Ore Energy Raises $43M Series A to Scale Iron-Air Batteries for Long-Duration Energy Storage

Ore Energy Secures $43 Million Series A Funding

Amsterdam-based Ore Energy has raised $43 million in Series A funding to accelerate the commercialization of its long-duration iron-air battery technology.

The round was co-led by Plural and HV Capital, with participation from existing investor Positron Ventures. The latest investment brings the company's total funding to $61 million.

Scaling Long-Duration Energy Storage

The funding will be used to expand manufacturing capabilities and support commercial deployments of Ore Energy's iron-air batteries, which are designed to store renewable electricity for up to 100 hours.

The company aims to achieve gigawatt-hour-scale manufacturing by 2028 and establish iron-air batteries as core grid infrastructure across Europe by 2035.

Replacing Natural Gas for Grid Storage

Led by Co-founder and CEO Aytac Yilmaz, alongside Co-founder & COO Rutil Özdemir and Co-founder & CSO Yaiza Gonzalez Garcia, Ore Energy is developing batteries that use iron, water, and air to store and release electricity.

Unlike conventional lithium-ion batteries, Ore's technology relies on the reversible oxidation of iron, enabling lower-cost long-duration energy storage while reducing dependence on critical minerals such as lithium and cobalt.

The company sees natural gas—rather than lithium-ion batteries—as its primary competitor for balancing multi-day renewable energy shortages on electricity grids.

Supporting Europe's Renewable Energy Transition

Ore Energy has already signed a 1 GWh agreement with Dutch energy supplier Budget Thuis and is conducting pilot deployments with French utility EDF.

The company believes long-duration storage will play a critical role in supporting renewable energy adoption, AI-powered data centers, and Europe's growing electricity demand.