Funding round
Form Energy Series F
Form Energy, which works in energy storage technology development in Weirton, raised $405M in a Series F round announced on 9 Oct 2024, led by T. Rowe Price. 16 firms took part, 15 of them already investors. It is Form Energy's sixth venture round on record; the one before was a Series E in Oct 2022.
$405M
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 24 months after Form Energy's Series E. It is 21% of the $1.93B Form Energy has raised in the venture rounds on record. Form Energy raised again 22 months later: a Series G round of $750M in Aug 2026.
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 4 Oct 2022, led by TPG $450M
- Series F this round 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
T. Rowe Price led the round with 15 other firms. T. Rowe Price, TPG, Breakthrough Energy and Capricorn’s Technology Impact Funds and 11 more had backed Form Energy before.
Lead investor
- T. Rowe Price existing investor
Also in the round
- GE Vernova new investor
- TPG backs 114 venture-backed companies existing investor
- Breakthrough Energy backs 113 venture-backed companies existing investor
- Capricorn’s Technology Impact Funds existing investor
- Coatue backs 229 venture-backed companies existing investor
- Energy Impact Partners backs 99 venture-backed companies existing investor
- backs 27 venture-backed companies existing investor
- backs 53 venture-backed companies existing investor
- Temasek backs 195 venture-backed companies existing investor
- GIC backs 98 venture-backed companies existing investor
- backs 62 venture-backed companies existing investor
- Claure Group existing investor
- backs 16 venture-backed companies existing investor
- backs 8 venture-backed companies existing investor
- VamosVentures existing investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, scaling operations and working capital.
- Hiring
- Product development
- Geographic expansion
- Scaling operations
- Working capital
Comparable rounds
How it compares
The closest in time: Series F rounds in any sector within 6 months:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| SuperTask AI Software Development Services | 6 Oct 2024 | $267M | not disclosed | Accel |
| Zepz Money Transfer | 6 Oct 2024 | $267M | not disclosed | Accel |
| Purplle Cosmetics Stores | 14 Oct 2024 | $180M | $1.20B | Abu Dhabi Investment Authority |
| Maven Clinic Health Care Services | 8 Oct 2024 | $125M | $1.70B | StepStone Group |
| Gojo Loans & Financing | 24 Oct 2024 | $122M | not disclosed | not named |
| Tech Companies | 10 Oct 2024 | $100M | not disclosed | Georgian |
| Sports & Leisure - Clubs, Fields & Pitches | 10 Oct 2024 | $100M | not disclosed | not named |
| Alan Insurance - Agents, Carriers & Brokers | 23 Sep 2024 | $193M | $4.50B | Belfius |
Sources
Where this comes from
Reported by 5 sources.
Questions
Frequently asked
How much did Form Energy raise in its Series F round?
Form Energy raised $405M in its Series F round, announced in Oct 2024.
Who led Form Energy's Series F round?
T. Rowe Price led it, with GE Vernova, TPG, Breakthrough Energy, Capricorn’s Technology Impact Funds and Coatue and 10 more.
What was Form Energy's valuation at the Series F 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 G round in Aug 2026 of $750M.