Form Energy

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

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

• Iron-air batteries
• Long-duration energy storage
• Grid-scale battery storage
• Multi-day battery systems
• Utility-scale energy storage

Headquarters

HQ city

Somerville

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. 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.
2. Government Grants: Federal and state grants supporting manufacturing and deployment. Includes $147M federal grant for Lincoln project and $30M CEC grant for California project.
3. State Incentives: State financing packages for manufacturing facilities. West Virginia provided $290M state financing package for Form Factory 1.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core 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

Named customers8 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Ten partnerships are on record, tiered major, core, flagship, strategic and pilot.

• CrusoemajorStrategic or Co-development Partner · 1 March 202612 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 IrelandcoreStrategic or Co-development Partner · 1 March 2026First international deployment: 10 MW / 1,000 MWh iron-air battery system in northwest Ireland. Expected online 2029.
• GoogleflagshipStrategic or Co-development Partner · 1 February 2026Landmark $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 VernovastrategicTechnology or Integration · 1 October 2024Strategic collaboration announced with Series F funding. GE Vernova partnership for technology and deployment integration.
• Georgia PowercoreStrategic or Co-development Partner · 1 June 202315 MW iron-air battery system agreement for long-duration energy storage in Georgia.
• Xcel EnergymajorStrategic or Co-development Partner · 1 January 2023Multiple 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 & ElectricpilotStrategic or Co-development Partner · 1 January 20235 MW / 500 MWh long-duration storage project in California.
• Dominion EnergypilotStrategic or Co-development Partner · 1 January 2023Pilot project for long-duration energy storage technologies.
• LDES CouncilcoreStrategic or Co-development Partner · 1 November 2021Founder 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 EnergypilotStrategic or Co-development Partner · 1 August 2021First 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

Broad 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

• Xx.com/formenergyinc
• YouTubeyoutube.com/channel/UCPl-u8RIqIFTwp0Ot4bITyQ
• Facebookfacebook.com/formenergyinc
• LinkedInlinkedin.com/company/form-energy
• Instagraminstagram.com/formenergy

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds15 records

Investors47 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Form Energy