Form Energy, a technology rising to the challenge of climate change by developing a new class of cost-effective, multi-day energy storage systems, has closed a $240 million series D financing round.
Form Energy’s technology charges and discharges batteries by converting iron back and forth into rust. By using these inexpensive materials, the company aims to have its batteries cost less than $20 per kilowatt-hour, which experts say is up to one-tenth the cost of the more common lithium-ion batteries in use today, reported CNBC. In addition, the company claims its rechargeable battery, which can store electricity for 100 hours.
Investors include ArcelorMitta’s Carb, TPG Rise, Perry Creek, NGP energy Technology Partners III, Coatue, Temasek, Energy Impact Partners, Breakthrough Energy Ventures, Prelude Ventures, MIT’s The Engine, Capricorn Investment Group, Eni Next and Macquarie Capital.