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Form Energy closes $40M funding for long-duration storage systems

U.S. startup Form Energy closed a $40 million series B financing round led by Eni Next LLC.

The funds will be used to develop engineering prototypes and a megawatt-scale commercial pilot of long-duration energy storage systems, according to an Aug. 22 news release. Form Energy develops long-duration storage systems, incorporating ultralow cost.

Capricorn Investment Group, Prelude Ventures, MIT's The Engine, Macquarie Capital and Breakthrough Energy Ventures also participated in the round.

Eni Next is the corporate venture capital vehicle of Eni SpA.