Massachusetts-based Form Energy, a company developing systems incorporating long-duration storage, has closed a $40 million Series B financing round led by Eni Next LLC, the corporate venture capital vehicle of Italy’s Eni Group.
Courtesy of NREL
The company also announced that Michael Skelly, wind development pioneer and noted power infrastructure development expert, has joined the board. Skelly is a Senior Advisor at the investment bank Lazard where he advises companies and investors on renewable energy and sustainability
“It is with great excitement that I join Form Energy’s board of directors to support the team in this significant undertaking,” Skelly said.
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 megawatt-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.
He added that the company is “laser-focused on quickly developing the product to meet an urgent market need and enable a future that is 100% renewable, affordable and reliable.”