TL;DRAmsterdam-based Ore Energy raised $43M in Series A to scale iron-air batteries that store renewable power for up to 100 hours
Ore Energy, an Amsterdam-based startup building grid-scale iron-air batteries, has raised $43 million in Series A funding to scale a technology that can store renewable electricity for up to 100 hours. The round was led by Plural and HV, with participation from Positron Ventures, bringing the company’s total funding to $61 million.
The batteries work by rusting and unrusting iron electrodes, a reversible chemical reaction that charges and discharges the system using only iron, water, and air. Unlike lithium-ion cells, the technology requires no critical raw materials such as lithium or cobalt and can be manufactured through a fully European supply chain.
Founded in 2023 by Aytac Yilmaz, Rutil Ozdemir, and Yaiza Gonzalez Garcia, Ore Energy spun out of research at Delft University of Technology. Last year, it connected the first known grid-connected iron-air battery system at TU Delft’s Green Village testing ground, and has since completed pilot projects with French utility EDF under real-world conditions.
The company has already signed a 1 GWh deal with Budget Thuis, a Dutch energy and telecoms supplier, representing the largest iron-air storage agreement in continental Europe. The first phase of that deployment, covering 400 megawatt hours, is planned for delivery in 2028.
