Form Energy, located in Boston, USA, is a globally renowned long-term energy storage unicorn company that focuses on developing and commercializing new, cost-effective multi day energy storage systems. The company announced today that it has completed a $450 million Series E financing led by TPG Rise, a global influence investment platform.

TPG Rise is investing through TPG Rise Climate Branch (its specialized climate investment company) and Rise Fund (its multi industry influence investment company). "Form Energy continues to demonstrate its ability to rapidly advance and expand long-term energy storage technology. The company is a market leader, and the market is a key part of energy transformation. We are pleased to deepen our partnership with Matteo and the team as they position Form Energy as a leading growth and innovation company." TPG partner Marc Mezvinsky said, as he will soon join the Board of Directors of Form Energy.

GIC and the Canadian Pension Plan Investment Committee (CPP Investment), as well as existing investors ArcelorMittal, Breakthrough Energy Ventures (BEV), Capricorn Investment Group, Coat, and Energy Impact Partners (EIP), have also joined the E-round financing, MIT’s The Engine, NGP ETP, Temasek, Prelude Ventures, And VamosVentures.

        "Developing reliable long-term energy storage technologies is crucial for the global transition to renewable energy," said Leon Pedersen, Managing Director and Head of Growth Equity at CPP Investment. "By introducing new energy storage solutions to the market, Form Energy can contribute to the energy transformation process while also providing attractive investment returns for CPP funds."

Ang Eng Seng, Chief Investment Officer of GIC Infrastructure, stated, "To meet the urgency of mitigating climate change, we must accelerate the deployment of new cost-effective technologies to completely decarbonize the power system while maintaining the reliability and resilience of the grid. We are pleased to collaborate with Form Energy's top-notch team as the company is rapidly expanding to manufacture and widely commercialize its breakthrough multi day battery technology.".

At GIC, we hope to invest in ambitious innovative companies that are expected to have a meaningful impact on achieving net zero emissions in the real economy. Over the next decade, Form Energy's low-cost iron air battery technology will unleash GWh of renewable energy capacity and open the door to enormous opportunities. "We have full confidence in Form Energy's team and technology, and look forward to working together in the global clean energy transition," added Choo Yong Cheen, Chief Investment Officer of GIC Private Equity.

"The necessary transition to a 100% renewable power grid has created enormous opportunities for energy storage technology," said Katie Rae, a member of the Board of Directors at Form Energy. "From the beginning, the excellent leadership team at Form Energy has been focused on applying their breakthrough technology to this challenging problem and is currently addressing clear global demands.". With this new capital, the company will accelerate its expansion to achieve a reliable and fully renewable power grid throughout the year

        Mateo Jaramillo, CEO and co-founder of Form Energy, said, "We are grateful for TPG Rise's leadership role in our Series E financing and their continued partnership. We are also delighted to welcome GIC and CPP Investments to our investment team, and we appreciate the continued trust and support of our long-term investors who have been working with us for many years."

Jaramillo added, "The establishment of Form Energy has a clear mission to develop a multi day energy storage battery that will transform the power grid with extremely low-cost energy storage products. Over the past five years, through rigorous research and development and product engineering, our 100 hour iron air battery products are ready for mass production. The E-round financing will accelerate our ability to establish a globally competitive US battery manufacturing supply chain and drive innovation in the United States.".

Form Energy is currently selecting a site for its first large-scale battery manufacturing plant. Starting from identifying over 100 initial sites in 16 states, Form has narrowed the site selection scope to three states and is expected to make a decision on this by the end of the year.

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