Form Energy valuation, funding and investors

Form Energy works in energy storage technology development, based in Weirton, United States. Founded in 2017, it has about 891 employees.

Batteries Weirton Debt

VALUATION · TODAY

$792M +24% after Series G

Range $652M – $1.13B · Grade A

TODAY

+12 MO

$2.50B

$5.00B

$7.50B

$10.00B

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

Series A $9.00M

Series B $40.0M

Series C $76.0M

Series D $200M

Series E $450M

Series F $405M

Series G $750M

ValuationBefore first round12-month outlook: where it points, how wide it fansHover the past: the outlook shows what was predicted then

HEADCOUNT · TODAY891 employees

+9%6m growth

+5%1y growth

+35%2y growth

500

1,000

Data from Jan 2021

TODAY

Predicted in 1 yr $985M +24% vs today

Predicted next raise $108M if a round comes

Winding-down probability 0%

Last round: Series G · $750M · Aug 2026
Valuation at last round: $750M · implied
Headcount: 891 · flat
Grade: A
Founded: 2017

How VCMC values companies →

Form Energy valuation today

VCMC values Form Energy at $792M today, with a range of $652M to $1.1B and a grade of A. The valuation starts from its last funding round, a Series G round in Aug 2026.

Valuation by date (125 rows)

Each point is what the model would have shown on that date, using only what was known then; before its first round, a company is valued as a startup because it later raised.

