04:16 PM EDT, 10/09/2024 (MT Newswires) -- T. Rowe Price ( TROW ) was the lead investor in a $405 million venture capital round for Form Energy, the privately held battery technology company said on Wednesday.

GE Verona (GEV), a General Electric affiliate, also had an unspecified stake in the series F financing, which increased the total amount raised by Form Energy to more than $1.2 billion.

Form Energy is developing its utility-scale energy storage company that will use a reversable rusting technology that it touts "breathes out oxygen." Form Energy and GE Verona also signed a memorandum of understanding for future collaborations as Form works to ramp up manufacturing and commercial deployments of its iron-air battery systems.

Form began trial production of its iron-air batteries in 2024 at its West Virginia facility. The company projects at least 500 megawatts of production capacity by 2028.

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