Form Energy, the Greentown Labs-based energy startup that makes low-cost, long-duration batteries, raised $40 million in a Series B round led by Eni Next, the corporate venture capital vehicle of Eni Group, the Italian oil and gas giant.
Capricorn Investment Group, Breakthrough Energy Ventures, Prelude Ventures, MIT's The Engine and Macquarie Capital also participated in the latest round.
The MIT spinoff that was founded in 2017 is developing a new type of battery that can store renewable energy for months at a fraction of the current cost. The technology uses sulfur instead of lithium to develop batteries. The Form Energy team found that, a natural byproduct of gas and oil refining, sulfur is not only plentiful but also particularly good at storing energy long-term.
While the company predominantly works with sulfur, co-founder and COO Ted Wiley noted that the startup has identified several lower-cost materials for batteries.
Form Energy will use the funds from this round to develop the design for its first pilot project for commercial application in utilities, an industry transitioning to renewable energy.
As several states, including California, Oregon, Hawaii, New Mexico and Nevada and more have approved mandates to become 100% carbon-free by 2045, Wiley noted that it's an opportune time for Form Energy to look at utility project developers in those regions that are looking for alternatives to coal and gas.
"We've gone from making batteries that are the size of a pack of gum to batteries the size of a toaster oven this past year," Wiley said. "And over the next couple of years, we expect a similar rate of growth in size and complexity. And the ultimate goal is to replace coal and gas plants with wind and solar combined with batteries."
The startup employs a staff of 30 and expects to double in size over the next year. It's hiring for positions in electrical and mechanical engineering.
"The plan is to make use of the massive space at Greentown and move into our own dedicated facility," Wiley said.
