Form Energy Inc., an energy company developing systems incorporating low-cost, long-duration storage, has closed a $40 million Series B financing round led by Eni Next LLC, the corporate venture capital vehicle of Eni Group. In addition, former Clean Line Energy executive Michael Skelly has joined the board of Form Energy.
Joined by new investor Capricorn Investment Group, Series A investors Breakthrough Energy Ventures, Prelude Ventures, MIT’s The Engine and Macquarie Capital also participated in the latest round.
The funds will be used to develop engineering prototypes and a megawatt-scale commercial pilot of the company’s energy storage system.
Skelly is a senior advisor at investment bank Lazard, where he advises companies and investors on renewable energy and sustainability. He was previously president and founder of Clean Line Energy, a developer of interstate transmission lines. Prior to Clean Line, Skelly led the growth of Horizon Wind Energy from family ownership through acquisition by Goldman Sachs and ultimately ownership by EDP.
“With their world-class team and novel approach to solving long-duration energy storage, Form Energy has what it takes to unlock the power of renewable energy to transform the grid,” says Skelly. “It is with great excitement that I join Form Energy’s board of directors to support the team in this significant undertaking.”
“We have committed our lives to clean energy technology development, and the Series B funding will provide Form with the resources necessary to continue to drive our progress forward,” says Mateo Jaramillo, CEO and co-founder of Form Energy. “The arrival of cost-effective, long-duration storage is not nearly as far off as many would believe, and we are laser-focused on quickly developing the product to meet an urgent market need and enable a future that is 100 percent renewable, affordable and reliable.”