Form Energy, Inc., an energy company developing systems incorporating ultra-low-cost, long-duration storage, announced today the close of a $40 million Series B financing round led by Eni Next LLC, the corporate venture capital vehicle of Eni Group. It also announced that Michael Skelly, wind development pioneer and noted power infrastructure development expert, has joined the board.
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.
"With their world-class team and novel approach to solving long-duration energy storage, Form Energy has what it takes to unlock the power of renewable energy to transform the grid," remarked Michael Skelley, Senior Advisor at Lazard. "It is with great excitement that I join Form Energy's board of directors to support the team in this significant undertaking."
"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."