Form Energy: valuation by date, as the model would have shown it on each date
Date	Valuation	Range	Predicted in 1 yr	Phase	Headcount	Trend	Grade	Winding-down probability
1 Jan 2017	$7.03M	$2.56M – $19.3M	$9.63M (+37%)	before first round	–	unknown	D	0%
1 Feb 2017	$7.22M	$2.63M – $19.8M	$9.89M (+37%)	before first round	–	unknown	D	0%
1 Mar 2017	$7.39M	$2.69M – $20.3M	$10.1M (+37%)	before first round	–	unknown	D	0%
1 Apr 2017	$7.59M	$2.76M – $20.9M	$10.4M (+37%)	before first round	–	unknown	D	0%
1 May 2017	$7.79M	$2.84M – $21.4M	$10.7M (+37%)	before first round	–	unknown	D	0%
1 Jun 2017	$8.00M	$2.91M – $22.0M	$11.0M (+37%)	before first round	–	unknown	D	0%
1 Jul 2017	$8.21M	$2.99M – $22.6M	$11.3M (+37%)	before first round	–	unknown	D	0%
1 Aug 2017	$8.44M	$3.07M – $23.2M	$11.6M (+37%)	before first round	–	unknown	D	0%
1 Sep 2017	$8.67M	$3.15M – $23.8M	$11.9M (+37%)	before first round	–	unknown	D	0%
1 Oct 2017	$8.89M	$3.24M – $24.4M	$12.2M (+37%)	before first round	–	unknown	D	0%
1 Nov 2017	$9.14M	$3.33M – $25.1M	$12.5M (+37%)	before first round	–	unknown	D	0%
1 Dec 2017	$9.37M	$3.41M – $25.8M	$12.9M (+37%)	before first round	–	unknown	D	0%
1 Jan 2018	$9.63M	$3.51M – $26.5M	$13.2M (+37%)	before first round	–	unknown	D	0%
1 Feb 2018	$9.89M	$3.60M – $27.2M	$13.6M (+37%)	before first round	–	unknown	D	0%
1 Mar 2018	$10.1M	$3.69M – $27.8M	$13.9M (+37%)	before first round	–	unknown	D	0%
1 Apr 2018	$10.4M	$3.79M – $28.6M	$14.3M (+37%)	before first round	–	unknown	D	0%
1 May 2018	$10.7M	$3.89M – $29.3M	$14.6M (+37%)	before first round	–	unknown	D	0%
1 Jun 2018	$50.0M	$32.9M – $137M	$90.0M (+80%)	after a round	–	unknown	C	0%
2 Jun 2018	$50.1M	$32.9M – $137M	$90.0M (+80%)	after a round	–	unknown	C	0%
1 Jul 2018	$52.5M	$32.9M – $137M	$90.0M (+72%)	after a round	–	unknown	C	0%
1 Aug 2018	$55.2M	$32.9M – $137M	$90.0M (+63%)	after a round	–	unknown	C	0%
1 Sep 2018	$58.0M	$32.9M – $137M	$90.0M (+55%)	after a round	–	unknown	C	0%
1 Oct 2018	$60.8M	$32.9M – $137M	$90.0M (+48%)	after a round	–	unknown	C	0%
1 Nov 2018	$64.0M	$32.9M – $137M	$90.0M (+41%)	after a round	–	unknown	C	0%
1 Dec 2018	$67.1M	$32.9M – $137M	$90.0M (+34%)	after a round	–	unknown	C	0%
1 Jan 2019	$70.6M	$32.9M – $137M	$90.0M (+28%)	after a round	–	unknown	C	0%
1 Feb 2019	$74.2M	$32.9M – $137M	$90.0M (+21%)	after a round	–	unknown	C	0%
1 Mar 2019	$77.6M	$32.9M – $137M	$90.0M (+16%)	after a round	–	unknown	C	0%
1 Apr 2019	$81.6M	$32.9M – $137M	$90.0M (+10%)	after a round	–	unknown	C	0%
1 May 2019	$85.6M	$32.9M – $137M	$90.0M (+5%)	after a round	–	unknown	C	0%
1 Jun 2019	$90.0M	$32.9M – $137M	$90.0M (0%)	after a round	–	unknown	C	0%
1 Jul 2019	$90.0M	$31.3M – $137M	$90.0M (0%)	after a round	–	unknown	C	0%
1 Aug 2019	$90.0M	$29.7M – $137M	$90.0M (0%)	after a round	–	unknown	C	0%
30 Aug 2019	$204M	$144M – $434M	$306M (+50%)	after a round	–	unknown	B	0%
1 Sep 2019	$204M	$144M – $434M	$306M (+50%)	after a round	–	unknown	B	0%
1 Oct 2019	$211M	$144M – $434M	$306M (+45%)	after a round	–	unknown	B	0%
1 Nov 2019	$219M	$144M – $434M	$306M (+40%)	after a round	–	unknown	B	0%
1 Dec 2019	$226M	$144M – $434M	$306M (+35%)	after a round	–	unknown	B	0%
