Form Energy, an iron-air-based battery systems provider, has raised $750 million in a Series G financing round, bringing Form Energy’s total equity funding to more than $2 billion.

The funding round was led by T. Rowe Price, along with new investors Sequoia Capital, Janus Henderson, Franklin Templeton, and PEAK6 Investments. Morgan Stanley acted as the sole placement agent for the private placement.

Existing investors participating in the round include Prelude Ventures, Engine Ventures, TPG Rise Climate, Capricorn’s Technology Impact Funds, Breakthrough Energy Ventures, Dustin Moskovitz and Cari Tuna, Gigascale Capital, Coatue, Energy Impact Partners, NGP, GE Vernova, Blindspot Ventures, and M&G Catalyst Fund.

The U.S. energy storage technology company develops iron-air batteries intended for multi-day energy storage. Form Energy said it plans to use the proceeds to expand manufacturing operations in Weirton, West Virginia, and advance commercial deployments of its iron-air battery systems.

T. Rowe Price also led the company’s previous Series F in 2024, in which the company raised $405 million. GE Vernova also participated in this round along with other existing investors.

Earlier in the year, Form Energy said its backlog of iron-air battery systems increased from approximately 20 GWh to 80 GWh. The backlog includes projects involving Xcel Energy and Google, Crusoe, and FuturEnergy Ireland.

Form Energy also announced two additions to its senior management team. Navneet Govil has joined the company as chief financial officer. He will oversee Form Energy’s financial strategy, capital formation, investor relations, and finance organization. Wes Sloan has joined Form Energy as chief operating officer. Sloan will lead the company’s operations organization as it expands its manufacturing capabilities and prepares for commercial growth.

According to Mercom’s recently released 1H 2026 Funding and M&A for Energy Storage report, VC funding for energy storage companies in 1H 2026 totaled $1.6 billion across 51 deals, representing a 6% YoY decline compared to the $1.7 billion raised across 36 deals in 1H 2025.