Ore Energy Raises $43 Million for Next-Generation Long-Term Energy Storage

The Dutch ClimateTech company Ore Energy has closed a Series A funding round of $43 million. The round was led by Plural and HV Capital, with Positron Ventures also participating. With this funding, the company’s total capital raised now exceeds $61 million.

The new capital will be used to build the first production facility and scale up a battery technology capable of storing renewable energy for several days.

Iron-Air Batteries as an Alternative to Lithium

Ore Energy is developing so-called iron-air batteries that can store electricity for up to 100 hours. Instead of relying on critical raw materials such as lithium or cobalt, the company uses iron, water, and air—materials that are readily available at low cost and can be sourced entirely through European supply chains.

According to the company, the storage costs per unit of energy for long-term applications are up to ten times lower than those of conventional lithium-ion batteries. This is intended to make renewable energy available even when wind and solar power plants are not currently producing electricity.

A Solution to Europe’s Energy Problem

Ore Energy addresses one of the biggest challenges of the energy transition: storing excess renewable energy. According to the company, approximately 72 terawatt-hours of renewable electricity are lost annually in Europe due to grid bottlenecks.

At the same time, electricity demand is rising rapidly. AI data centers, industry, and electrification, in particular, are driving up energy consumption and increasing the need for reliable long-term storage solutions.

First Major Contracts Already Secured

The technology is already in practical use. Among other things, Ore Energy has signed a 1-GWh contract with the Dutch energy provider Budget Thuis. In addition, pilot projects were carried out in collaboration with the French energy company EDF to test the technology under real-world grid conditions.

The new funding will now be used to build the first production facility. In the long term, Ore Energy plans to scale up production to the gigawatt-hour level by 2028.

Founders Are Committed to European Energy Independence

Ore Energy was founded by Aytac Yilmaz (CEO), Rutil Özdemir (COO), and Yaiza Gonzalez Garcia (CSO). The startup aims to establish iron-air batteries as the standard solution for long-term renewable energy storage by 2035, thereby making the energy supply for industry, AI infrastructure, and data centers more sustainable and independent.