PHOENIX, Dec. 16,
2024 /PRNewswire/ -- Trinity Capital
Inc. (NASDAQ: TRIN) ("Trinity"), a leading provider of
diversified financial solutions to growth-oriented companies, today
announced the commitment of $50
million in equipment financing to Form Energy, an American
technology company developing and commercializing a new class of
cost-effective, multi-day energy storage systems.
Form Energy aims to reform the global electricity system through
the development of innovative, low-cost multi-day energy storage
solutions. The company is pioneering an iron-air battery capable of
storing electricity for 100 hours at system costs competitive with
legacy power plants. Founded in 2017 by a group of energy storage
experts, Form Energy aims to enhance the reliability and
sustainability of energy systems.
"Form Energy's groundbreaking iron-air battery technology has
the potential to redefine the future of energy storage," said
Cory Cramer, Director, Equipment
Finance at Trinity. "We're excited to partner with the company as
they scale their operations and accelerate the pathway to a clean
and reliable electric grid."
This financing comes on the heels of Form Energy's $455 million Series F fundraise led by T.
Rowe Price. The equipment financing
will be used to finance capital equipment for the company's first
high volume battery manufacturing facility located in Weirton, West Virginia.
"We are thrilled to have Trinity's support as we grow our
business and increase manufacturing capacity to meet the growing
demand for our multi-day energy storage system," said Charlotte Beard, CFO of Form Energy.
About Trinity Capital Inc.
Trinity Capital Inc. (Nasdaq: TRIN), an internally managed
business development company, is a leading provider of diversified
financial solutions to growth-stage companies with institutional
equity investors. Trinity Capital's investment objective is to
generate current income and, to a lesser extent, capital
appreciation through investments, including term loans and
equipment financings and equity-related investments. Trinity
Capital believes it is one of only a select group of specialty
lenders that has the depth of knowledge, experience and track
record in lending to growth stage companies. For more information,
please visit the Company's website at www.trinitycap.com.
About Form Energy
Form Energy is an American technology company developing and
commercializing a new class of cost-effective, multi-day energy
storage systems. Form Energy's first announced commercial product
is a rechargeable iron-air battery capable of delivering
electricity for 100 hours at system costs competitive with
conventional power plants. Made from iron, one of the safest,
cheapest, and most abundant minerals on Earth, this
front-of-the-meter battery can be used continuously over a
multi-day period and will enable a reliable and secure grid
year-round. Learn more: Form Energy and LinkedIn.
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SOURCE Trinity Capital Inc.