Form Energy is a private Massachusetts-based company that builds iron-air batteries able to discharge for up to 100 hours, made in a Weirton, West Virginia factory and sold to electric utilities and data-center buyers under project agreements. It has not published revenue for any fiscal year, so no annual figure is shown or estimated. Public numbers: a $750M Series G (Aug 12, 2026) brought total equity raised past $2B, about 80 GWh of projects are under agreement (up from about 20 GWh earlier in 2026), and a first 1.5 MW / 150 MWh commercial system went into operation at Great River Energy in Minnesota in Q4 2025. The biggest order, 300 MW / 30 GWh for a Google data center via Xcel Energy, still needs Minnesota regulator approval and faces objections from the state attorney general; most contracted deliveries start in 2027 or later. Round-trip efficiency is reported at only about 40-50%, so the case rests on low-cost materials and multi-day duration.
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