Form Energy—a Massachusetts-based long-duration renewable energy storage startup established in 2017—thought that it would take almost a decade to develop a grid for long-term efficient storage of energy. However, in the last year, the company reached even closer to its goal by making progress in its work.
The company’s co-founder, Mateo Jaramillo, stated in front of Greentech Media that based on the last year’s efforts of industry experts and the accelerated development, the company has raised $40 Million in Series B funding round. The investment was led by Italian oil and gas. Moreover, other investors, including Capricorn Investment Group, also contributed.
The existing lithium-ion technology-based batteries are capable of storing renewable energy for a few hours. But using the same technology to effectively store the power for weeks or even months would not be feasible as the setup cost would be too expensive. Form Energy found a solution to this problem by developing a new technology based on aqueous sulfur chemistry and an anonymous electrochemical solution.
The company would focus on the packaging of technology to form a functional battery. The company plans to expand its production by 10–100 times by utilizing the investment.
On a related note, Proterra—a Burlingame-based leading bus manufacturing company—has officially launched more shares in order to raise $75 Million. This new funding round would drive the valuation of the company over $1 Billion, reported by TechCrunch.
Prime Unicorn Index obtained the securities filing, in which Proterra mentioned that it has officially sold 10,857,762 shares till its Series 8 round, reviewed by TechCrunch. Based on the recent share price of $6.91, the firm’s total valuation is$1.04 Billion.
Proterra denied the request to comment.
Last month, Reuters reported that the company was looking forward to filing an IPO and hired underwriters from JP Morgan Chase, Deutsche Bank, & Morgan Stanley.