Form Energy
Form Energy builds 100-hour iron-air batteries for long-duration grid storage.
On the record
Checkpoint: First deliveries begin on Google's 30GWh Pine Island order
The call
Form Energy has real hyperscaler orders and a chemistry rivals cannot cheaply copy, but its factory has not yet proven it can deliver at gigawatt-hour scale.
Form Energy builds batteries that can store power for 100 hours using iron and air instead of lithium, which makes them cheaper for power plants and data centers that need backup for a full season. Companies like Tesla Energy and CATL cannot easily copy this because their lithium batteries cost too much when you try to make them last that long, so Form Energy has real customers and a factory being built. The biggest test is whether Google and other companies actually receive and use the 30 gigawatt-hours of these batteries Form Energy promised to deliver starting in 2027, because if that deadline slips or the factory has problems, investors will lose faith in the whole business.
Why
01
AI pressure: None apparent. AI data centers are Form's customers, not predators: Google and Crusoe buy its batteries to back up power-hungry AI compute. Could AI do the core job? Unlikely.
02
Bigger players: Highview Power, Energy Vault (alternative long-duration chemistries). Rivals chase the same 100-hour niche with liquid-air or gravity storage but have not landed a hyperscaler deal at comparable scale yet. Could a giant copy it? No, they are blocked.
03
What protects it. Iron-air chemistry gives cheap 100-hour discharge that lithium-ion cost curves cannot match, plus locked-in Google and Crusoe contracts.
What would change this call
Google's 30GWh Form Energy order hits or slips its 2027-2028 delivery milestones. Tests whether Form's iron-air manufacturing ramp works at scale as promised.
Crusoe's 12GWh order begins deliveries on the 2027+ schedule. Second independent proof point for Form's manufacturing scale-up beyond Google.
Form Energy files its S-1 with audited FY revenue figures. Resolves whether real revenue matches or falls far short of current aggregator estimates.
Crusoe's 12GWh order begins deliveries on the 2027+ schedule. Second independent proof point for Form's manufacturing scale-up beyond Google.
Form Energy files its S-1 with audited FY revenue figures. Resolves whether real revenue matches or falls far short of current aggregator estimates.
Key numbers
- Google deal worth about $1B for 30GWh
- Crusoe order for 12GWh, deliveries from 2027
- Series G raised about $495M at $2.2B valuation
Named risks
- Delivery slippage on Google 30GWh (2027-2028) or Crusoe 12GWh (2027+) orders.
- Revenue figures unconfirmed and conflicting across estimates ($85M to $310M for FY2024).
- Federal clean-energy grant cancellations threaten IRA tailwinds and DOE RAPID funding.
- IPO timing risk ahead of 2027 target with no S-1 filed as of July 2026.
- Headcount fell 8.7% in 2025 after rapid prior growth.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| ESS Tech | gaining on | ESS Tech reported functionally out of cash April 2026 while Form scaled deliveries |
| Eos Energy Enterprises | gaining on | Eos missed revenue and pivoted product lines, reported April 2026 |
| Tesla Energy, CATL, LG Chem | contesting | Lithium-ion giants dominate short-duration storage but cannot match 100-hour economics as of 2026 |
| Highview Power | contesting | Rival liquid-air LDES chemistry raised ~$170M in November 2025 for Hunterston project |
Questions people ask
- Is Form Energy profitable in 2026?
- No profitability figures have been disclosed. Form Energy is private with unaudited financials; aggregator revenue estimates conflict wildly ($85M to $310M for FY2024), so no confirmed profit or loss figure exists as of July 2026.
- Who owns Form Energy?
- Form Energy is privately held, backed by venture and growth investors including TPG Rise, T. Rowe Price, GE Vernova, Coatue, Temasek and GIC. A Series G of roughly $495M closed around May-June 2026 at a roughly $2.2B post-money valuation.
- Could AI replace Form Energy's business?
- No. Form Energy manufactures physical iron-air battery hardware at its Weirton, West Virginia factory; its value comes from chemistry patents and manufacturing capacity, not software. AI is instead a demand driver, with data-center power needs behind the $1B Google order in February 2026.
- Who is Form Energy's biggest competitor?
- Lithium-ion giants like Tesla Energy and CATL dominate short-duration storage but are structurally unable to match Form's 100-hour discharge economics. Direct long-duration rivals ESS Tech and Eos Energy were both reported in financial distress as of April 2026.
- Is Form Energy going public soon?
- Form Energy targets a 2027 IPO. In June 2026, Axios reported the company selected JPMorgan and Jefferies as lead underwriters, with Goldman Sachs and Morgan Stanley reportedly also involved, though no S-1 had been filed as of July 2026.
- What does Form Energy actually build?
- Form Energy makes iron-air batteries that discharge electricity continuously for up to 100 hours, a multi-day storage system meant to complement short-duration lithium-ion batteries. It signed a roughly $1B, 30GWh deal with Google in February 2026.
Timeline
- 2026-07-24AP reports Trump DOE admits canceling $7.5-8B in clean-energy grants for political reasons
- 2026-06-17Form Energy selects JPMorgan and Jefferies to lead planned IPO
- 2026-06Series G closes at roughly $495M, ~$2.2B post-money valuation
- 2026-04-28Trade press reports ESS Tech nearly out of cash, Eos missing revenue, Form outpacing projections
- 2026-03-24Crusoe orders 12GWh of Form batteries for data centers, deliveries starting 2027
- 2026-02-26Google agrees to pay roughly $1B for 300MW/30GWh battery system in Pine Island, Minnesota
- 2026-02CEO Jaramillo says Form is raising $300-500M as final private round before IPO
- 2025-05-06First commercial battery installation ships to Great River Energy in Minnesota
- 2024-10Series F closes at $405M led by T. Rowe Price
- 2022-10Series E closes at roughly $450M led by TPG Rise
Revision history
25 July 2026
First assessed. Defensible for now. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- wikipedia.org (Form Energy, History) (2026-07-24)
- Form Energy - Overview, News & Similar companies (2026-07-18)
- Stealthy storage contender Form Energy reveals secret formula: Iron and air (2021-07-23)
- ArcelorMittal invests $25 million in Form Energy
- Long Duration Battery Storage Developer Hits Milestones on Projects, Fund-Raising (2025-01-22)
- Buy and Sell Form Energy Stock, $10.11 Forge Price (2026-07-23)
- Google paid startup Form Energy $1B for its massive 100-hour battery (2026-02-26)
- Form Energy taps JPM and Jefferies for IPO (2026-06-17)
- Form Energy lands $1B Google deal for 100-hour iron-air battery, eyes IPO (2026-02-26)
- Crusoe makes big battery buys for its data centers (2026-03-24)
- Form Energy powering up to ship first batteries (2025-05-06)
- US medium duration storage endures woes, while Form's long duration grows... (2026-04-28)