Spotlight · Energy Storage
Form Energy Secures $750M to Scale Iron-Air Battery Manufacturing for Data Center Demand
Published November 06, 2026
Strategic partnerships with Crusoe and Google underscore the rise of multi-day energy storage in AI infrastructure
Form Energy, a Massachusetts-based developer of iron-air batteries, has closed a $750 million Series G financing round to scale up manufacturing and meet surging demand from the data center sector.
Financing and Manufacturing Expansion
Led by T. Rowe Price, the Series G round brings Form Energy’s total equity raised to over $2 billion. The funds will support the expansion of Form Factory 1 in Weirton, West Virginia, enabling increased production of iron-air batteries designed for multi-day energy storage. This expansion ties into the economic redevelopment of a former steel town, reinforcing U.S. leadership in advanced energy manufacturing.
Strategic Agreements with Data Center Leaders
Form Energy has entered a 12 gigawatt-hour agreement with Crusoe, an AI factory company, to supply iron-air battery systems starting in 2027. This partnership exemplifies a new energy-first approach to AI infrastructure, securing power alongside compute capacity. Additionally, Form Energy has a project with Google and Xcel Energy to deploy its batteries at Google’s Minnesota data center, further demonstrating the technology’s role in supporting large-scale, energy-intensive operations.
Innovative Iron-Air Battery Technology
Form Energy’s iron-air batteries provide up to 100 hours of storage, using abundant materials like iron, water, and air. The technology offers a safer alternative to lithium-ion batteries, with no risk of thermal runaway as claimed by the company. Approximately 80 percent of the battery materials are reportedly U.S.-sourced, reducing supply chain vulnerabilities. While these performance and safety claims are company-reported, they position the technology as a promising solution for grid reliability and clean energy integration.
Sources
- Form Energy raises $750m to expand West Virginia iron-air battery plant to meet surging data center demand
- Crusoe makes big battery buys for its data centers | TechCrunch
- Form Energy & Crusoe Announce Agreement for 12 Gigawatt-Hours of Iron-Air Batteries for AI Data Centers
- Form Energy Secures $750M in Series G Financing to Scale Iron-Air Battery Manufacturing and Accelerate Commercial Deployments
- Newsroom
This is an independent IQMIA editorial feature, not an endorsement or statement by the people mentioned.