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Form Energy
Energy storage systems manufacturer
- 201-500 employees
- B2B
- Energy
- Sustainability
- Manufacturing
- 30 Dane St, Somerville, Massachusetts 02143, US
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Company mission
To form a better world by developing, manufacturing, and commercializing a new class of cost-effective, multi-day energy storage systems that will enable a reliable and fully renewable electric grid year-round.
Insights
Otta's take
Theo Margolius
COO of Otta
Central to the development of the digital revolution is the role of electric grid infrastructure and expansion. A completely electrical infrastructure is restricted by the inherent limitation that electrical energy is difficult and costly to store. Form Energy, however, have created a reliable battery that has the capacity to revolutionize how we use electricity.
Revolutionizing battery storage is at the core of Form Energy’s approach to making renewable energy universal. Form Energy’s battery is based around Iron-air technology that currently has energy storage capacities and operational costs comparable to legacy power plants. In addition to improvements in cost and consistent electricity access, Form Energy’s batteries are scalable, portable, and safe - offering a unique approach to revolutionizing renewable energy storage towards a greener future.
Although renewable energy storage technology remains an emerging industry, a variety of competitors are also driving developments of battery storage technology. However, Form Energy continues to be a key leader in this space, bagging significant investment that will enable it to build its first manufacturing plant and begin selling to customers. The company's progress is highlighted by a recent deal with Xcel Energy to deploy iron-air battery systems at two of its retiring coal plant sites.
Benefits
- 100% of medical, dental, and vision premiums covered for employees
- Health insurance coverage begins first day of employment
- Health Savings Account
- Generous PTO policies to enable employees to recharge when needed
- An Employee Resource Program that provides mental health counseling services, legal guidance, financial resources, and other helpful consulting services
- 80% of the total medical, dental, and vision premiums covered for dependents
- 12 weeks of paid parental leave, 14 weeks for the birthing parent
- Access to a Dependent Care Account
- Access to a Health Flexible Spending Account
- Access to a Commuter Benefits Account
- Access to an Adoption Assistance Flexible Spending Account
- Stock options granted to all employees
- Stock equity education and tax advice service provided by Carta
- Company sponsored 401k
- Access to an annual budget for professional development
- License to complete Gallup’s Strengths Finder Assessment and ongoing resources
- 100% employer-sponsored coverage life insurance, and short and long-term disability policies
Company values
- Humanity: We are human first. Inclusion, diversity, empathy, and respect are cornerstones of our trusting community. Our work products enable a good and just society.
- Creativity: We perform to the highest standards on every axis, while being clear-eyed optimists about how we can be better, always. As gritty pragmatists, we dig into challenges and learn our way forward.
- Excellence: We celebrate the beauty and effort of creation, answering “yes, if” to the hardest, most meaningful questions we can think of.
Funding (last 2 of 8 rounds)
Dec 2023
$30m
GRANT
Aug 2023
$12m
GRANT
$962m
Total funding
This company has top investors
Founders
Ted Wiley
(COO & President)Studied at Harvard Business School before spending 6 years at Aquion Energy and then a year as President of McDonough Innovation. They co-founded Form Energy in 2017, serving since as COO and President.
Mateo Jaramillo
(CEO)Mateo started their career at Predictive Networks before joining Gaia Power Technologies and then Tesla. They left their VP of Products & Programs role in 2016 to found Verse Energy in April and Form Energy in December 2017.
William Woodford
(CTO)William Woodford is co-founder and CTO of Form Energy. His career has focused on developing robust low-cost energy storage systems.
Yet-Ming Chiang
(Chief Scientist)Co-Founder and Chief Scientist at Sublime Systems, and Professor at MIT. Prior to Form Energy, Chiang co-founded the companies Desktop Metal, 24M Technologies, A123 Systems, and American Superconductor Corp.
Marco Ferrara
(SVP Software & Analytics)Also co-founded Tessolar. Former VP of Energy, Analytics and Optimization at IHI INC.
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