Multi-day energy storage startup Ore Energy clinches $43M in new investment round

Dutch energy storage firm Ore Energy has successfully secured $43 million in new investment, bolstering its mission to develop long-storage batteries for the renewable energy sector. The Series A funding round, led by tech-investor Plural and HV Capital, a European early-stage and growth VC firm, also saw participation from Amsterdam VC Positron Ventures.

This brings Ore Energy's total funding raised to $61 million. The company's innovative iron-ore battery technology aims to address the challenge of energy storage during the transition to renewables. Unlike conventional lithium-ion batteries, Ore Energy's batteries can store electricity for up to 100 hours, promising a significant leap in energy storage capabilities.

Its batteries, built using iron, water, and air, can be manufactured through a fully European supply chain, bypassing the need for imported critical raw materials such as lithium or cobalt. A notable achievement for Ore Energy is the signing of a long-duration energy storage system deal with Dutch energy supplier Budget Thuis, described as the largest such deal in continental Europe.

The newfound capital will be utilized to set up the startup's first manufacturing facility. Co-founder and CEO Aytac Yilmaz emphasized the importance of affordable, renewable baseload power in driving economic growth, particularly for European businesses and industries such as manufacturing, AI infrastructure, and industrial sectors.