# Form Energy

> Form Energy is an American energy-storage company building iron-air batteries that store electricity for 100 hours - multiple days - at roughly one-tenth the cost of lithium-ion. Founded in 2017 by a group of storage veterans, the company uses 'reversible rusting' of cheap, abundant iron to let renewable grids stay reliable through long stretches of low wind and sun. Its first high-volume factory, Form Factory 1, sits on the site of the former Weirton Steel mill in West Virginia, and its batteries are now being deployed with utilities including Great River Energy, Xcel Energy, Georgia Power and Dominion Energy.

- **Founded:** 2017
- **Headquarters:** Somerville, Massachusetts, United States
- **Founders:** Mateo Jaramillo (Co-founder & CEO (former Tesla Energy executive)), Ted Wiley (Co-founder, President & COO), William Woodford (Co-founder & CTO), Yet-Ming Chiang (Co-founder & Chief Science Officer (MIT professor)), Marco Ferrara (Co-founder & Chief Digital Officer)
- **Team size:** Approximately 900-1,000 employees across West Virginia, Massachusetts and California
- **Products:** Iron-air battery system, Form Factory 1, Formware grid-modeling software
- **Notable:** Deployed the world's first grid-connected iron-air battery system (2023), Raised over $1.2 billion across six financing rounds; ~$3.4B valuation, Built Form Factory 1, a 550,000+ sq ft plant on the former Weirton Steel site

## Products & services

- **Iron-air battery system** — A grid-scale battery that delivers electricity for up to 100 hours (multiple days) using 'reversible rusting' of iron. Cells about a meter square are stacked roughly 50 to a washing-machine-sized module and bathed in a water-based electrolyte. Targets ~1/10 the cost of lithium-ion.
- **Form Factory 1** — Form Energy's first high-volume manufacturing plant, a 550,000+ sq ft facility built on the former Weirton Steel mill site in Weirton, West Virginia, with an expansion underway to scale annual production.
- **Formware grid-modeling software** — In-house modeling and optimization software used to design and size multi-day storage for utility systems.

## Achievements

- Deployed the world's first grid-connected iron-air battery system (2023)
- Raised over $1.2 billion across six financing rounds; ~$3.4B valuation
- Built Form Factory 1, a 550,000+ sq ft plant on the former Weirton Steel site
- Named to MIT Technology Review's 2024 Climate Tech Companies to Watch
- Commercial pipeline exceeding 750 MW / 75 GWh under agreement
- Began trial production in early 2025 and started shipping first commercial batteries

## Latest updates

- **2024-10** — Closed $405M Series F led by T. Rowe Price; GE Vernova joined as a new strategic investor and signed an MOU; valuation reported around $3.42B.
- **2025-01** — Began trial production of iron-air battery systems at Form Factory 1 in Weirton, West Virginia.
- **2025-05** — Powering up to ship its first commercial batteries from the Weirton factory, headed to Great River Energy's multi-day storage project in Minnesota.
- **2026-03** — Reported a growing slate of utility projects energizing across the U.S. as deployments scale.

## Links

- Website: https://formenergy.com
- LinkedIn: https://www.linkedin.com/company/form-energy
- Twitter/X: https://twitter.com/FormEnergyInc
- YouTube: https://www.youtube.com/@formenergy
- Facebook: https://facebook.com/formenergyinc

---

Profile page: https://yespress.io/form-energy
Published by YesPress — https://yespress.io
Last updated: 2026-06-15