ArcelorMittal invests further $17.5m in Form Energy
ArcelorMittal announced earlier this month it has invested a further $17.5million in Form Energy Inc. via its XCarb Innovation fund.
The investment, which is part of Form’s oversubscribed $450million Series E financing round, is the second investment ArcelorMittal has made in the company, following its initial investment of $25 million announced in July 2021.
Form Energy was founded in 2017 and is developing, manufacturing, and commercialising a new class of cost-effective, multi-day energy storage systems that will enable a reliable and fully renewable electric grid year-round.
It is currently engaged in a robust site selection process for its first full scale battery manufacturing facility. Starting with identifying over 100 initial sites across 16 states, Form has narrowed the site selection to three states and expects to make an announcement in this regard before the end of the year.
Commenting, Irina Gorbounova, head of the XCarb Innovation fund, ArcelorMittal, said:
“Form has made exciting progress in advancing the development of its technology since our initial investment last year, and we are pleased to further extend our involvement with them as they work towards establishing their first large scale manufacturing facility.
“Steel plants operate on a 24/7 basis so as we evolve our manufacturing processes to incorporate clean energy sources, sourcing solutions to overcome the intermittent nature of renewable energy has an important role to play in our decarbonisation journey.
“Companies like Form exemplify why we established the XCarb Innovation fund; they can play an important role in helping our industry’s transition. Investing and partnering with companies through our fund not only helps them to develop their technologies faster, but it also leaves us well placed to directly benefit as the technology matures to industrial scale.”