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Form Energy raises $40 million

Form Energy, a Massachusetts Institute of Technology spin-off, has raised $40 million in its second funding round from investors including the venture capital arm of the Italian oil company Eni. Form Energy is developing what it calls low-cost, long-duration energy storage to help electric grids access renewable energy on demand. The firm has not disclosed its technology or materials but says it will use the funds to develop prototypes and a megawatt-scale pilot system.