<cite index="52-1,52-2">Form Energy, Inc., an American technology company developing and commercializing a new class of cost-effective, multi-day energy storage systems, announced a $750 million Series G financing round led by T. Rowe Price. This round brings Form Energy's total equity raised to date to over $2 billion. New investors joining the Series G include Sequoia Capital, Janus Henderson, Franklin Templeton, and PEAK6 Investments.</cite> <cite index="58-2">Form Energy's iron-air batteries can deliver power for up to 100 hours. Long-duration energy storage is particularly desirable because it can help bridge the power supply gap in renewable power generation, which is expected to account for more than 90% of new generating capacity in the U.S. this year.</cite>
<cite index="58-3">Inside a Form battery, iron is oxidized and reduced as it is discharged and charged — that is, the battery turns iron into rust when it discharges and reverses the process when it charges, turning rust back into iron. Google is building a new data center in Minnesota that will be partially powered by a massive, 30-gigawatt-hour Form battery that cost the tech company about $1 billion. Crusoe said in March that it would buy 12 gigawatt-hours of batteries from Form.</cite> <cite index="58-4">The startup currently has a backlog of commercial projects worth about 80 gigawatt-hours of energy storage, up fourfold from earlier this year.cite>
For infrastructure architects and data center operators, Form's $2B+ total equity and 4x backlog growth signal that multi-day energy storage is now table-stakes for AI compute deployments. <cite index="58-4">Data centers are largely responsible to electricity demand uptick; they are expected to quadruple their electricity use in the U.S. by 2035, consuming about 20% of all electricity generated in the country.</cite> <cite index="58-3">Some 80% of Form's materials come from the U.S., while the balance comes from Europe and Asia — notably not China.</cite> The supply-chain positioning mirrors Mistral's European compute thesis: as AI infrastructure becomes strategic, owning or controlling the supply chain becomes a moat. Iron-air trades responsiveness for duration and cost—useful for grid-scale load management but not for frequency regulation. Form's value lies in commoditizing long-duration storage when hyperscaler demand is reshaping the grid's load profile.