1 Jan 2020	$234M	$144M – $434M	$306M (+31%)	after a round	–	unknown	B	0%
1 Feb 2020	$242M	$144M – $434M	$306M (+26%)	after a round	–	unknown	B	0%
1 Mar 2020	$250M	$144M – $434M	$306M (+22%)	after a round	–	unknown	B	0%
1 Apr 2020	$259M	$144M – $434M	$306M (+18%)	after a round	–	unknown	B	0%
1 May 2020	$268M	$144M – $434M	$306M (+14%)	after a round	–	unknown	B	0%
1 Jun 2020	$277M	$144M – $434M	$306M (+10%)	after a round	–	unknown	B	0%
1 Jul 2020	$286M	$144M – $434M	$306M (+7%)	after a round	–	unknown	B	0%
1 Aug 2020	$296M	$144M – $434M	$306M (+3%)	after a round	–	unknown	B	0%
1 Sep 2020	$306M	$143M – $434M	$306M (0%)	after a round	–	unknown	B	0%
1 Oct 2020	$306M	$137M – $434M	$306M (0%)	after a round	–	unknown	B	0%
1 Nov 2020	$306M	$131M – $434M	$306M (0%)	after a round	–	unknown	B	0%
1 Dec 2020	$339M	$294M – $506M	$440M (+30%)	after a round	–	unknown	A	0%
1 Jan 2021	$347M	$294M – $506M	$440M (+27%)	after a round	60	unknown	A	0%
1 Feb 2021	$354M	$294M – $506M	$440M (+24%)	after a round	60	unknown	A	0%
1 Mar 2021	$362M	$294M – $506M	$440M (+22%)	after a round	60	unknown	A	0%
1 Apr 2021	$370M	$294M – $506M	$440M (+19%)	after a round	60	flat	A	0%
1 May 2021	$378M	$294M – $506M	$440M (+17%)	after a round	60	flat	A	0%
1 Jun 2021	$386M	$294M – $506M	$440M (+14%)	after a round	60	flat	A	0%
1 Jul 2021	$395M	$294M – $506M	$440M (+12%)	after a round	60	flat	A	0%
23 Jul 2021	$1.3B	$890M – $2.3B	$1.6B (+30%)	after a round	60	flat	B	0%
1 Aug 2021	$1.3B	$890M – $2.3B	$1.6B (+29%)	after a round	60	flat	B	0%
1 Sep 2021	$1.3B	$890M – $2.3B	$1.6B (+26%)	after a round	60	flat	B	0%
1 Oct 2021	$1.3B	$890M – $2.3B	$1.6B (+24%)	after a round	60	flat	B	0%
1 Nov 2021	$1.4B	$890M – $2.3B	$1.6B (+21%)	after a round	60	flat	B	0%
1 Dec 2021	$1.4B	$890M – $2.3B	$1.6B (+18%)	after a round	60	flat	B	0%
1 Jan 2022	$1.4B	$890M – $2.3B	$1.6B (+16%)	after a round	60	flat	B	0%
1 Feb 2022	$1.7B	$1.2B – $3.1B	$2.2B (+29%)	after a round	210	growing	B	0%
1 Mar 2022	$1.8B	$1.2B – $3.1B	$2.2B (+23%)	after a round	210	growing	B	0%
1 Apr 2022	$1.8B	$1.2B – $3.1B	$2.2B (+18%)	after a round	210	growing	B	0%
1 May 2022	$1.9B	$1.2B – $3.1B	$2.2B (+13%)	after a round	210	growing	B	0%
1 Jun 2022	$2.0B	$1.2B – $3.1B	$2.2B (+8%)	after a round	210	growing	B	0%
1 Jul 2022	$2.1B	$1.2B – $3.1B	$2.2B (+3%)	after a round	210	growing	B	0%
1 Aug 2022	$2.2B	$1.2B – $3.1B	$2.2B (0%)	after a round	210	growing	B	0%
1 Sep 2022	$2.2B	$1.2B – $3.1B	$2.2B (0%)	after a round	210	growing	B	0%
1 Oct 2022	$2.2B	$1.2B – $3.1B	$2.2B (0%)	after a round	210	growing	B	0%
5 Oct 2022	$4.2B	$3.0B – $7.8B	$5.5B (+30%)	after a round	210	unknown	B	0%
1 Nov 2022	$4.3B	$3.0B – $7.8B	$5.5B (+27%)	after a round	210	unknown	B	0%
1 Dec 2022	$4.4B	$3.0B – $7.8B	$5.5B (+25%)	after a round	210	unknown	B	0%
1 Jan 2023	$4.5B	$3.0B – $7.8B	$5.5B (+22%)	after a round	360	growing	B	0%
1 Feb 2023	$4.6B	$3.0B – $7.8B	$5.5B (+19%)	after a round	360	growing	B	0%
1 Mar 2023	$4.7B	$3.0B – $7.8B	$5.5B (+17%)	after a round	360	growing	B	0%
1 Apr 2023	$4.8B	$3.0B – $7.8B	$5.5B (+14%)	after a round	360	growing	B	0%
1 May 2023	$4.9B	$3.0B – $7.8B	$5.5B (+12%)	after a round	360	growing	B	0%
