Long-duration energy storage startup Ore Energy announced that it has raised $43 million in a Series A funding round, with proceeds aimed at scaling its iron-air battery technology for multi-day storage of wind and solar energy, to enable fully renewable power systems.

Energy storage is considered a key enabler of the clean energy transition, helping address the intermittent nature of renewable energy sources such as wind and solar while meeting around-the-clock electricity demand and supporting growing power needs from sectors including transportation electrification and AI-driven computing. Duration remains a key challenge to energy storage systems, with most lithium-ion solutions becoming uneconomical beyond a few hours.

Founded in 2022 by CEO Aytac Yilmaz, and COO Rutil Özdemir, Amsterdam-based Ore Energy develops long-duration iron-air battery technology designed to provide low-cost energy storage for renewable energy. The company said that its batteries, built from iron, water and air, can store electricity for up to 100 hours, enabling electricity grids to continue operating through multi-day periods of low wind and sun.

Iron-air batteries store electricity by reversing the rusting process, as charging converts iron oxide back into metallic iron, while discharging re-oxidizes the iron using oxygen from the air.

The company said that the new capital will support the commercialization of its technology and the construction of its first manufacturing facility, as it works towards GWh-scale manufacturing by 2028.

Aytac Yilmaz, co-founder and CEO of Ore Energy, said,

“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.”

The funding round was led by Plural and HV, with the participation of Positron.