EXCLUSIVE: Trinity Capital Commits $50 Million In Equipment Financing To Form Energy

On Monday, Trinity Capital Inc TRIN announced the commitment of $50 million in equipment financing to Form Energy.

Form Energy is an American technology company developing and commercializing a new class of cost-effective, multi-day energy storage systems. It aims to reform the global electricity system by developing innovative, low-cost, multi-day energy storage solutions.

According to Trinity Capital, From Energy is pioneering an iron-air battery capable of storing electricity for 100 hours at system costs competitive with legacy power plants.

Also Read: T-Mobile’s Premium Valuation Prompts Downgrade As Growth Projections Decelerate: Analyst

This financing follows Form Energy’s $455 million Series F fundraising, led by T. Rowe Price.

The equipment financing will help finance capital equipment for the company’s first high-volume battery manufacturing facility in Weirton, West Virginia.

Trinity Director of Equipment Finance Cory Cramer expects the partnership to help Form Energy scale its operations and be pivotal to accelerating to a clean and reliable electric grid.

Form Energy CFO Charlotte Beard expects the alliance to be pivotal to its business and manufacturing capacity boost to meet the growing demand for its multi-day energy storage system.

Price Action: TRIN stock closed higher by 1.67% at $14.60 Friday.

Also Read:

• Google Has The Ability To Scale AI By Leveraging Its Global User Base: Analyst