Diligence memo · auto-generated · as of July 2, 2026
Form Energy, Inc.
Form Energy, Inc. has raised $610M over 6 rounds; too few niche peers to rank its valuation yet.
Businessfiled
Form Energy, Inc. operates in Climate / Cleantech, based in SOMERVILLE. Form Energy is an American company driving innovation in energy manufacturing and technology to ensure a clean, secure, and reliable electric grid.
Sub-sector tags: climate/cleantech, energy.
Capital & rounds (filed)filed
Form Energy, Inc. has raised $610M in disclosed capital across 6 recorded rounds, aggregated from public filings. Its latest round is modeled as Series D+ (a $100M–$400M round).
Largest single filing: $335M on 2022-09-19.
Most recent recorded round closed around 2022-09-19.
Valuation (modeled)modeled
Provath models Form Energy, Inc. at approximately $5.1B (range $1.7B–$8.7B). This is an algorithmic estimate from round sizes and same-niche peers — not a quoted or reported figure.
Too few comparable companies in this niche to rank the valuation fairly yet.
Financing rhythm & timingmixed
Historic cadence: a new round about every 9 months.
Last raise 3.8 yr ago; this sector typically re-raises about every 9 months.
Past due for a raise versus sector cadence — watch for distress or a bridge.
The last round stepped up 2.2× from the prior — scaling.
Comparablesmixed
Capital scale ranks ahead of 94% of Climate / Cleantech peers (207 compared).
Modeled value ranks above 94% of those peers.
Closest niche peers: Aurora Solar Inc., Climate Care Innovations Inc, Ambiq Micro, Inc..
Peoplefiled
24 named people on file across officers, directors and signatories.
Risks & flagsmixed
Overdue for a raise versus sector norm — distress or bridge risk.
No clearly named CEO/founder/principal in the surfaced records — key-person evidence is thin.