August 26 (Renewables Now) - US battery start-up Form Energy Inc has secured USD 40 million (EUR 35.9m) in a fundraising deal that will help it develop prototypes and a megawatt-scale commercial pilot of an energy storage system.
The Series B financing round was led by Eni Next LLC, the corporate venture capital vehicle of Italy's Eni (BIT:ENI), Form Energy said on Friday. Other participants in the transaction also included Breakthrough Energy Ventures (BEV), Prelude Ventures, the Massachusetts Institute of Technology's (MIT’s) The Engine and Macquarie Capital. Capricorn Investment Group joined as a new investor.
Massachusetts-based Form Energy says it is developing a new class of ultra-low-cost, long-duration energy storage systems through a technology that was invented at MIT. According to it, that technology “has the potential to transform the electric grid by making renewable energy dispatchable year-round.”
(USD 1.0 = EUR 0.897)