Sequoia disclosed the size of its Series G investment in Form Energy: $100 million. Fund partners David Kahn and Isaiah Boone wrote that they initially offered $50 million, but doubled the amount after founder Mateo Yaramillo's presentation to the partnership. The round had already closed by that point, and the fund had to convince the company to let them in.
Sequoia describes its bet as an investment in the energy infrastructure for AI. Scaling models is constrained by the capacity of the US grid, and its restructuring, according to the fund, has moved from the "nice to have" category to "essential." Sequoia measures the market for Form's iron-air batteries in terawatts.
The company's business has adapted to this thesis. Form received its first major order from a hyperscaler—30 GWh for a Google data center through Xcel Energy. The total backlog of contracted supplies has grown from approximately 20 to 80 GWh. The West Virginia plant is located on the site of a shuttered steel mill and employed more than 400 people.
The company did not disclose the price of the round. According to Latitude Media, the Series G closed at a pre-money valuation of $1.75 billion, compared to a pre-money valuation of $3 billion in October 2024. Sequoia entered at that very price and doubled its own valuation.