Ore Energy Raises €37.3 Mn to Scale Iron-Air Batteries for Long-Duration Energy Storage

The company is developing iron-air batteries that can store electricity for long periods. These batteries are designed to provide large-scale energy storage for power grids, helping support renewable energy.

The funding round was led by Plural and HV, with participation from Positron Ventures. With this latest investment, Ore Energy's total funding has reached €53.02 million ($61 million).

Aytac Yilmaz, co-founder and CEO of Ore Energy, said, “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, partner at Plural, said, “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.”

Founded in 2023 by Aytac Yilmaz, Rutil Özdemir and Yaiza Gonzalez Garcia, Ore Energy's iron-air batteries generate and store electricity by rusting and removing rust from iron electrodes. This process allows the batteries to store energy for long periods.

The batteries are made using low-cost and widely available materials such as iron, water, and air. Ore Energy says they can also be manufactured entirely through a European supply chain, without depending on expensive materials like lithium or cobalt.

The company believes its iron-air batteries can help solve one of the biggest challenges in the clean energy transition by providing affordable, long-duration energy storage for power grids.

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