1 Jun 2023	$5.0B	$3.0B – $7.8B	$5.5B (+9%)	after a round	360	growing	B	0%
1 Jul 2023	$5.1B	$3.0B – $7.8B	$5.5B (+7%)	after a round	360	growing	B	0%
1 Aug 2023	$5.2B	$3.0B – $7.8B	$5.5B (+5%)	after a round	360	growing	B	0%
1 Sep 2023	$5.4B	$3.0B – $7.8B	$5.5B (+2%)	after a round	360	unknown	B	0%
1 Oct 2023	$6.0B	$3.3B – $8.6B	$6.1B (0%)	after a round	560	growing	B	0%
1 Nov 2023	$6.1B	$3.3B – $8.6B	$6.1B (0%)	after a round	560	growing	B	0%
1 Dec 2023	$6.1B	$3.3B – $8.6B	$6.1B (0%)	after a round	560	growing	B	0%
1 Jan 2024	$6.1B	$3.3B – $8.6B	$6.1B (0%)	after a round	560	growing	B	0%
1 Feb 2024	$6.2B	$3.4B – $8.8B	$6.2B (0%)	after a round	610	growing	B	0%
1 Mar 2024	$6.2B	$3.4B – $8.8B	$6.2B (0%)	after a round	610	growing	B	0%
1 Apr 2024	$6.2B	$3.5B – $8.8B	$6.2B (0%)	after a round	610	growing	B	0%
1 May 2024	$6.2B	$3.5B – $8.8B	$6.2B (0%)	after a round	610	growing	B	0%
1 Jun 2024	$6.2B	$3.5B – $8.8B	$6.2B (0%)	after a round	610	growing	B	0%
1 Jul 2024	$6.3B	$3.6B – $8.9B	$6.3B (0%)	after a round	660	growing	B	0%
1 Aug 2024	$6.3B	$3.0B – $8.9B	$6.3B (0%)	after a round	660	up	B	0%
1 Sep 2024	$6.3B	$3.0B – $8.9B	$6.3B (0%)	after a round	660	up	B	0%
1 Oct 2024	$6.3B	$3.0B – $8.9B	$6.3B (0%)	after a round	660	up	B	0%
10 Oct 2024	$5.2B	$3.7B – $9.7B	$6.8B (+30%)	after a round	660	up	B	0%
1 Nov 2024	$5.3B	$3.7B – $9.7B	$6.8B (+28%)	after a round	750	up	B	0%
1 Dec 2024	$5.4B	$3.7B – $9.7B	$6.8B (+25%)	after a round	750	up	B	0%
1 Jan 2025	$5.6B	$3.8B – $9.8B	$6.9B (+24%)	after a round	810	growing	B	0%
1 Feb 2025	$5.7B	$3.8B – $9.8B	$6.9B (+21%)	after a round	810	growing	B	0%
1 Mar 2025	$5.9B	$3.8B – $9.8B	$6.9B (+19%)	after a round	810	growing	B	0%
1 Apr 2025	$6.0B	$3.8B – $9.8B	$6.9B (+16%)	after a round	810	growing	B	0%
1 May 2025	$6.1B	$3.8B – $9.8B	$6.9B (+13%)	after a round	810	up	B	0%
1 Jun 2025	$6.3B	$3.8B – $9.8B	$6.9B (+10%)	after a round	810	up	B	0%
1 Jul 2025	$6.4B	$3.8B – $9.8B	$6.9B (+8%)	after a round	810	up	B	0%
1 Aug 2025	$6.6B	$3.8B – $9.9B	$7.0B (+6%)	after a round	850	growing	B	0%
1 Sep 2025	$6.8B	$3.8B – $9.9B	$7.0B (+3%)	after a round	850	growing	B	0%
1 Oct 2025	$7.0B	$3.8B – $9.9B	$7.0B (+1%)	after a round	850	up	B	0%
1 Nov 2025	$7.0B	$3.8B – $9.9B	$7.0B (0%)	after a round	850	up	B	0%
1 Dec 2025	$6.9B	$3.7B – $9.9B	$6.9B (0%)	after a round	815	up	B	0%
1 Jan 2026	$6.9B	$3.7B – $9.9B	$6.9B (0%)	after a round	815	up	B	0%
1 Feb 2026	$6.9B	$3.6B – $9.9B	$6.9B (0%)	after a round	815	up	B	0%
1 Mar 2026	$6.9B	$3.0B – $9.9B	$6.9B (0%)	after a round	815	flat	B	0%
1 Apr 2026	$6.9B	$2.9B – $9.9B	$6.9B (0%)	after a round	815	flat	C	0%
1 May 2026	$7.0B	$3.5B – $9.9B	$7.0B (0%)	after a round	843	up	B	0%
1 Jun 2026	$7.0B	$2.7B – $9.9B	$7.0B (0%)	after a round	843	flat	C	0%
1 Jul 2026	$7.0B	$2.6B – $9.9B	$7.0B (0%)	after a round	843	flat	C	0%
1 Aug 2026	$7.0B	$2.4B – $9.9B	$7.0B (0%)	after a round	851	flat	C	0%
13 Aug 2026	$751M	$652M – $1.1B	$975M (+30%)	after a round	851	flat	A	0%
1 Sep 2026	$761M	$652M – $1.1B	$975M (+28%)	after a round	851	flat	A	0%
1 Oct 2026	$779M	$652M – $1.1B	$985M (+27%)	after a round	891	flat	A	0%
24 Oct 2026	$792M	$652M – $1.1B	$985M (+24%)	after a round	891	flat	A	0%

