Form Energy and Antora Raise $1.3B for Long-Duration Storage

Form Energy raised $750 million to scale iron-air batteries capable of storing power for over 100 hours, while Antora raised $550 million for thermal energy storage, collectively injecting $1.3 billion into long-duration grid storage. These back-to-back raises mark a structural funding inflection for technologies that address multi-day renewable intermittency.

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Long-duration energy storage has historically been the missing link between renewable generation and reliable baseload power; this scale of capital injection signals the sector is moving from demonstration to commercial deployment. Iron-air and thermal storage directly threaten the incumbent role of natural gas peaker plants, which are dispatched precisely during the multi-hour gaps these batteries target. Grid operators and utilities planning capacity additions will face a new cost-competitive alternative to gas peakers, reshaping procurement decisions for years. Renewable energy developers gain a credible storage partner that extends the economic window of solar and wind assets, improving project IRRs. Incumbent battery chemistries like lithium-ion face competition in the long-duration segment where they are cost-disadvantaged at multi-day timescales.