Ore Energy Secures €37.3 Million for Iron-Air Battery Scaling

Ore Energy, based in Amsterdam, has raised €37.3 million ($43 million) in Series A funding to scale its innovative iron-air battery technology, bringing its total funding to €53.02 million ($61 million). The funding, led by Plural and HV, will facilitate the establishment of the company's first manufacturing facility, targeting gigawatt hour-scale production by 2028.

The batteries utilize iron, water, and air, allowing for long-duration energy storage for up to 100 hours, addressing the volatility in renewable energy generation from sources like wind and solar. The company aims to establish iron-air batteries as the standard for grid infrastructure by 2035, responding to the growing electricity demand, particularly from data centers and AI applications. The successful implementation of this technology could significantly impact the energy transition and economic growth in the region.