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SUMMARY
- Trinity Capital provides $50M in equipment financing to support Form Energy’s Weirton, West Virginia manufacturing facility.
- Iron-air battery: Stores electricity for up to 100 hours at competitive costs.
- Trinity Capital’s Cory Cramer emphasizes Form’s potential to transform energy storage capabilities.
- Form Energy’s successful $455M Series F round led by T. Rowe Price.
Trinity Capital Commits $50M to Form Energy for Scaling Iron-Air Battery Technology
Trinity Capital, the diversified financial solutions provider for growth-oriented companies, recently announced a commitment of $50 million in equipment financing to Form Energy, the innovative American technology company with an ambition to change the world of energy storage. Strategic financing by Form Energy will allow the company to scale up its operations while developing groundbreaking solutions in the sphere of energy storage.
Form Energy is a pioneer in the development of a new class of multi-day, cost-effective energy storage systems, focusing on its iron-air battery technology. The technology can store electricity for up to 100 hours at system costs competitive with traditional power plants, thus representing a major leap forward in enhancing the reliability and sustainability of global electricity grids.
The financing follows Form Energy's impressive $455 million Series F funding round, led by T. Rowe Price. In particular, the $50 million in equipment financing will fund capital equipment for the company's first high-volume battery manufacturing facility located in Weirton, West Virginia.
Trinity Capital Inc. is a NASDAQ-listed internally managed business development company offering diversified financial solutions to growth-stage companies. This company generates income and capital appreciation by way of term loans, equipment financings, and equity-related investments. This is one of the very few specialty lenders which possess expertise and have the right track record in lending to the growth stage companies.
Form Energy is a US-based technology company committed to the development of cheap, multi-day energy storage systems. Its flagship product, a rechargeable iron-air battery, can store electricity for up to 100 hours and is designed to compete with conventional power plants. Made from iron, one of the most abundant and cheapest materials on Earth, this battery technology offers a more sustainable and reliable energy solution, thus ensuring year-round grid security.
Form Energy is a pioneer in the development of a new class of multi-day, cost-effective energy storage systems, focusing on its iron-air battery technology. The technology can store electricity for up to 100 hours at system costs competitive with traditional power plants, thus representing a major leap forward in enhancing the reliability and sustainability of global electricity grids.
"We're eager to partner with Form Energy in scaling their operations and bringing us closer to a cleaner and more reliable electric grid faster," said Cory Cramer, Director, Equipment Finance at Trinity Capital. "Form's iron-air battery technology will unlock a future of energy storage capabilities which will transform the industry in every imaginable way and we are proud to stand by their mission."
The financing follows Form Energy's impressive $455 million Series F funding round, led by T. Rowe Price. In particular, the $50 million in equipment financing will fund capital equipment for the company's first high-volume battery manufacturing facility located in Weirton, West Virginia.
"We are delighted to have Trinity's backing as we expand our business and increase manufacturing capacity to meet the growing demand for our multi-day energy storage systems," said Charlotte Beard, CFO of Form Energy.
Trinity Capital Inc. is a NASDAQ-listed internally managed business development company offering diversified financial solutions to growth-stage companies. This company generates income and capital appreciation by way of term loans, equipment financings, and equity-related investments. This is one of the very few specialty lenders which possess expertise and have the right track record in lending to the growth stage companies.
Form Energy is a US-based technology company committed to the development of cheap, multi-day energy storage systems. Its flagship product, a rechargeable iron-air battery, can store electricity for up to 100 hours and is designed to compete with conventional power plants. Made from iron, one of the most abundant and cheapest materials on Earth, this battery technology offers a more sustainable and reliable energy solution, thus ensuring year-round grid security.
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