Form Energy, Inc., a technology company rising to the challenge of climate change by developing ultra-low-cost, long-duration energy storage, announced the close of a $76 million Series C financing round led by Coatue Management.

Additional new investors include Energy Impact Partners, NGP Energy Technology Partners III, and Temasek.

Joining the round were existing investors Breakthrough Energy Ventures (BEV), Prelude Ventures, MIT's The Engine, Capricorn Investment Group, Eni Next, and Macquarie Capital.

Mateo Jaramillo, CEO and co-founder of Form Energy, said, "We are extremely excited to welcome Coatue, NGP ETP III and EIP as business partners and investors. They are vanguard thinkers and this investment marks their confidence in our team, our technology and our mission."

Jaramillo added that the funds will be used to continue building Form Energy's world-class team, to accelerate the development of the company's breakthrough low-cost energy storage technology, and to drive business development in the quickly evolving sector. As the electric system transitions from coal and gas to more renewable generation, Form Energy's batteries will store electricity at massive scale, enabling deep decarbonization of the electric grid.

"We believe Form Energy has one of the most promising technologies in the energy storage ecosystem," said Coatue's Jaimin Rangwalla. "With a deep focus on next-generation technology disruptors, we look forward to working with Mateo and the rest of the Form Energy team to help bring the company's innovative storage solution to market."

Philip J. Deutch, CEO of NGP Energy Technology Partners III, said, "With an impressive team with deep expertise in energy storage, Form's energy storage hardware and software capabilities will open the door to tremendous opportunities. We are so pleased to partner with Form Energy and look forward to working with this experienced global leader in the clean energy transition.

Shayle Kann, Managing Director at EIP, said, "Low-cost, long-duration energy storage will be a key enabler of tomorrow's zero carbon electricity system. We're excited to partner with the world-class team at Form Energy to bring this valuable new asset class to market alongside our partner coalition."

Form Energy I https://formenergy.com