Minimum Commitment: $2,000 | Deadline is Monday, June 1st
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U.S. manufacturer of iron-air batteries that deliver up to 100 hours of continuous grid storage — a duration class no lithium-ion system can match
Series G | Backed by T. Rowe Price, Breakthrough Energy Ventures (Bill Gates), TPG Rise Climate, Temasek, GIC, GE Vernova, ArcelorMittal
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The energy transition has a problem lithium-ion cannot solve. As firm baseload generation shrinks from roughly 75% of the U.S. grid in 2020 toward 25% by 2030, multi-day gaps in renewable output are becoming the binding constraint on decarbonization. Four-hour batteries handle daily dispatch; they cannot cover the extended weather events — storms, wind droughts, prolonged cloud cover — that now drive grid stress. Simultaneously, demand is spiking: the DOE's five-year peak-power forecast grew from 23 GW to 120 GW between 2022 and 2024, and hyperscale AI data centers are now contracting directly for 24/7 clean power. Long-duration energy storage is no longer a climate policy aspiration — it is an infrastructure gap with signed utility contracts behind it.
Form Energy has built the only commercially operational 100-hour storage system at industrial scale. Its iron-air battery works on a reversible oxidation reaction using iron, air, and water — materials with no lithium, cobalt, or rare earths, and zero dependency on Chinese supply chains by 2026. That supply-chain profile unlocks the full Section 45X manufacturing tax credit of $45/kWh under the OBBBA, translating to roughly $4,500/kW of effective subsidy per installation — a credit unavailable to lithium-ion competitors with 29–96% Chinese component exposure. The company's FF1 factory in West Virginia shipped its first commercial system to Great River Energy in Q3 2025, has tested over 28,000 cells across 16,000+ hours of live grid operation, and is running at 80–95% yield across all four production lines. The contracted backlog stands at $2.0B across 11 counterparties (Xcel Energy, Dominion, Georgia Power, and others), with a qualified pipeline exceeding 5 GW — 7.5x the current firm order book.
Form Energy is raising its Series G, led by T. Rowe Price, targeting capital to fund operations through EBITDA-positive in 2028. The current pre-money valuation is ~$1.75B — a meaningful discount to the ~$2.8B valuation at the Series F in 2024, giving Vector 3 Syndicate members entry below last year's institutional price following a sector correction that claimed Ambri, Northvolt, and ESS Tech. At $1.75B and projected 2028 revenue of $816M, the implied EV/Revenue multiple compresses to approximately 2.1x — in line with conventional industrial manufacturers. Our allocation is $1K minimum. Vector 3 Syndicate has secured access to this opportunity ahead of round close.
CEO Mateo Jaramillo architected Tesla's grid storage division and originated the concept of multi-day storage. Chief Science Officer Yet-Ming Chiang is an MIT professor and serial founder — his prior companies A123 Systems and 24M both reached an IPO. COO Ted Wiley and CTO William Woodford both come from 24M, and CCO RJ Johnson previously led commercial operations at Tesla and NextEra. The institutional syndicate combines long-duration capital (Temasek, GIC, CPP Investments) with strategic operators: GE Vernova provides grid integration reach and ArcelorMittal anchors the iron supply chain.
Access our Syndication Deal Room below to learn more. The deadline for committing to this opportunity is Monday, June 1st at 5 pm CST.
