MIT-founded grid battery spinout Form Energy expects to reveal the round's investors within weeks after it pushed its overall funding to more than $120m.
Form Energy, a US-based grid battery spinout of Massachusetts Institute of Technology (MIT), has obtained more than $70m of series C funding from undisclosed investors, Reuters reported on Friday.
Mateo Jaramillio, CEO of Form Energy, said he expected to be able to reveal more details over coming weeks.
Founded in 2017, Form Energy is developing sulfur-based battery storage for renewable electricity sources such as wind and solar which fluctuate more than conventional power plants owing to changes in wind strength and solar radiation.
Form Energy’s batteries are rumoured to discharge at slow speeds relative to their capacity but offer 150 hours of storage compared to four hours for lithium-ion grid storage products, according to PV Magazine.
The idea is to help replace oil and gas-based power plants that run during times of sparse customer demand to provide a minimum level of electricity, known in industry parlance…
