GIC, Temasek, and CPP Participate in Series E in Form Energy
Posted on 10/05/2022
Form Energy, Inc., an American technology company developing and commercializing a new class of energy storage systems, announced a $450 million Series E financing round led by TPG Capital’s global impact investing platform, TPG Rise. This financing includes amounts that are subject to regulatory approval and allocations to existing investors.
TPG Rise is 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 Series E round are Singapore’s GIC Private Limited and Canada Pension Plan Investment Board (CPP Investments), along with existing investors ArcelorMittal, Breakthrough Energy Ventures (BEV), Capricorn Investment Group, Coatue, Energy Impact Partners (EIP), MIT’s The Engine, NGP ETP, Temasek Holdings, Prelude Ventures, and VamosVentures. GIC is seeking out companies that can make money, while being able to achieve net-zero goals. GIC is betting on Form Energy’s iron-air battery technology.
Form Energy is currently engaged in a site selection process for its first full scale battery manufacturing facility.
