Joined by new investor Capricorn Investment Group, Series A investors Breakthrough Energy Ventures (BEV), Prelude Ventures, MIT's The Engine and Macquarie Capital also participated in the latest round.
The funds will be used to develop engineering prototypes and a MW scale commercial pilot of the energy storage system.
"We have committed our lives to clean energy technology development, and the Series B funding will provide Form with the resources necessary to continue to drive our progress forward," said Mateo Jaramillo, CEO, and co-founder of Form Energy. "The arrival of cost-effective long-duration storage is not nearly as far off as many would believe and we are laser-focused on quickly developing the product to meet an urgent market need and enable a future that is 100% renewable, affordable and reliable."
