Form Energy Closes $40 Million Series B Financing

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.
Form Energy Closes $40 Million Series B Financing
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.”

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