Ore Energy has raised $43 million in Series A funding to scale its iron-air battery technology for storing renewable electricity for up to 100 hours. Plural and HV led the round, with participation from Positron Ventures. The financing brings Ore Energy’s total capital raised to more than $61 million.
Founded by CEO Aytac Yilmaz, COO Rutil Özdemir, and CSO Yaiza Gonzalez Garcia, Ore is developing batteries that generate and store energy through the reversible rusting and unrusting of iron electrodes.
The technology uses abundant materials including iron, water, and air rather than relying on lithium, cobalt, and other critical imported battery materials.
Ore said its modular system can provide long-duration storage at approximately one-tenth the cost per unit of energy capacity of lithium-ion technology for applications requiring extended storage periods.
The company is targeting a major challenge for renewable power systems: wind and solar generation can significantly exceed demand and available grid capacity during favorable conditions but fall short during extended periods of low generation.
Ore’s systems are designed to store surplus electricity for multiple days and return that energy to the grid when demand rises.
This capability could become particularly important as power demand from data centers, AI infrastructure, manufacturing, and electrification increases.
Ore has signed a 1 GWh agreement with Dutch energy and telecommunications provider Budget Thuis and has conducted pilot projects with French utility EDF.
The Series A funding will help Ore establish its first manufacturing facility, hire additional manufacturing, commercial, and operations personnel, and prepare for gigawatt-hour-scale manufacturing targeted for 2028.
KEY QUOTES:
“Affordable, renewable baseload power is the foundation for the next generation of manufacturing, AI infrastructure and industrial growth globally. Ore Energy’s long-duration storage is an essential part of that future.”
Aytac Yilmaz, Co-Founder and CEO of Ore Energy
“Long-duration energy storage is one of the biggest unsolved challenges in the energy transition, and unlocking it will transform how we power industry, scale AI data centres and drive economic growth.”
Ian Hogarth, Partner at Plural
“If we want to meet the future energy demands of AI data centres while providing European industry with affordable, reliable baseload power, then we need long-duration storage.”
Maxi Pethö-Schramm, Principal at HV
