Form Energy
- Company typePrivate
- Founded2017
- HeadquartersSomerville, United States
- Headcount501–1,000
- GTM typeB2B
- OfferingHardware or Manufacturing
Form Energy firmographics
Firmographics- Name
- Form Energy
- Legal name
- Form Energy, Inc.
- Website
- https://www.formenergy.com
- Company type
- Private
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Ownership category
- akta.pro rank
Form Energy industry classification
Industry- Product category
- Long-Duration Energy Storage
- NAICS
- Battery Manufacturing (335910), Battery Manufacturing (33591)
- akta.pro primary industry
- Utility-Scale BESS Project Development & Ownership (IPP/Developer) (EUAFAAAA)
- akta.pro secondary industry
- Energy Storage Systems (BESS, Flywheels, Batteries) (HDABAKAC)
Keywords
Where Form Energy is headquartered
LocationHeadquarters
- HQ city
- Somerville
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
Form Energy business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales
Revenue model
- Battery System Sales: Sale of iron-air battery systems to utilities and technology companies for grid-scale energy storage projects. Major contracts include $1B Google deal and 12 GWh Crusoe agreement.
- Government Grants: Federal and state grants supporting manufacturing and deployment. Includes $147M federal grant for Lincoln project and $30M CEC grant for California project.
- State Incentives: State financing packages for manufacturing facilities. West Virginia provided $290M state financing package for Form Factory 1.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Multi-year contract | 100-hour Iron-Air Battery Systems |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels6 records
Form Energy product offering
Product offeringCore offering
Form Energy develops and manufactures iron-air battery systems capable of cost-effectively storing electricity for 100 hours at a target cost below $20/kWh, using reversible rusting of iron pellets with air and water. The company sells these multi-day battery systems directly to electric utilities and hyperscale technology companies for grid-scale energy storage and data center power applications. Form Energy also provides Formware™, a technology-neutral grid modeling software that optimizes asset builds, revenues, and real-time operations to capture the value of multi-day energy storage.
Product overview
Form Energy offers iron-air battery systems for multi-day energy storage on the electric grid. Their core product is an iron-air battery capable of storing energy for 100 hours, complementing shorter-duration lithium-ion batteries for grid reliability. They also provide Formware™ grid modeling software for power system simulation and optimization.
Differentiator
Problem solved
Functional benefit
Brands
- Formware: Grid modeling software toolkit for power system simulation and optimization
- Form Factory 1
Products and services
- Iron-Air Battery System (100-hour)
Quantifiable outcome
- Iron-air batteries can reduce annual generation costs by 25-40% in markets like Ireland when integrated with renewables
- +3 more outcomes
Companies that use Form Energy
Customer profileNamed customers8 records
Segments3 records
Ideal customer profiles3 records
Form Energy technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Form Energy partnerships and signals
Strategic signalPartnerships
Ten partnerships are on record, tiered major, core, flagship, strategic and pilot.
- Crusoemajor12 GWh iron-air battery capacity agreement for AI data centers, deliveries beginning 2027. Supports Crusoe's 'Bring Your Own Capacity' approach to AI infrastructure.
- FuturEnergy IrelandcoreFirst international deployment: 10 MW / 1,000 MWh iron-air battery system in northwest Ireland. Expected online 2029.
- GoogleflagshipLandmark $1 billion deal for 300 MW / 30 GWh iron-air battery system to power Google's new Minnesota data center. Google funding all infrastructure costs through Xcel Energy partnership. World\'s largest battery by energy capacity.
- GE VernovastrategicStrategic collaboration announced with Series F funding. GE Vernova partnership for technology and deployment integration.
- Georgia Powercore15 MW iron-air battery system agreement for long-duration energy storage in Georgia.
- Xcel EnergymajorMultiple partnership projects including 10 MW/1,000 MWh at Sherco site and collaboration on Google data center agreement. Xcel operating as utility partner for Form Energy projects.
- Pacific Gas & Electricpilot5 MW / 500 MWh long-duration storage project in California.
- Dominion EnergypilotPilot project for long-duration energy storage technologies.
- LDES CouncilcoreFounder member of Long Duration Energy Storage Council with 24 technology companies, users and investors. Led by CEOs including Form Energy CEO Mateo Jaramillo. Goal to deploy 85-140 TWh of LDES globally by 2040.
- Great River EnergypilotFirst pilot project with 1.5 MW/150 MWh iron-air battery deployment in Minnesota. Operational late 2023.
