Ore Energy Secures $43 Million for Iron-Air Battery Development
Ore Energy has raised $43 million in Series A funding to enhance its iron-air battery technology, addressing the urgent need for long-duration energy storage as electricity demand surges due to AI and industrial growth. This funding increases the company's total capital to over $61 million, positioning it as a pivotal player in the renewable energy sector.
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Ore Energy has raised $43 million from Plural and HV to scale its iron-air battery technology, which can store renewable electricity for up to 100 hours at significantly lower costs than lithium-ion alternatives. The company aims to establish its first manufacturing facility by 2028, targeting gigawatt-hour scale production.
The global electricity demand from data centers is projected to exceed 945 TWh by 2030, necessitating efficient storage solutions. Ore's technology addresses the challenges of energy volatility and curtailment, making it a critical player for Europe’s energy transition and economic growth.
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