Form Energy Announces Closing of $270M Credit Facility
WEIRTON, W.V., Sept. 21, 2026 (GLOBE NEWSWIRE) -- Form Energy, Inc. ("Form Energy" or the "Company"), an American technology company developing and commercializing a new class of cost-effective, multi-day energy storage systems, today announced the closing of a $270 million credit facility, comprised of a revolving credit facility and a tax credit advance facility that can advance against tax credits generated from production of eligible components under Section 45X Advanced Manufacturing Production Credit. The tax credit advance facility has an accordion feature providing for up to $1 billion of total credit under the debt facility.
Barclays acted as sole structuring bank and initial coordinating lead arranger. Citi, Jefferies, JPMorgan Chase, RBC Capital Markets, Societe Generale, Stifel, Wells Fargo, listed alphabetically, also participated in the lending syndicate. TPG Capital BD, LLC acted as debt advisor to Form Energy, and Kirkland & Ellis LLP acted as financing legal counsel to Form Energy.
This financing builds on the momentum of Form Energy's $750 million Series G round, which closed in August and brought the Company's total equity raised to over $2 billion.
Proceeds will support the Company’s continued manufacturing scale-up and working capital needs as it builds out its iron-air battery systems at Form Factory 1 in Weirton, West Virginia.
About Form Energy:
Form Energy is an American company pioneering a new class of energy storage to help make the electric grid more reliable and affordable. Form Energy manufactures its iron-air battery systems at Form Factory 1 in Weirton, West Virginia. Made from some of the safest, most affordable, and most abundant materials on the planet — low-cost iron, water, and air — Form’s battery system is designed for 100-hour duration and with safety, sustainability, and scalability in mind, helping support a more secure and resilient electric grid.
To learn more about Form Energy, please visit www.FormEnergy.com.
Media Contact:
FormEnergy@icrinc.com