Key facts about Form Energy

Founded: 2017
Headquarters: Weirton, United States
Employees: about 891 +5% in a year
Total raised: $2.25B
Funding rounds: 9
Last round: Debt Sep 2026

Form Energy was founded in 2017 by Marco Ferrara, Mateo Jaramillo, Ted Wiley, William Woodford and Yet-Ming Chiang.

Form Energy funding history

Form Energy has 9 funding rounds on record, from Jun 2018 to Sep 2026, $2.25B in total. The latest disclosed valuation is $339M post-money (Series C, Nov 2020).

Debt 22 Sep 2026no round page
With Barclays, Citi, Jefferies, JPMorgan Chase, RBC Capital Markets, Societe Generale, Stifel, Wells Fargo.
Sources: globenewswire.com, captables.com
$270M
Series G 12 Aug 2026
Led by T. Rowe Price; with Sequoia Capital, Janus Henderson, Franklin Templeton, PEAK6, Prelude Ventures, Engine Ventures, TPG, Capricorn’s Technology Impact Funds, Breakthrough Energy, Gigascale Capital, Coatue, Energy Impact Partners, NGP Capital, GE Vernova, Blindspot Ventures, M&G Catalyst Fund, Cari Tuna.
Sources: formenergy.com, esgtoday.com, energy-storage.news and 2 more
$750M
Debt 16 Dec 2024no round page
With Trinity Capital Inc..
Sources: pulse2.com, ir.trinitycapital.com, prnewswire.com
$50M
Series F 9 Oct 2024
Led by T. Rowe Price; with GE Vernova, TPG, Breakthrough Energy, Capricorn’s Technology Impact Funds, Coatue, Energy Impact Partners, Engine Ventures, NGP Capital, Temasek, GIC, Prelude Ventures, Claure Group, Gigascale Capital, Blindspot Ventures, VamosVentures.
Sources: formenergy.com, ngpenergy.com, esgtoday.com and 2 more
$405M
Series E 4 Oct 2022
Led by TPG; with GIC, Canada Pension Plan Investment Board (CPP Investments), ArcelorMittal, Breakthrough Energy, Capricorn Investment Group, Coatue, Energy Impact Partners, Engine Ventures, NGP ETP, Temasek, Prelude Ventures, VamosVentures, Macquarie, Eni Next, Northpond Ventures.
Sources: formenergy.com, energy-storage.news, privateequitywire.co.uk and 2 more
$450M
Series D 22 Jul 2021
Led by ArcelorMittal.
Sources: globenewswire.com, energydigital.com, tamarindo.global and 2 more
$200M
Series C 30 Nov 2020
Led by Coatue; with Energy Impact Partners, NGP Energy Technology Partners III, Temasek, Breakthrough Energy, Prelude Ventures, The Engine, Capricorn Investment Group, Eni Next, Macquarie.
Sources: formenergy.com, discoverthegreentech.com, energy-storage.news
$76M
$339M post-money
Series B 29 Aug 2019
Led by Eni; with Capricorn Investment Group, Breakthrough Energy, Prelude Ventures, The Engine, Macquarie, Saudi Aramco.
Sources: energystorageconsultants.com, formenergy.com, energy-storage.news
$40M
Series A 1 Jun 2018
With Breakthrough Energy, Prelude Ventures, Macquarie.
Sources: discoverthegreentech.com
$9.0M

Form Energy investors

42 investors have backed Form Energy; Coatue, TPG and ArcelorMittal and 2 more led at least one round.

