Form Energy, Inc. — research brief (BMC #072 on gallery, queue id 71)

Prepared 2026-10-11 (America/Chicago). Private company: no SEC filings and no audited financials. Labels: FACT = stated by Form Energy or a named counterparty (Xcel, Great River Energy, Crusoe, FuturEnergy Ireland, DOE/state releases); SECONDARY = press or analyst; INFERENCE = this project's arithmetic or reading.

Sources (accessed 2026-10-11)

Series G release (Aug 12, 2026): https://formenergy.com/form-energy-secures-750m-in-series-g-financing/
TechCrunch Series G (Aug 12, 2026): https://techcrunch.com/2026/08/12/form-energy-raises-750m-to-build-more-100-hour-batteries-for-the-grid/
mgrid.org summary (Aug 12, 2026): https://mgrid.org/2026/08/12/form-energy-raises-750-million-double-weirton-iron-air-battery-plant/
Latitude Media CEO interview (Oct 29, 2025): https://www.latitudemedia.com/news/forms-first-100-hour-batteries-are-hitting-the-grid/
Xcel Energy / Google Pine Island (Feb 24, 2026): https://investors.xcelenergy.com/news-events/news-releases/news-details/2026/Xcel-Energy-to-Power-New-Google-Data-Center-in-Minnesota/default.aspx
MPR News, AG comments (Oct 3, 2026): https://www.mprnews.org/story/2026/10/03/pine-island-data-center-raises-electricity-cost-concerns-from-attorney-general-keith-ellison
Energy-Storage.News (Mar 11, 2026): https://www.energy-storage.news/google-bets-big-on-30gwh-of-form-energys-iron-air-battery-storage-despite-efficiency-trade-offs/
Crusoe agreement (Mar 24, 2026): https://formenergy.com/form-energy-crusoe-announce-agreement-for-12-gigawatt-hours-of-iron-air-batteries-for-ai-data-centers/ ; TechCrunch: https://techcrunch.com/2026/03/24/crusoe-makes-big-battery-buys-for-its-data-centers/
FuturEnergy Ireland (Mar 17, 2026): https://formenergy.com/form-energy-and-futurenergy-ireland-announce-agreement-to-deploy-first-iron-air-battery-storage-project-in-ireland/
Power Up New England / Maine (Aug 6, 2024): https://formenergy.com/massachusetts-new-england-states-selected-to-receive-389-million-in-federal-funding-for-transformational-transmission-and-energy-storage-infrastructure/
DOE selection up to $150M (Sep 20, 2024): https://formenergy.com/department-of-energy-selects-form-energy-for-150-award-for-the-buildout-of-west-virginia-battery-factory/
Series F (Oct 9, 2024): https://www.tpg.com/news-and-insights/form-energy-secures-405m-in-series-f-financing-to-expand-iron-air-battery-business-and-operations
West Virginia incentives: https://www.capito.senate.gov/news/in-the-news/150m-federal-grant-to-supercharge-form-energy-operations-in-weirton-west-virginia ; ENR: https://www.enr.com/articles/59514-long-duration-battery-storage-developer-hits-milestones-on-projects-fund-raising
Great River Energy: https://greatriverenergy.com/what-we-do/cambridge-energy-storage-project/
Form home / technology pages: https://formenergy.com/ , https://formenergy.com/technology/

What it is (FACT)

Private American company (offices in Somerville MA; Factory in Weirton WV) making an iron-air battery that stores energy by reversible rusting of iron, designed to discharge up to 100 hours. Also develops Formware grid-modeling software. CEO Mateo Jaramillo and CTO Billy Woodford are co-founders. Factory: one million sq ft, 500+ people (company site); 900+ employees company-wide in Oct 2024 (Series F release).

Money in (FACT unless noted)

Series G $750M, Aug 12, 2026, led by T. Rowe Price (Sequoia, Janus Henderson, Franklin Templeton, PEAK6 new); total equity > $2B. Series F $405M Oct 2024 (total then > $1.2B).
DOE selected Form for an award negotiation of up to $150M (Project RAPID, up to 20 GWh/yr line by 2027), Sep 2024. Outcome of final award not verified here.
West Virginia: performance-based incentive package up to $290M tied to 750 jobs, state owns land/buildings, Form pays market lease (SECONDARY, state officials); $215M forgivable loan (ENR, SECONDARY).
DOE GRIP $147M within the $389M Power Up New England award for the Maine project.

