Form Energy, an American technology company developing and commercializing a new class of cost-effective, multi-day energy storage systems, closed a $270 million credit facility, comprised of a revolving credit facility and a tax credit advance facility that can advance against tax credits generated from production of eligible components under Section 45X Advanced Manufacturing Production Credit. The tax credit advance facility has an accordion feature providing for up to $1 billion of total credit under the debt facility.
Barclays acted as sole structuring bank and initial coordinating lead arranger. Citi, Jefferies, JPMorgan Chase, RBC Capital Markets, Societe Generale, Stifel and Wells Fargo also participated in the lending syndicate. TPG Capital BD acted as debt advisor to Form Energy, and Kirkland & Ellis acted as financing legal counsel to Form Energy.
Proceeds will support the company’s continued manufacturing scale-up and working capital needs as it builds out its iron-air battery systems at Form Factory 1 in Weirton, West Virginia.