Coatue lead, 4 rounds
TPG lead, 3 rounds
ArcelorMittal lead, 2 rounds
T. Rowe Price lead, 2 rounds
Eni lead
Breakthrough Energy 6 rounds
Energy Impact Partners 4 rounds
Macquarie 4 rounds
Capricorn Investment Group 3 rounds
Temasek 3 rounds
Capricorn’s Technology Impact Funds 2 rounds
Eni Next 2 rounds
GE Vernova 2 rounds
GIC 2 rounds
VamosVentures 2 rounds
Barclays
Canada Pension Plan Investment Board (CPP Investments)
Cari Tuna
Citi
Claure Group
Franklin Templeton
Janus Henderson
JPMorgan Chase
M&G Catalyst Fund
NGP Energy Technology Partners III
NGP ETP
RBC Capital Markets
Saudi Aramco
Sequoia Capital
Societe Generale
Trinity Capital Inc.
Wells Fargo

What Form Energy does

Form Energy works in batteries, with 12 recorded offerings and customers in energy and utilities.

Form Energy, Inc. is an American company engaged in energy storage technology, focusing on the development and manufacturing of multi-day energy storage solutions for the electric grid. The company also operates as a manufacturer of iron-air batteries and provides grid modeling software to optimize power grid designs. Form Energy serves utilities and energy entities across the United States and is committed to American manufacturing and research and development in energy storage technologies.

Description from Veridion's company data.

Products and services

Energy Storage Technology Development
Iron-Air Battery Manufacturing
Multi-Day Energy Storage System Manufacturing
Energy Storage Module Manufacturing
Grid Modeling Software Development
Power Grid Optimization Services
Energy Storage System Deployment
Utility Energy Storage Solutions
Energy Storage Research and Development
Advanced Manufacturing Process Development
Sustainable Energy Solutions Development
Community Energy Storage Engagement Services

Markets

Energy
Utilities

Technology

Iron-Air Battery Technology
Grid Modeling Software

Business model

Business-to-Business
Manufacturing
Enterprise

Industry codes (NAICS)

335910 Battery Manufacturing 60% match
513210 Software Publishers 25% match
423690 Other Electronic Parts and Equipment Merchant Wholesalers 15% match

Questions about Form Energy

What is Form Energy worth?

Valuation $792M (range $652M to $1.1B), as of 24 Oct 2026. The last disclosed valuation was $339M (Series C, Nov 2020).

Has Form Energy raised money?

Form Energy has 9 funding rounds on record, from Jun 2018 to Sep 2026, $2.25B in total. The latest disclosed valuation is $339M post-money (Series C, Nov 2020).

Who has invested in Form Energy?

Coatue, TPG, ArcelorMittal, T. Rowe Price, Eni and Breakthrough Energy, and 36 more. Lead investors include Coatue, TPG, ArcelorMittal and T. Rowe Price.

How many people work at Form Energy?

About 891, up 5% over the last year. Headcount grew from 60 in Jan 2021 to 891 in Sep 2026.

What does Form Energy do?

Form Energy works in batteries, with 12 recorded offerings and customers in energy and utilities. Its main offerings are energy storage technology development, iron-air battery manufacturing and multi-day energy storage system manufacturing.

When was Form Energy founded, and where is it based?

Form Energy was founded in 2017 and is based in Weirton, United States. It has about 891 employees, up 5% over the last year.

How we value companies Report an issue

Form Energy valuation, funding and investors

Form Energy valuation today

Key facts about Form Energy

Form Energy funding history

Debt 22 Sep 2026no round page

Series G 12 Aug 2026

Debt 16 Dec 2024no round page

Series F 9 Oct 2024

Series E 4 Oct 2022

Series D 22 Jul 2021

Series C 30 Nov 2020

Series B 29 Aug 2019

Series A 1 Jun 2018