TPG Rise, the global impact investing platform of private equity giant TPG, has anchored a $450 million series E financing round in energy storage systems developer Form Energy Inc.
TPG Rise, the global impact investing platform of private equity giant TPG, has anchored a $450 million series E financing round in energy storage systems developer Form Energy Inc.
TPG Rise made the investment through TPG Rise Climate, its dedicated climate investing strategy, and The Rise Fund.
Also joining the Series E round are GIC and Canada Pension Plan Investment Board (CPP Investments), along with existing investors ArcelorMittal, Breakthrough Energy Ventures (BEV), Capricorn Investment Group, Coatue, Energy Impact Partners (EIP), MIT’s The Engine, NGP ETP, Temasek, Prelude Ventures, and VamosVentures.
Form Energy is currently engaged in a site selection process for its first full scale battery manufacturing facility and expects to make an announcement in this regard before the end of the year.
Marc Mezvinsky, Partner at TPG, who is also joining Form Energy’s Board of Directors, said: “Form continues to demonstrate its ability to rapidly advance and scale long duration energy storage technology. The company is a leader in a market that is a critical part of the energy transition. We are delighted to deepen our partnership with Mateo and the team as they position Form for its next phase of growth and innovation.”
