BESS Weekly: the backlog quadrupled before the factory did

Key Capture Energy closed a $300M letter of credit facility with Standard Chartered to advance its development pipeline in NYISO and MISO. Its 623MW operating portfolio remains 580MW weighted to ERCOT. CEO Brian Hayes says the MISO interest is coming from data centers working out that storage shortens the time to power.

Form Energy closed a $750M Series G led by T. Rowe Price, with Sequoia, TPG Rise Climate and GE Vernova, taking total equity raised past $2B. The funding scales iron-air multi-day manufacturing at Weirton, West Virginia, where its commercial backlog has grown from around 20GWh to around 80GWh, naming Xcel Energy, Google and Crusoe.

Noon Energy signed an agreement with Sabanci Renewables to co-develop up to 1GW of ultra-long-duration storage for AI infrastructure, structured as power purchase or capacity offtake agreements. Sabanci is targeting a 3GW US portfolio inside five years, following Noon's April deal with Meta reserving up to 1GW and 100GWh.