Funding round
Form Energy Series E
Form Energy, which works in energy storage technology development in Weirton, raised $450M in a Series E round announced on 4 Oct 2022, led by TPG. 16 firms took part. It is Form Energy's fifth venture round on record; the one before was a Series D in Jul 2021.
$450M
Amount raised
Not disclosed
Post-money valuation
16
Investors
1 lead
Valuation
What this round says about the price
Form Energy did not disclose a valuation in this round; its last disclosed one was $339M at the Series C (Nov 2020). It came 15 months after Form Energy's Series D. It is 23% of the $1.93B Form Energy has raised in the venture rounds on record. Form Energy raised again 24 months later: a Series F round of $405M in Oct 2024.
Form Energy's funding rounds
Form Energy has 7 venture rounds on record and 2 other deals. This one is highlighted.
- Series A 1 Jun 2018 $9.0M
- Series B 29 Aug 2019, led by Eni $40M
- Series C 30 Nov 2020, led by Coatue $76M$339M post-money
- Series D 22 Jul 2021, led by ArcelorMittal $200M
- Series E this round 4 Oct 2022, led by TPG $450M
- Series F 9 Oct 2024, led by T. Rowe Price $405M
- Debt not a venture round 16 Dec 2024 $50M
- Series G 12 Aug 2026, led by T. Rowe Price $750M
- Debt not a venture round 22 Sep 2026 $270M
Investors
Who put money in
TPG led the round with 15 other firms.
Lead investor
- TPG backs 114 venture-backed companies new investor
Also in the round
- GIC backs 98 venture-backed companies new investor
- Canada Pension Plan Investment Board (CPP Investments) new investor
- ArcelorMittal new investor
- Breakthrough Energy backs 113 venture-backed companies new investor
- Capricorn Investment Group new investor
- Coatue backs 229 venture-backed companies new investor
- Energy Impact Partners backs 99 venture-backed companies new investor
- backs 27 venture-backed companies new investor
- NGP ETP new investor
- Temasek backs 195 venture-backed companies new investor
- backs 62 venture-backed companies new investor
- VamosVentures new investor
- Macquarie backs 52 venture-backed companies new investor
- Eni Next new investor
- backs 45 venture-backed companies new investor
Joined the board: Marc Mezvinsky (TPG).
Use of proceeds
What the money is for
According to the announcement, the money goes to scaling operations.
- Scaling operations
Comparable rounds
How it compares
The closest in time: 1 in Batteries, then Series E rounds in any sector within 6 months:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Batteries | 13 Oct 2023 | $114M | not disclosed | Siemens Financial Services and Marubeni Corporation |
| Inari Biotechnology | 4 Oct 2022 | $124M | $1.50B | Canada Pension Plan Investment Board and Flagship Pioneering |
| Airwallex Payment Processing & Point of Sale | 10 Oct 2022 | $100M | $5.50B | not named |
| Property Management | 19 Oct 2022 | $98M | not disclosed | 83North |
| Maven Clinic Health Care Services | 1 Oct 2022 | $90M | $1.35B | General Catalyst |
| Tech Companies | 22 Oct 2022 | $75M | $867M | not named |
| Alan Insurance - Agents, Carriers & Brokers | 12 Oct 2022 | undisclosed | not disclosed | not named |
| Business Consulting | 6 Sep 2022 | $318M | not disclosed | THE FUND |
Sources
Where this comes from
Reported by 5 sources. The deal data marks this round as not yet confirmed by an official announcement. Unconfirmed
Questions
Frequently asked
How much did Form Energy raise in its Series E round?
Form Energy raised $450M in its Series E round, announced in Oct 2022.
Who led Form Energy's Series E round?
TPG led it, with GIC, Canada Pension Plan Investment Board (CPP Investments), ArcelorMittal, Breakthrough Energy and Capricorn Investment Group and 10 more.
What was Form Energy's valuation at the Series E round?
It was not disclosed; its last disclosed one was $339M at the Series C (Nov 2020).
Did Form Energy raise again after this round?
Yes: a Series F round in Oct 2024 of $405M.