Orders and backlog

Backlog about 80 GWh (Aug 2026, Form), up from about 20 GWh earlier in 2026; "over 65 GWh" cited Mar 17, 2026.
Google–Xcel Pine Island: 300 MW / 30 GWh; Form deal about $1B per The Information via TechCrunch (SECONDARY, unconfirmed). Xcel's electric-service agreement requires Minnesota PUC approval; as of Oct 3, 2026 the AG's office objected, and the data center is on hold pending a court review of an environmental-review lawsuit (MPR News).
Crusoe 12 GWh from 2027 (value undisclosed). FuturEnergy Ireland 10 MW / 1,000 MWh, 2029. Maine (Lincoln) 85 MW / 8,500 MWh, construction planned 2027 (SECONDARY). Xcel Sherco 1 GWh approved by MN regulators in 2023 (SECONDARY).
Pilot: Great River Energy 1.5 MW / 150 MWh, first commercial system installed and operated Q4 2025; Form says it validated more than 100 hours of continuous discharge at nameplate (company statement via ESN).

Caveats

Round-trip efficiency about 40-50% (Energy Solution Intelligence via ESN, SECONDARY); no company-stated figure found. Self-discharge unknown.
Concentration: Google 30 GWh of ~80 GWh (INFERENCE).
Conflict: cleantechtracker.com listed unverified details (e.g., a 10 MW/1 GWh Colorado project, $1.4B raised); not used. Total raised: PitchBook $1.4B (Mar 2026, TechCrunch) predates the $750M round; company says >$2B now.

Not found / not stated

Revenue (any fiscal year), prices, gross margin, costs, losses, cash balance, debt, headcount beyond above. None asserted or estimated. Expected to land in the Atlas "No full-year figure on canvas" list.

Atlas tag

enterprise-contracts (project-by-project negotiated agreements with utilities and data-center buyers; INFERENCE).

