Ore Energy Secures $43M for Iron-Air Battery Development
Ore Energy has obtained $43 million in Series A funding to expand its iron-air battery production, targeting gigawatt-hour scale by 2028. The funding is crucial as data center electricity demand is projected to exceed 945 TWh by 2030, driven by AI workloads.
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Dutch startup Ore Energy has raised $43 million in Series A funding from Plural and HV, increasing total funding to $61 million. The company focuses on iron-air batteries that store renewable energy for up to 100 hours, costing about one-tenth of lithium-ion storage per unit.
Ore aims to validate its manufacturing at scale and achieve gigawatt-hour production by 2028. A strategic agreement with Budget Thuis for 1 GWh of storage was established, with a commitment of 400 MWh scheduled for delivery in 2028.
The technology, which uses iron, water, and air, aims to address growing electricity demand, particularly in data centers, anticipated to more than double globally by 2030. The viability of iron-air technology against natural gas will be critical for future market positioning.
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