerates the company’s potential to establish a globally competitive battery manufacturing supply chain—with this round; Form Energy is one step closer to delivering its technology and competing in the market alongside current conventional battery versions.
Metal-air batteries are less expensive than other common battery topologies, such as lithium-ion, since the anode is constructed of low-cost metals (aluminum, iron, and zinc) and the cathode supply (oxygen from the air) is available. An iron-air battery operates on the reversible oxidation of iron’ principle: while discharging, several tiny iron pellets come into contact with the air, rusting and converting the iron to iron oxide; when charging, the oxygen in this rust is removed, restoring it to iron.
Zinc-air batteries, like iron-air batteries, have future uses in tiny electronic devices like hearing aids and watches and stationary energy storage applications. Metal-air battery features can foster an opportunistic environment in critical applications such as electric automobiles, portable devices, and large-scale energy reserves.
Metal-air batteries are an innovative battery technology with promising future potential. According to MarketsandMarkets, the metal-air battery market might be tremendous potential, worth USD 993 million by 2027, with a CAGR of 14.8% from 2022 to 2027.
We try our best to fact-check and bring the best, well-researched, and non-plagiarized content to you. Please let us know
-if there are any discrepancies in any of our published stories,
-how we can improve,
-what stories you would like us to cover and what information you are looking for, in the comments section below or through our contact form! We look forward to your feedback, and thank you for stopping by!
Next Article
, and Energy Impact Partners, GIC, and Canada Pension Plan Investment Board (CPP Investments) have joined this round.){kind=link}