Form Energy builds grid-scale iron-air batteries that utilities can charge and discharge for up to 100 hours, giving them stored power during multi-day grid stress. The company said it closed a $270 million credit facility to support manufacturing and working capital at Form Factory 1 in Weirton, West Virginia.
The package combines a revolving line with a facility that can advance against tax credits earned by producing eligible components under the Section 45X Advanced Manufacturing Production Credit. An accordion can expand total credit under the debt facility to as much as $1 billion, but Form announced $270 million as the amount closed.
The chemistry is essentially reversible rusting. During discharge, the system takes in oxygen and turns iron into rust; an electrical current converts that rust back to iron during charging. Form groups the cells into modules, container-sized enclosures and then megawatt-scale power blocks connected to the grid.
That physical scale points to utility projects, not devices or household batteries. Form says the 100-hour duration can help operators bridge prolonged grid stress, use existing transmission capacity more effectively and balance supply with demand from data centers and other industrial loads. The company positions the system alongside lithium-ion batteries rather than as a replacement for every kind of storage.
The debt follows a $750 million Series G that Form closed on August 12. The company said that round pushed its total equity raised above $2 billion and that its iron-air backlog had grown from approximately 20 gigawatt-hours to 80 gigawatt-hours, including projects involving Xcel Energy and Google, Crusoe and FuturEnergy Ireland.
The immediate job is turning that backlog into manufactured systems. The facility adds working-capital capacity for the ramp, while its tax-credit component links borrowing availability to eligible factory production. Form did not disclose how much has been drawn or the facility’s pricing and maturity.