July 23, 2021
Form Energy, Inc., a technology company rising to the challenge of climate change by developing a new class of cost-effective, multi-day energy storage systems, has announced a US$200 million Series D financing round led by ArcelorMittal's XCarb™ innovation fund.
In addition, Form Energy and ArcelorMittal are working jointly on the development of iron materials which ArcelorMittal would non-exclusively supply for Form Energy's battery systems.
Form Energy's first commercial product is a rechargeable iron-air battery capable of delivering electricity for 100 hours at system costs competitive with conventional power plants and at less than 1/10th the cost of lithium-ion.
Latham & Watkins LLP represents Form Energy on both transactions. The Series D financing was led by Boston partners John Chory and Spencer Ricks, with Boston associates Peter Prial and Martha Anderson. In addition to John Chory and Spencer Ricks, Los Angeles partner Ghaith Mahmood led on the joint development agreement, with Los Angeles associate Natasha Phillips.