Form Energy IPO
$2.27B
Series G Valuation, Aug 2026
Form Energy, founded in 2017, is an energy storage developer based in Somerville, MA that builds multi-day grid batteries and long-duration energy storage systems for the electric grid, with technology designed to support the decarbonization of electric power systems. The company was co-founded by Marco Ferrara, Mateo Jaramillo, Ted Wiley, William Woodford and Yet-Ming Chiang.
Form Energy has raised capital from prominent investors including The Rise Fund, the New York State Energy Research and Development Authority (NYSERDA) and the California Energy Commission. In June 2026, Axios reported that Form Energy had selected JPMorgan and Jefferies to lead its initial public offering (IPO). However, despite these reports, the company has not publicly endorsed a plan to participate in an IPO. Publicly traded competitors in the energy storage sector include Fluence Energy (FLNC), Eos Energy Enterprises (EOSE) and Tesla (TSLA).
These comments should not be interpreted to mean that the company is formally pursuing or foregoing an IPO.
| Funding Date | Round | Amount Raised | Price per Share | Post-Money Valuation 3 | Key Investors | |
|---|---|---|---|---|---|---|
| 08/12/2026 | Series G | $750M | $10.11 | $2.27B | Blindspot Ventures, Breakthrough Energy Ventures, Capricorn Investment Group, Cari Tuna, Coatue Management, Dustin Moskovitz, Energy Impact Partners, Engine Ventures, Franklin Templeton Venture Fund, GE Vernova, Gigascale Capital, Janus Henderson Investors, M&G Catalyst Fund, Ngp Energy Capital Management, Peak6 Investments, Prelude Ventures, Sequoia Capital, Tpg Rise Climate Fund, T. Rowe Price Associates | |
|
Price per Share
$ xx.xx
Shares Outstanding
74,150,971
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.5x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Blindspot Ventures, Breakthrough Energy Ventures, Capricorn Investment Group, Cari Tuna, Coatue Management, Dustin Moskovitz, Energy Impact Partners, Engine Ventures, Franklin Templeton Venture Fund, GE Vernova, Gigascale Capital, Janus Henderson Investors, M&G Catalyst Fund, Ngp Energy Capital Management, Peak6 Investments, Prelude Ventures, Sequoia Capital, Tpg Rise Climate Fund, T. Rowe Price Associates
|
||||||
| 10/09/2024 | Series F | $84.37M | $24.18 | $3.42B | Blindspot Ventures, Breakthrough Energy Ventures, Capricorn Investment Group, Claure Group, Coatue Management, Energy Impact Partners, Engine Ventures, GE Vernova, Gic Capital, Gigascale Capital, Ngp Energy Capital Management, Prelude Ventures, Temasek Holdings, Tpg Rise Climate Fund, T. Rowe Price Associates, Vamosventures | |
|
Price per Share
$ xx.xx
Shares Outstanding
3,488,554
Liquidation Pref Order
2
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.2x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Blindspot Ventures, Breakthrough Energy Ventures, Capricorn Investment Group, Claure Group, Coatue Management, Energy Impact Partners, Engine Ventures, GE Vernova, Gic Capital, Gigascale Capital, Ngp Energy Capital Management, Prelude Ventures, Temasek Holdings, Tpg Rise Climate Fund, T. Rowe Price Associates, Vamosventures
|
||||||
| 10/09/2024 | Series F-1 | $320.63M | $24.18 | $3.42B | Blindspot Ventures, Breakthrough Energy Ventures, Capricorn Investment Group, Claure Group, Coatue Management, Energy Impact Partners, Engine Ventures, GE Vernova, Gic Capital, Gigascale Capital, Ngp Energy Capital Management, Prelude Ventures, Temasek Holdings, Tpg Rise Climate Fund, T. Rowe Price Associates, Vamosventures | |
|
Price per Share
$ xx.xx
Shares Outstanding
13,258,124
Liquidation Pref Order
2
Liquidation Pref As Multiplier
1.5x
Conversion Ratio
2.4x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Blindspot Ventures, Breakthrough Energy Ventures, Capricorn Investment Group, Claure Group, Coatue Management, Energy Impact Partners, Engine Ventures, GE Vernova, Gic Capital, Gigascale Capital, Ngp Energy Capital Management, Prelude Ventures, Temasek Holdings, Tpg Rise Climate Fund, T. Rowe Price Associates, Vamosventures
|
||||||
| 10/04/2022 | Series E | $294.52M | $18.38 | $1.84B | Arcelormittal, Breakthrough Energy Ventures, Capricorn Investment Group, Coatue Management, Cpp Investments, Energy Impact Partners, Engine Ventures, Gic Capital, Ngp Energy Capital Management, Prelude Ventures, Temasek Holdings, Vamosventures | |
|
Price per Share
$ xx.xx
Shares Outstanding
16,027,917
Liquidation Pref Order
2
