•  
  •  
  •  

Form Energy gets USD 40m for MW-scale energy storage demo

Author: Portland General Electric. License: Creative Commons, Attribution-NoDerivs 2.0 Generic.

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)

More stories to explore
Share this story
Tags
 
About the author
Browse all articles from Veselina Petrova

Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription