Form Energy has completed a new funding round that will help propel it forward in its quest for low cost long term energy storage.
Can you imagine how that would upend the utility industry? No more methane power peaker plants. No more coal-fired baseload thermal generating stations. No new nuclear power plants. It may seem like science fiction, but this week the company completed a new funding round that raised $450 million from investors such as TPG Rise Climate, a $7.3-billion fund run by veteran private equity firm TPG, Singapore’s GIC, and the Canada Pension Plan Investment Board.
The mission at Form Energy is to rebut the tired old critique of renewable energy that the sun doesn’t always shine and the wind doesn’t always blow. If the Form Energy battery works as advertised, it will store renewable energy so cheaply that a renewable energy power plant will be able to deliver emissions-free energy around the clock for days on end.says with a wink and a nudge that energy storage investors tend to avoid anything with a whiff of newness about it.
The startup modeled its reliability testing on processes the automotive industry uses to ensure vehicles and all their components are safe enough to put on the road. To oversee this effort, Form Energy hired Paul Hanson, who previously managed validation at Tesla and Bentley. His team is running iron-air batteries through high temperature endurance trials, temperature shocks, excessive humidity, and other scenarios.
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