Form Energy, an American technology company focused on multi-day energy storage systems, announced the closing of a $270 million credit facility on September 21, 2026. The financing package includes a revolving credit facility and a tax credit advance facility tied to Section 45X Advanced Manufacturing Production Credit. The new capital is expected to support the company’s manufacturing expansion and working capital requirements at its production site in Weirton, West Virginia.
Financing Structure
The credit facility consists of a revolving credit facility and a tax credit advance facility that can advance against credits generated from the production of eligible components under Section 45X. The tax credit advance facility includes an accordion feature that provides for up to $1 billion of total credit under the debt facility. Barclays acted as sole structuring bank and initial coordinating lead arranger, while several global financial institutions joined the lending syndicate.
Lending Syndicate and Advisors
Citi, Jefferies, JPMorgan Chase, RBC Capital Markets, Societe Generale, Stifel, and Wells Fargo participated in the lending syndicate alongside Barclays. TPG Capital BD, LLC acted as debt advisor to Form Energy, while Kirkland and Ellis LLP served as financing legal counsel. The involvement of these institutions underscores the strength of the financing and the company’s continued access to major capital providers.
Manufacturing Scale-Up in West Virginia
Proceeds from the credit facility will support Form Energy’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. The funding is intended to help the company expand output and meet operational demands at the production site. This facility represents a key step in advancing domestic manufacturing capacity for long-duration energy storage.
Technology and Grid Impact
Form Energy’s proprietary iron-air battery systems are specifically designed for 100-hour duration and are made from iron, water, and air. These materials are among the safest, most affordable, and most abundant resources available on the planet. The company developed this technology to support a more secure, resilient, and affordable electric grid through cost-effective multi-day energy storage.
Funding Momentum and Company Growth
The new credit facility builds on the momentum of Form Energy’s $750 million Series G round, which closed in August and brought total equity raised to over $2 billion. This combination of equity and debt financing positions the company to continue scaling production capacity and commercial deployment. It also highlights growing investor confidence in long-duration energy storage as a critical part of the energy transition.
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. The company manufactures its iron-air battery systems at Form Factory 1 in Weirton, West Virginia, using some of the safest and most abundant materials on the planet. More information about Form Energy is available at www.FormEnergy.com.
Form Energy’s $270 million credit facility strengthens its ability to expand manufacturing and meet working capital needs at a pivotal stage of commercial growth. The accordion feature, which allows up to $1 billion in total credit, provides additional flexibility as production scales. With strong financial partners and recent equity momentum, the company is positioned to advance its iron-air battery technology and support a more reliable and affordable electric grid.