Crusoe and Google-backed energy storage firm Form Energy has raised $750 million in Series G funding in order to expand manufacturing capacity at its West Virginia facility, in response to booming demand from the data center market.

Form Energy is based in Somerville, Massachusetts, and is a developer of iron-air batteries. According to Form, its iron-air battery solution can deliver 100+ hours of storage and has no risk of thermal runaway, a key concern with lithium-ion batteries.

The firm claims that 80 percent of the materials needed for its batteries are US-sourced, making it less susceptible to supply shocks that battery manufacturers heavily reliant on materials from China are prone to.

Earlier this year, it inked an agreement with Google and Xcel Energy to deploy its solution at Google’s first data center in Minnesota. Following this, the company signed a deal with Crusoe in March for up to 12GWh of multi-day energy storage systems to support the AI data center sector, beginning in 2027.

The company manufactures its batteries at the Form Factory 1 in Weirton, West Virginia. According to the company, it has more than 80GWh of commercial projects under agreement, many of which are from the data center sector.

The Series G round was led by T. Rowe Price with participation from Sequoia Capital, Janus Henderson, Franklin Templeton, PEAK6 Investments, Prelude Ventures, Engine Ventures, TPG Rise Climate, Capricorn’s Technology Impact Funds, Breakthrough Energy Ventures, Dustin Moskovitz and Cari Tuna, Gigascale Capital, Coatue, Energy Impact Partners, NGP, GE Vernova, Blindspot Ventures, and M&G Catalyst Fund.