Ore Energy is constructing a completely European-manufactured battery to clear up one in every of the greatest bottlenecks in the power transition: multi-day storage
Europe already wastes an estimated 72 TWh of renewable power due to grid bottlenecks, equal to Austria’s annual electrical energy demand, with losses projected to rise to as a lot as 410 TWh yearly by 2040, in accordance to the European Commission’s Joint Research Centre
Its iron-air batteries retailer energy for 100 hours at 10x decrease price per unit of power capability than lithium-ion, with out the want for crucial uncooked minerals like lithium or cobalt
AMSTERDAM, NL AND DELFT, NL / ACCESS Newswire / August 4, 2026 / As demand for electrical energy from AI, manufacturing, and the power transition accelerates worldwide, Ore Energy has raised $43 million in Series A funding from Plural and HV to scale its iron-air battery expertise. Ore’s batteries, designed to retailer renewable electrical energy for up to 100 hours, can clear up one in every of the greatest obstacles to the power transition: inexpensive, long-duration power storage. The funding brings the firm’s complete raised to greater than $61 million.
Founded by Aytac Yilmaz (CEO), Rutil Özdemir (COO) and Yaiza Gonzalez Garcia (CSO), Ore Energy’s iron-air batteries ship power by rusting and unrusting iron electrodes. Built utilizing plentiful, low-cost supplies together with iron, water, and air, its batteries could be manufactured by way of a completely European provide chain, with out counting on costly imported crucial uncooked supplies like lithium or cobalt. The absolutely scalable, modular design delivers a plug-and-play power storage system at 10x decrease price per unit of power capability than lithium-ion for long-duration storage, making renewable electrical energy inexpensive and accessible on demand.
Solving the power storage problem
Global electrical energy demand from knowledge centres is ready to more than double to around 945 TWh by 2030, with AI-optimised knowledge centres projected to greater than quadruple over the similar interval. AI coaching and inference trigger massive, speedy swings in energy demand, making storage crucial to protecting dependable electrical energy provides. Wind and photo voltaic at the moment are the most cost-effective sources of new electricity generation, however their outputs are inherently risky: era exceeds grid capability when situations are beneficial, and fall quick throughout low-wind or wintery intervals, with no satisfactory means to retailer the surplus for later use.
This mismatch between era and demand is already costing Europe actual cash. The UK has already spent virtually £6 billion ($8bn) paying renewable turbines to swap off since 2011. Without funding in grid infrastructure, wasted wind power alone is projected to price the UK £8bn ($10.7bn) a 12 months by 2030. Across Europe, round 72 TWh of renewable electricity is wasted yearly by way of grid bottlenecks, sufficient to be value almost €7bn ($8bn) at present wholesale electrical energy costs. Pressure is intensifying, with European knowledge centre electrical energy demand projected to enhance by 45TWh by 2030 at precisely the second the continent wants to speed up its industrial and power transition.
Ore’s iron-air batteries clear up this problem by storing renewable electrical energy for up to 100 hours earlier than feeding it again to the grid each time demand requires. Co-located with wind farms, the batteries scale back curtailment – when renewable power is wasted as a result of the grid cannot take it – make higher use of present grid infrastructure and supply the agency, round-the-clock dispatchable output wanted to substitute fuel.
Ore Energy has already signed a 1GWh deal with Budget Thuis, a challenger Dutch-based power and telecoms utility provider, while pilot tasks with French utility EDF have demonstrated how its expertise performs in real-world utility settings.
Powering the world’s new industrial age
The new funding, which included participation from Positron Ventures, will allow Ore to set up its first manufacturing facility, forward of its goal for gigawatt hour-scale manufacturing in 2028. The facility will validate manufacturing at scale, supported by group growth throughout manufacturing, industrial and operational roles. By 2035, Ore Energy goals to make iron-air the commonplace grid infrastructure for long-duration power storage and energy the world’s new industrial age by way of agency, renewable baseload energy.
Aytac Yilmaz, Co-founder and CEO of Ore Energy, mentioned: “Expensive energy is the biggest barrier to growth, something European businesses and politicians know only too well. Affordable, renewable baseload power is the foundation for the next generation of manufacturing, AI infrastructure and industrial growth globally. Ore Energy’s long-duration storage is an essential part of that future. This funding will help us build our first manufacturing facility and put us on the path to gigawatt hour-scale production, making renewable electricity available whenever and wherever needed.”
Ian Hogarth, companion at Plural, mentioned: “Long-duration energy storage is one of the biggest unsolved challenges in the energy transition, and unlocking it will transform how we power industry, scale AI data centres and drive economic growth. Aytac, Rutil and the team have combined world-class science with exceptional execution to make iron-air batteries commercially viable, whilst providing a critical technology, not just for Europe but as an important export technology too. By getting so much more out of every unit of wind we already have, Ore Energy has the potential to become one of the world’s most important energy companies.”
Maxi Pethö-Schramm, principal at HV, mentioned: “If we want to meet the future energy demands of AI data centres while providing European industry with affordable, reliable baseload power, then we need long-duration storage. Only then will Europe have the means to compete in the complex, energy-intensive sectors that will define the continent’s future. Ore has developed a practical, scalable solution that combines breakthrough technology with a clear path to manufacturing at scale and we’re excited to back a team with the ambition to bring this critical infrastructure to market.”
Ore Energy develops grid-scale iron-air batteries for long-duration power storage. Using solely iron, water, and air – no lithium or cobalt – its programs retailer power safely for up to 100 hours and could be constructed utilizing a completely European provide chain. Ore Energy’s mission is to make low-cost renewable power accessible to grids and knowledge centres always, closing the multi-day gaps that also pressure the use of fossil fuels. Follow Ore Energy on LinkedIn and go to oreenergy.com.
About Plural:
Plural is an early-stage funding fund that backs the most bold founders on a mission to change the world by way of expertise. Plural launched in June 2022 with the purpose to give critical founders in Europe traders with expertise to match their ambition. Based in Tallinn, Estonia, and London, UK, Plural’s mission is to have GDP-level affect on Europe, handle systemic dangers and scale back the alternative hole worldwide by way of the firms it backs. https://pluralplatform.com
About HV:
HV is one in every of the main early-stage and development traders in Europe. With 9 fund generations in 26 years and €2.8 bn in managed belongings, HV is one in every of the continent’s most lively traders. The funding group has a few years of expertise in figuring out European startups with nice potential for success. In addition to worldwide success tales like Flix, Zalando, Delivery Hero, Sumup, and Depop, innovation leaders corresponding to Quantum Systems, Marvel Fusion, Sennder, Neura Robotics, Enpal, and Isar Aerospace, are additionally a part of the portfolio. HV has invested in additional than 290 web and expertise firms, supporting startups with ticket sizes starting from €0.5m to €60m. It is one in every of Europe’s few enterprise capital companies that may finance startups by way of all development phases. HV has a group of greater than 60+ funding and operations professionals who present a wide range of views and experience throughout the enterprise capital panorama. https://www.hvcapital.com/
