Ore Energy raises €37.3 million to scale iron-air batteries that store renewable power for up to 100 hours
Ore Energy, an Amsterdam-based startup developing grid-scale iron-air batteries for long-duration energy storage, has raised €37.3 million ($43 million) in Series A funding to scale its iron-air battery technology. The round was led by Plural and HV, with participation from Positron Ventures. This funding brings the company’s total amount raised to €53.02 million ($61 million). […] The post Ore…
Ore Energy, an Amsterdam-based startup, has raised €37.3 million ($43 million) in Series A funding to scale its iron-air battery technology for long-duration energy storage. The round was led by Plural and HV, with participation from Positron Ventures, bringing the company's total raised funds to €53.02 million ($61 million). Ore Energy's iron-air batteries deliver energy by rusting and unrusting iron electrodes, using abundant, low-cost materials like iron, water, and air.
The company claims that its batteries can store renewable electricity for up to 100 hours, providing a solution to the challenge of storing surplus renewable energy for later use. This funding will help the company build its first manufacturing facility and scale production to gigawatt hour levels, making renewable electricity available whenever and wherever needed.
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