---
title: "Form Energy Raises $750M Series G — Sequoia & Coatue Back Multi-Day Grid Batteries"
description: "T. Rowe Price led Form Energy’s $750M Series G (> $2B total equity). Sequoia joined; Coatue and Energy Impact Partners returned — who buys 100-hour iron-air storage and why this capital fits."
date: 2026-08-12T00:00:00.000Z
tags: ["2026-vc-news", "startup-funding", "venture-capital", "climate-tech", "sequoia", "coatue"]
source: https://venturecapitaltracker.com/2026-form-energy-750m-series-g-sequoia-coatue
---

# Form Energy Raises $750M Series G — Sequoia & Coatue Back Multi-Day Grid Batteries

> T. Rowe Price led Form Energy’s $750M Series G (> $2B total equity). Sequoia joined; Coatue and Energy Impact Partners returned — who buys 100-hour iron-air storage and why this capital fits.

**Form Energy** raised a **$750 million Series G** announced **August 12, 2026**, led again by **T. Rowe Price**. Total equity is now **over $2 billion**. New money includes **[Sequoia Capital](/fund/sequoia)**; returning names include **[Coatue](/fund/coatue)** and **[Energy Impact Partners](/fund/energy-impact-partners)**.

## Key facts

| Field | Detail |
| --- | --- |
| Company | Form Energy — iron-air multi-day storage (Weirton, WV / Somerville roots) |
| Round | $750M Series G · >$2B total equity |
| Date | August 12, 2026 |
| Lead | T. Rowe Price (also led Series F) |
| New | Sequoia, Janus Henderson, Franklin Templeton, PEAK6 |
| Returning (selected) | Coatue, EIP, Breakthrough Energy Ventures, TPG Rise Climate, Prelude, Engine, Gigascale, NGP, GE Vernova, Capricorn, Blindspot, M&G Catalyst |
| Placement | Morgan Stanley (sole exclusive agent) |
| Use of proceeds | Weirton manufacturing scale + commercial deployments |
| Traction claim | Backlog ~20 → ~80 GWh in 2026; projects with Xcel, Google, Crusoe, FuturEnergy Ireland (company) |

## Who uses the product — and for what job

**Users:** grid operators, utilities, and hyperscale / industrial power buyers who need **days** of storage, not four-hour lithium packs.

**Job:** keep renewables and AI-era load reliable when the sun/wind are down for a long stretch — without building a new gas plant for every lull.

Iron-air trades power density for **cheap energy capacity** over ~100 hours. Buyers care about $/kWh for multi-day firming; peaking and frequency response stay lithium’s lane.

## Why now

- AI data centers and industrial electrification are stressing **firm** power, not just nameplate renewables.
- Form’s backlog tripled (company) — capital is funding **factory + deployments**, not another science experiment.
- Leadership adds ops depth (Panasonic Energy alum as COO; SoftBank Vision Funds finance veteran as CFO) as the company leaves pilot mode.
- Sequoia’s David Cahn has publicly framed hard problems as the next venture rotation after software got cheap to build — Form is that thesis in steel and electrolyte.

## Why Sequoia / Coatue — portfolio fit

**[Sequoia](/fund/sequoia)** joining at Series G is a **manufacturing + contracted demand** bet, not a seed chemistry story. The firm already sits on other physical/infra outcomes; Form gives exposure to multi-day storage as a grid product with named offtake.

**[Coatue](/fund/coatue)** and **[EIP](/fund/energy-impact-partners)** returning signal crossover and climate specialists still underwriting the category after prior rounds. T. Rowe leading again is the late-stage public-markets bridge.

**Likely founder rationale:** keep climate specialists who already diligence’d the tech, add a brand-name venture franchise (Sequoia) for narrative and network, and keep a public-equity lead (T. Rowe) that can size a $750M check.

| Investor type | What they bring |
| --- | --- |
| T. Rowe Price | Late-stage size + prior Series F continuity |
| Sequoia | Hard-tech franchise signal; growth diligence |
| Coatue / EIP | Infra/climate pattern recognition + follow-on capital |
| Strategics (GE Vernova) | Grid OEM adjacency |

## Competitive map

| Player | Lane |
| --- | --- |
| Lithium-ion BESS (Fluence, Tesla Megapack, etc.) | 2–8 hour duration; different cost curve |
| [Base Power](/startup/base-power) | Residential VPP; hours, not multi-day utility iron-air |
| [Ore Energy](/2026-ore-energy-43m-series-a-iron-air) | Earlier iron-air / long-duration peer (different stage) |
| Gas peakers | Incumbent firming; carbon + fuel price risk |

## Market signal

**$750M with no disclosed valuation** and a backlog jump to ~80 GWh says investors will fund **plants and projects** when offtake is real — even when the product is priced in energy-hours buyers still learn to buy.

## When not to use this as a template

- Wrong if the company still needs a science breakthrough to ship the first commercial unit.
- Wrong if backlog is LOIs without interconnection or offtake path.
- Wrong if you treat multi-day storage as a drop-in Megapack replacement (different procurement and valuation units).

## Practical takeaway

- **Founders (climate hardware):** Sell duration + offtake before you sell chemistry poetry; factories need named GWh.
- **Investors:** Underwrite interconnection, $/kWh vs buyer budget, and manufacturing yield — not just cycle life slides.
- **Operators / utilities:** Ask whether you are buying **power** or **energy** — Form’s edge is the latter.

### Sources

1. Form Energy (Aug 12, 2026): https://formenergy.com/form-energy-secures-750m-in-series-g-financing/
2. TechCrunch: https://techcrunch.com/2026/08/12/form-energy-raises-750m-to-build-more-100-hour-batteries-for-the-grid/
3. Related: [/fund/sequoia](/fund/sequoia) · [/fund/coatue](/fund/coatue) · [/fund/energy-impact-partners](/fund/energy-impact-partners) · [/2026-august-12-13-investment-news-energy-codegen-enterprise](/2026-august-12-13-investment-news-energy-codegen-enterprise)