Scale indicators7 records
Recent moves8 records
Expansion highlights5 records
Form Energy competitors and assessment
Company assessmentBroad incumbents
- BYD Energy Storage:
- Tesla (Megapack / Tesla Energy): Tesla's Megapack and energy storage business is the dominant incumbent in grid-scale battery storage, primarily using lithium-ion chemistry (4-hour duration). Tesla competes for utility procurement budgets and hyperscaler infrastructure deals alongside Form Energy, though it addresses shorter-duration rather than multi-day use cases.
- Fluence: Fluence is a leading global grid-scale energy storage integrator and software provider, backed by Siemens and AES. It deploys third-party lithium-ion batteries at utility scale and competes for the same utility customers as Form Energy across multi-year storage procurement contracts.
Direct peers
- ESS Inc. ESS Inc. manufactures iron redox flow batteries for utility-scale long-duration energy storage. Like Form Energy, ESS targets multi-hour to multi-day grid storage using abundant, low-cost materials and sells directly to utilities and developers under multi-year contracts. Both companies serve the same customer segment competing to deliver the lowest LCOE for multi-day storage.
- Highview Power: Highview Power develops liquid air (cryogenic) energy storage for long-duration grid applications. It directly competes with Form Energy in the utility-scale LDES market using a different chemistry but targeting the same multi-day, deep-cycling use cases for renewables integration and capacity firming.
- Energy Vault: Energy Vault builds gravity-based energy storage systems for long-duration grid storage. It pursues the same multi-day storage buyer as Form Energy across utility and IPP customers, with comparable revenue models (project-based hardware sales) and similar cost-per-kWh positioning targets.
- Eos Energy Enterprises: Eos Energy Enterprises produces zinc-based battery systems for utility-scale long-duration storage, marketed under the Eos Z3 product. Eos competes head-to-head with Form Energy in selling multi-hour, low-cost battery systems to investor-owned utilities and co-op utilities for grid reliability projects.
- Invinity Energy Systems: Invinity manufactures vanadium flow batteries targeting utility-scale and commercial long-duration storage. Like Form Energy, Invinity sells directly to utilities, project developers, and commercial customers, addressing the same multi-day duration use case with deep-cycle capability and abundant-material positioning.
Emerging players
- Antora Energy: Antora Energy builds thermal-carbon block energy storage systems targeting industrial heat and grid-scale applications. It is an earlier-stage LDES competitor pursuing the same climate-tech investor base and similar industrial-scale customer profile as Form Energy, though focused on thermal applications.
- Malta Inc. Malta is developing pumped heat energy storage for long-duration grid and industrial applications. While earlier-stage and smaller in scale, Malta pursues the same fundamental opportunity as Form Energy — replacing fossil peakers with low-cost multi-day storage — and competes for the same utility procurement dollars.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights6 records
Customer concentration
Form Energy social profiles
Digital presenceForm Energy financial estimates
Financial estimateRevenue estimate
Valuation estimate
Form Energy leadership team
Management profileNumber of profiles
Profiles10 records
Form Energy funding detail
Funding detailFunding overview
Funding rounds15 records
Investors47 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Form Energy M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Form Energy
What does Form Energy do?
Form Energy develops and manufactures iron-air battery systems capable of cost-effectively storing electricity for 100 hours at a target cost below $20/kWh, using reversible rusting of iron pellets with air and water. The company sells these multi-day battery systems directly to electric utilities and hyperscale technology companies for grid-scale energy storage and data center power applications. Form Energy also provides Formware™, a technology-neutral grid modeling software that optimizes asset builds, revenues, and real-time operations to capture the value of multi-day energy storage.
Is Form Energy a public or private company?
Form Energy is a private company. It is classified as venture growth investor backed and is currently operating.
When was Form Energy founded?
Form Energy was founded in 2017. It employs 501 to 1,000 people.
Where is Form Energy based?
Form Energy is headquartered in Somerville, United States, in the North America region.
How does Form Energy make money?
Three revenue lines are on record. Battery System Sales are the primary driver. The others are government Grants and state Incentives.
Who are Form Energy's main competitors?
Broad incumbents on record are BYD Energy Storage, Tesla (Megapack / Tesla Energy) and Fluence. Direct peers are ESS Inc., Highview Power, Energy Vault, Eos Energy Enterprises and Invinity Energy Systems. Emerging players are Antora Energy and Malta Inc..
Does Form Energy have an API?
No public API is recorded for Form Energy.
What industry is Form Energy in?
Form Energy's product category is Long-Duration Energy Storage. Its primary akta.pro industry code is EUAFAAAA, Utility-Scale BESS Project Development & Ownership (IPP/Developer), with a secondary code of HDABAKAC, Energy Storage Systems (BESS, Flywheels, Batteries). Its NAICS code is 335910.