Form Energy, a technology company rising to the challenge of climate change by developing a new class of cost-effective, multi-day energy storage systems, announced today the close of a $240 million Series D financing round led by ArcelorMittal's XCarb™ innovation fund.

TPG's global impact investing platform TPG Rise participated in the Series D, making the investment through TPG Rise Climate, its dedicated climate investing strategy, and The Rise Fund, its longstanding, multi-sector impact investing strategy.

Also joining the round were Perry Creek Capital, along with existing investors NGP Energy Technology Partners III, Coatue, Temasek, Energy Impact Partners (EIP), Breakthrough Energy Ventures (BEV), Prelude Ventures, MIT's The Engine, Capricorn Investment Group, Eni Next, and Macquarie Capital. This brings Form Energy's total funds raised to over $360M.

Form Energy is developing and commercializing ultra-low-cost, long-duration energy storage systems that can be located in any market and scaled to match existing energy generation infrastructure globally. These systems have the capability to reshape the electric system, making renewables fully firm and dispatchable year-round, extending transmission capacity without building new wires, and completely replacing the need for conventional thermal generation.