---
title: "Form Energy Closes $270M Credit Facility With Capacity to Reach $1B"
description: "Form Energy closed a $270 million revolver and tax-credit advance facility. An accordion can expand total credit to $1 billion, but only $270 million is closed today."
date: 2026-09-25T00:00:00.000Z
source: https://venturecapitaltracker.com/2026-form-energy-270m-credit-facility-1b-accordion
---

# Form Energy Closes $270M Credit Facility With Capacity to Reach $1B

> Form Energy closed a $270 million revolver and tax-credit advance facility. An accordion can expand total credit to $1 billion, but only $270 million is closed today.

**Form Energy closed a $270 million credit facility** on September 21, 2026. The package combines a revolving credit facility with an advance against Section 45X manufacturing tax credits.

An accordion can expand total credit under the facility to **$1 billion**. That is potential capacity, not the amount currently closed.

## Facility terms

| Field | Detail |
| --- | --- |
| Company | [Form Energy](/startup/form-energy) |
| Closed facility | **$270M** |
| Components | Revolver; Section 45X tax-credit advance |
| Potential capacity | Up to **$1B** through an accordion |
| Structuring bank | Barclays |
| Other lenders | Citi; Jefferies; JPMorgan; RBC; Société Générale; Stifel; Wells Fargo |
| Type | Debt, not equity |

## Why this financing matters

Form is scaling an iron-air battery designed for multi-day grid storage. Manufacturing expansion and working capital can consume cash well before customer projects generate payment, making debt availability an important complement to venture equity.

The tax-credit advance is particularly notable: it converts expected federal manufacturing credits into near-term liquidity. That links the facility directly to output at Form Factory 1 in Weirton, West Virginia.

## Keep the capital stack separate

The debt follows Form's **$750 million Series G**, which closed in August and took total equity raised above $2 billion. The $270 million facility is not an extension of that round, and the $1 billion accordion is not funded capital today.

## Bottom line

The confirmed close is **$270 million of debt**. The facility could grow to $1 billion if additional capacity is activated, but the headline should preserve the difference between closed credit and future borrowing availability.

**By:** [Venture Capital Tracker](https://venturecapitaltracker.com/editorial-policy)
**Last updated:** September 25, 2026

**Editorial note:** AI tools assisted with research, structure, or drafting. Venture Capital Tracker retains human editorial responsibility for factual accuracy, relevance, and source quality before publication.