Form Energy and Antora Raise $1.3 Billion for Batteries

Battery manufacturers Form Energy and Antora have secured a combined $1.3 billion in new funding to scale long-duration energy storage systems capable of powering grids for 100 hours or more. The investment aims to provide cheaper, safer alternatives to lithium-based batteries by utilizing domestically available materials to support renewable energy integration and the power needs of data centers.

Form Energy raised $750 million, bringing its total funding to $2 billion. The company utilizes iron-air battery technology based on a reversible rusting process and currently holds orders for over 80 gigawatts of batteries. Mateo Jaramillo, cofounder of Form Energy, indicated the company may pursue an initial public offering next year.

Antora raised $550 million, bringing its total funding to $1 billion. The company produces thermal batteries using carbon blocks heated to 2,400 degrees Fahrenheit and has already installed a five-gigawatt-hour system at a biofuel plant in South Dakota. Justin Briggs, cofounder and COO of Antora, manages the company's assembly factory in San Jose.