TPG’s Climate Rise Fund has made its first investment partnering with investors such as Bill Gates, in developing battery technologies.

The fund will invest in Massachusetts-based Form Energy that believes that it possesses the technologies to build inexpensive batteries that can discharge power for days using the cheap and plentiful element of iron and air. Form recently initiated a $200m funding round, led by ArcelorMittal SA, one of the world’s leading iron-ore producers.

TPG will join Breakthrough Energy Ventures, a climate investment fund whose investors include Microsoft co-founder Bill Gates and Amazon founder Jeff Bezos.

Form Energy also supplies analytical tools and data to enhance the efficiency of complex grid networks, will use he technology to help smooth energy supply periods of extreme weather, power outages or when there is little wind or sun.

TPG Rise Climate was launched in early 2021 with former US Treasury Secretary Hank Paulson serving as executive chairman. The fund targets companies, entrepreneurs, and scientists who have pioneered and developed innovative climate solutions over the past decade.

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