As per ESG Today, Form Energy is a Massachusetts-based company that builds iron-air batteries to store large amounts of power generated with the help of renewable sources. The company's innovative battery can allow utilities companies deploy clean power in off-grid areas, which can usually be powered by solar panels, for example. However, in the case of an extreme weather event or if the panels go out, the iron-air battery can provide energy for 100 hours, until teams of technicians can assess the situation.

T. Rowe Price and GE Vernova led the 405 million USD Series F funding round, with the investment being used to develop Form Energy's first commercial-scale manufacturing plant for the new batteries. By 2028, the company wants its first factory, dubbed Form Factory 1, to employ at least 750 people and output over 500 megawatts of energy storage systems per year.

Jessica Uhl, President of GE Vernova, said that "to meet the urgent demands to modernize the grid and enable higher renewable energy generation, it’s essential to speed up the rollout of affordable technologies that can decarbonize the power grid while ensuring it remains secure, reliable, and resilient."