Form Energy Secures $270M Credit Facility

Form Energy has closed a $270 million credit facility to support the manufacturing scale-up and working capital requirements for its iron-air battery systems. The facility includes an accordion feature that can expand the total credit to $1 billion.

The credit facility was structured by Barclays, which served as the sole structuring bank and initial coordinating lead arranger for the transaction. A lending syndicate comprising Citi, Jefferies, JPMorgan Chase, RBC Capital Markets, Societe Generale, Stifel, and Wells Fargo also participated in the deal. TPG Capital BD acted as debt adviser to Form Energy, while Kirkland & Ellis served as the company’s financing legal counsel.

The facility comprises a revolving credit facility and a tax credit advance facility, which allows the company to borrow against tax credits generated from producing eligible components. The proceeds from the credit facility will be used to support manufacturing scale-up and working capital as Form Energy expands production at its Form Factory 1 in Weirton, West Virginia.

## Why it matters The credit facility is a significant development for Form Energy, which closed a $750 million Series G funding round in August. The company develops and commercializes multi-day energy storage systems, and the new funding will help it to scale up its manufacturing capabilities. The ability to expand the credit facility to $1 billion provides Form Energy with additional flexibility to support its growth plans.

The deal highlights the growing interest in clean energy technologies, particularly in the area of energy storage. Form Energy's iron-air battery systems are designed to provide multi-day energy storage, which is critical for ensuring a stable and reliable energy supply. With the new credit facility in place, Form Energy is well-positioned to accelerate its growth and play a key role in the transition to a low-carbon economy.