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.2x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Arcelormittal, Breakthrough Energy Ventures, Capricorn Investment Group, Coatue Management, Cpp Investments, Energy Impact Partners, Engine Ventures, Gic Capital, Ngp Energy Capital Management, Prelude Ventures, Temasek Holdings, Vamosventures
|
||||||
| 10/04/2022 | Series E-1 | $95.81M | $18.38 | $1.84B | Arcelormittal, Breakthrough Energy Ventures, Capricorn Investment Group, Coatue Management, Cpp Investments, Energy Impact Partners, Engine Ventures, Gic Capital, Ngp Energy Capital Management, Prelude Ventures, Temasek Holdings, Vamosventures | |
|
Price per Share
$ xx.xx
Shares Outstanding
5,213,942
Liquidation Pref Order
2
Liquidation Pref As Multiplier
1.5x
Conversion Ratio
1.2x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Arcelormittal, Breakthrough Energy Ventures, Capricorn Investment Group, Coatue Management, Cpp Investments, Energy Impact Partners, Engine Ventures, Gic Capital, Ngp Energy Capital Management, Prelude Ventures, Temasek Holdings, Vamosventures
|
||||||
| 08/25/2021 | Series D | $122.91M | $18.10 | $1.28B | Arcelormittal | |
|
Price per Share
$ xx.xx
Shares Outstanding
6,790,089
Liquidation Pref Order
3
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.2x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Arcelormittal
|
||||||
| 08/25/2021 | Series D-1 | $40.03M | $18.10 | $1.28B | Arcelormittal | |
|
Price per Share
$ xx.xx
Shares Outstanding
2,211,211
Liquidation Pref Order
3
Liquidation Pref As Multiplier
1.5x
Conversion Ratio
1.2x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Arcelormittal
|
||||||
| 11/13/2020 | Series C | $56.11M | $6.33 | $338.71M | Breakthrough Energy Ventures, Capricorn Investment Group, Coatue Management, Energy Impact Partners, Eni Next, Macquarie Group, Ngp Energy Capital Management, Prelude Ventures, Temasek Holdings | |
|
Price per Share
$ xx.xx
Shares Outstanding
8,857,030
Liquidation Pref Order
3
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Breakthrough Energy Ventures, Capricorn Investment Group, Coatue Management, Energy Impact Partners, Eni Next, Macquarie Group, Ngp Energy Capital Management, Prelude Ventures, Temasek Holdings
|
||||||
| 11/13/2020 | Series C-1 | $25.72M | $6.33 | $338.71M | Breakthrough Energy Ventures, Capricorn Investment Group, Coatue Management, Energy Impact Partners, Eni Next, Macquarie Group, Ngp Energy Capital Management, Prelude Ventures, Temasek Holdings | |
|
Price per Share
$ xx.xx
Shares Outstanding
4,060,695
Liquidation Pref Order
3
Liquidation Pref As Multiplier
1.5x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Breakthrough Energy Ventures, Capricorn Investment Group, Coatue Management, Energy Impact Partners, Eni Next, Macquarie Group, Ngp Energy Capital Management, Prelude Ventures, Temasek Holdings
|
||||||
| 08/23/2019 | Series B | $11.98M | $3.10 | $111.81M | Breakthrough Energy Ventures, Capricorn Investment Group, Engine Ventures, Eni Next, Macquarie Group, Prelude Ventures | |
|
Price per Share
$ xx.xx
Shares Outstanding
3,870,399
Liquidation Pref Order
3
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Breakthrough Energy Ventures, Capricorn Investment Group, Engine Ventures, Eni Next, Macquarie Group, Prelude Ventures
|
||||||
| 08/23/2019 | Series B-1 | $19M | $3.10 | $111.81M | Breakthrough Energy Ventures, Capricorn Investment Group, Engine Ventures, Eni Next, Macquarie Group, Prelude Ventures | |
|
Price per Share
$ xx.xx
Shares Outstanding
6,136,554
Liquidation Pref Order
3
Liquidation Pref As Multiplier
1.5x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Breakthrough Energy Ventures, Capricorn Investment Group, Engine Ventures, Eni Next, Macquarie Group, Prelude Ventures
|
||||||
| 06/18/2018 | Series A | $4.38M | $1.26 | $31.31M | Blindspot Ventures, Breakthrough Energy Ventures, Engine Ventures, Prelude Ventures | |
|
Price per Share
$ xx.xx
Shares Outstanding
3,477,344
Liquidation Pref Order
3
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Blindspot Ventures, Breakthrough Energy Ventures, Engine Ventures, Prelude Ventures
|
||||||
| 06/18/2018 | Series A-1 | $6.23M | $1.26 | $31.31M | Blindspot Ventures, Breakthrough Energy Ventures, Engine Ventures, Prelude Ventures | |
|
Price per Share
$ xx.xx
Shares Outstanding
4,940,383
Liquidation Pref Order
3
Liquidation Pref As Multiplier
1.5x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Blindspot Ventures, Breakthrough Energy Ventures, Engine Ventures, Prelude Ventures
|
||||||
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