Long-duration storage firm Form Energy gets $70 million investment infusion

first_imgLong-duration storage firm Form Energy gets $70 million investment infusion FacebookTwitterLinkedInEmailPrint分享Reuters:Form Energy, a startup planning to make battery systems that can efficiently store wind and solar energy for long periods of time, recently landed its biggest batch of funding, its chief executive told Reuters on Friday.Mateo Jaramillo, the chief executive and co-founder of Massachusetts-based Form Energy, said the company has closed Series C funding of more than $70 million, a milestone that had not been previously reported. Funding in the company now totals more than $120 million. Jaramillo did not name the investors, but said details will be released in a couple weeks.“It’s an acknowledgement from these new investors … that this market is here and coming faster than people had realized,” Jaramillo told Reuters. He spoke during a video interview that will be part of Reuters Events Energy Transition North America next week.Jaramillo, who previously headed the stationary battery team at Tesla, co-founded Form Energy in 2017. His company aims to make batteries that can dispatch energy for days, greatly expanding the ability to supply electricity generated from wind and solar power to the grid.Current batteries, mostly made from lithium-ion, only last about four hours. Combining new and current batteries could provide a source of “renewable baseload” power with potential to replace plants that burn natural gas and coal, that emit large amounts of greenhouse gases.Form has received previous funding from Bill Gates’ Breakthrough Energy Ventures, The Engine, which is affiliated with the Massachusetts Institute of Technology, Prelude Ventures, a climate impact venture capital fund, and others.[Timothy Gardner]More: U.S. advanced battery startup Form Energy nabs $70 million in funding: CEOlast_img read more