Utility-scale battery maker Form Energy has received a big jolt from investors, securing $750 million in new equity investments to help power the expansion of its West Virginia factory.
The funding round for Somerville-based Form, announced on Wednesday, represents the second-largest infusion of venture dollars in any company headquartered in Massachusetts this year, after Commonwealth Fusion Systems in Devens unveiled a $1 billion round in late July. Both of them are among the state’s most promising clean-tech businesses.
However, in Form’s case, much of the money in this round, led by T. Rowe Price, will be going out of state, to fund expansion at the company’s two-year-old battery plant in Weirton, West Virginia. Form is building battery systems at the plant that can store power for several days, unlike traditional battery systems that rely on lithium-ion technology and typically only provide backup power for a few hours. (The latest funding round brings Form’s total equity raised so far to more than $2 billion.)
Of Form’s 1,000 employees, about 450 work in Weirton, while another 250 are in Somerville, and around 200 in in Berkeley, Calif. A spokesperson said the company is adding jobs in all three locations. Ultimately, Form aims to expand the factory in Weirton that spans one million square feet, roughly double the size of the current facility. The company is continuing to add to its capacity to meet demand: Its backlog of orders for its iron-air batteries has quadrupled since the start of the year.
Form, led by CEO Mateo Jaramillo, also announced two key personnel appointments: new chief financial officer Navneet Govil, replacing Charlotte Beard (who left last year), and new chief operations officer Wes Sloan; Ted Wiley had been president and chief operating officer, and will keep his role as president. Govil most recently worked with SoftBank Investment Advisers, while Sloan joins Form from Panasonic Energy Corp. of North America.
Jon Chesto can be reached at jon.chesto@globe.com. Follow him @jonchesto.