Form Energy, Inc., a Somerville, Mass.-based energy company developing systems incorporating ultra-low-cost, long-duration storage, closed a $40m Series B financing.
The round was led by Eni Next LLC, the corporate venture capital vehicle of Eni Group, with participation from new investor Capricorn Investment Group, and Series A investors Breakthrough Energy Ventures (BEV), Prelude Ventures, MIT’s The Engine and Macquarie Capital. The company also announced that Michael Skelly, wind development veteran and noted power infrastructure development expert, has joined the board.
The company intends to use the funds to develop engineering prototypes and a megawatt-scale commercial pilot of the energy storage system.
Led by Mateo Jaramillo, CEO, and co-founder, Form Energy is developing and commercializing ultra-low-cost, long-duration energy storage systems that can be located in any market and scaled to match existing energy generation infrastructure globally. The company claims its systems have the capability to make renewables fully firm and dispatchable year-round, extending transmission capacity without building new wires, and replacing the need for conventional thermal generation.