# Form Energy, Inc. — research brief (BMC #072 on gallery, queue id 71) Prepared 2026-10-11 (America/Chicago). Private company: no SEC filings and no audited financials. Labels: **FACT** = stated by Form Energy or a named counterparty (Xcel, Great River Energy, Crusoe, FuturEnergy Ireland, DOE/state releases); **SECONDARY** = press or analyst; **INFERENCE** = this project's arithmetic or reading. ## Sources (accessed 2026-10-11) - Series G release (Aug 12, 2026): https://formenergy.com/form-energy-secures-750m-in-series-g-financing/ - TechCrunch Series G (Aug 12, 2026): https://techcrunch.com/2026/08/12/form-energy-raises-750m-to-build-more-100-hour-batteries-for-the-grid/ - mgrid.org summary (Aug 12, 2026): https://mgrid.org/2026/08/12/form-energy-raises-750-million-double-weirton-iron-air-battery-plant/ - Latitude Media CEO interview (Oct 29, 2025): https://www.latitudemedia.com/news/forms-first-100-hour-batteries-are-hitting-the-grid/ - Xcel Energy / Google Pine Island (Feb 24, 2026): https://investors.xcelenergy.com/news-events/news-releases/news-details/2026/Xcel-Energy-to-Power-New-Google-Data-Center-in-Minnesota/default.aspx - MPR News, AG comments (Oct 3, 2026): https://www.mprnews.org/story/2026/10/03/pine-island-data-center-raises-electricity-cost-concerns-from-attorney-general-keith-ellison - Energy-Storage.News (Mar 11, 2026): https://www.energy-storage.news/google-bets-big-on-30gwh-of-form-energys-iron-air-battery-storage-despite-efficiency-trade-offs/ - Crusoe agreement (Mar 24, 2026): https://formenergy.com/form-energy-crusoe-announce-agreement-for-12-gigawatt-hours-of-iron-air-batteries-for-ai-data-centers/ ; TechCrunch: https://techcrunch.com/2026/03/24/crusoe-makes-big-battery-buys-for-its-data-centers/ - FuturEnergy Ireland (Mar 17, 2026): https://formenergy.com/form-energy-and-futurenergy-ireland-announce-agreement-to-deploy-first-iron-air-battery-storage-project-in-ireland/ - Power Up New England / Maine (Aug 6, 2024): https://formenergy.com/massachusetts-new-england-states-selected-to-receive-389-million-in-federal-funding-for-transformational-transmission-and-energy-storage-infrastructure/ - DOE selection up to $150M (Sep 20, 2024): https://formenergy.com/department-of-energy-selects-form-energy-for-150-award-for-the-buildout-of-west-virginia-battery-factory/ - Series F (Oct 9, 2024): https://www.tpg.com/news-and-insights/form-energy-secures-405m-in-series-f-financing-to-expand-iron-air-battery-business-and-operations - West Virginia incentives: https://www.capito.senate.gov/news/in-the-news/150m-federal-grant-to-supercharge-form-energy-operations-in-weirton-west-virginia ; ENR: https://www.enr.com/articles/59514-long-duration-battery-storage-developer-hits-milestones-on-projects-fund-raising - Great River Energy: https://greatriverenergy.com/what-we-do/cambridge-energy-storage-project/ - Form home / technology pages: https://formenergy.com/ , https://formenergy.com/technology/ ## What it is (FACT) Private American company (offices in Somerville MA; Factory in Weirton WV) making an iron-air battery that stores energy by reversible rusting of iron, designed to discharge up to 100 hours. Also develops Formware grid-modeling software. CEO Mateo Jaramillo and CTO Billy Woodford are co-founders. Factory: one million sq ft, 500+ people (company site); 900+ employees company-wide in Oct 2024 (Series F release). ## Money in (FACT unless noted) - Series G $750M, Aug 12, 2026, led by T. Rowe Price (Sequoia, Janus Henderson, Franklin Templeton, PEAK6 new); total equity > $2B. Series F $405M Oct 2024 (total then > $1.2B). - DOE selected Form for an award negotiation of up to $150M (Project RAPID, up to 20 GWh/yr line by 2027), Sep 2024. Outcome of final award not verified here. - West Virginia: performance-based incentive package up to $290M tied to 750 jobs, state owns land/buildings, Form pays market lease (SECONDARY, state officials); $215M forgivable loan (ENR, SECONDARY). - DOE GRIP $147M within the $389M Power Up New England award for the Maine project. ## Orders and backlog - Backlog about 80 GWh (Aug 2026, Form), up from about 20 GWh earlier in 2026; "over 65 GWh" cited Mar 17, 2026. - Google–Xcel Pine Island: 300 MW / 30 GWh; Form deal about $1B per The Information via TechCrunch (SECONDARY, unconfirmed). Xcel's electric-service agreement requires Minnesota PUC approval; as of Oct 3, 2026 the AG's office objected, and the data center is on hold pending a court review of an environmental-review lawsuit (MPR News). - Crusoe 12 GWh from 2027 (value undisclosed). FuturEnergy Ireland 10 MW / 1,000 MWh, 2029. Maine (Lincoln) 85 MW / 8,500 MWh, construction planned 2027 (SECONDARY). Xcel Sherco 1 GWh approved by MN regulators in 2023 (SECONDARY). - Pilot: Great River Energy 1.5 MW / 150 MWh, first commercial system installed and operated Q4 2025; Form says it validated more than 100 hours of continuous discharge at nameplate (company statement via ESN). ## Caveats - Round-trip efficiency about 40-50% (Energy Solution Intelligence via ESN, SECONDARY); no company-stated figure found. Self-discharge unknown. - Concentration: Google 30 GWh of ~80 GWh (INFERENCE). - Conflict: cleantechtracker.com listed unverified details (e.g., a 10 MW/1 GWh Colorado project, $1.4B raised); not used. Total raised: PitchBook $1.4B (Mar 2026, TechCrunch) predates the $750M round; company says >$2B now. ## Not found / not stated Revenue (any fiscal year), prices, gross margin, costs, losses, cash balance, debt, headcount beyond above. None asserted or estimated. Expected to land in the Atlas "No full-year figure on canvas" list. ## Atlas tag enterprise-contracts (project-by-project negotiated agreements with utilities and data-center buyers; INFERENCE).