Form Energy Raises $750M to Expand West Virginia Iron-Air Battery Plant as Data Center Demand Surges

Form Energy, a Massachusetts-based developer of long-duration iron-air batteries backed by Google and Crusoe, has closed a $750 million Series G funding round to scale up manufacturing at its West Virginia facility, responding to accelerating demand from the data center industry for reliable, multi-day energy storage.

The company, headquartered in Somerville, Massachusetts, said the new capital will be used to expand production capacity at its Form Factory 1 in Weirton, West Virginia. Form Energy’s iron-air battery technology is designed to deliver more than 100 hours of energy storage, offering a distinct safety advantage over lithium-ion systems by eliminating the risk of thermal runaway, a critical concern for high-density data center environments.

The funding round was led by T. Rowe Price, with participation from a broad roster of investors including Sequoia Capital, Janus Henderson, Franklin Templeton, PEAK6 Investments, Prelude Ventures, Engine Ventures, TPG Rise Climate, Capricorn’s Technology Impact Funds, Breakthrough Energy Ventures, Dustin Moskovitz and Cari Tuna, Gigascale Capital, Coatue, Energy Impact Partners, NGP, GE Vernova, Blindspot Ventures, and M&G Catalyst Fund.

The expansion comes as Form Energy locks in commercial momentum across the data center sector. Earlier this year, the company signed an agreement with Google and Xcel Energy to deploy its storage solution at Google’s first data center in Minnesota. In March, Form Energy struck a separate deal with Crusoe to supply up to 12GWh of multi-day energy storage systems to support AI data center operations, with deliveries slated to begin in 2027.

According to the company, it now holds more than 80GWh of commercial projects under agreement, a substantial portion of which are tied to data center customers. Form Energy also emphasized that roughly 80 percent of the materials used in its batteries are sourced within the United States, reducing exposure to supply chain disruptions that often affect manufacturers reliant on components from China.

The latest injection of capital underscores a broader industry shift toward long-duration storage as a critical enabler for power-hungry data centers, particularly as operators seek to stabilize grids and meet sustainability targets. By scaling domestic manufacturing and diversifying storage chemistries, Form Energy is positioning itself as a key player in the intersection of energy resilience and digital infrastructure growth.