Recently, Form Energy announced that it had received $ 450 million in round E financing, led by TPG's global influence investment platform TPG Rise. These financing includes funds that need to be approved by the regulatory agency, as well as funds assigned to existing investors. After this round of financing, Form Energy's total financing exceeded $ 800 million.
Form Energy is developing and commercialized a new type of battery technology based on iron and air. The energy storage period can reach 100 hours or even longer. The company plans to realize the commercialization of this battery at the end of 2024, and the cost target of the battery pack is less than $ 20/kWh.
In 2020, the company announced its first pilot project, and plans to deliver a set of 1 mW/150MWH battery energy storage system to Great River Energy, a public institution company in Minnesota in 2023, to fundamentally reduce coal resources from coal resources fundamentally Dependence. A few months ago, Georgia Power, a southern United States, was also discussing the possibility of piloting with the company. At the end of this year, Form Energy will announce the location of its production line. It is currently confirmed that it will produce batteries in the United States, and it has reduced from 100 places in 16 states to the United States to 3 possible places.
