European Multi-Day Energy Storage Startup Ore Energy Raises US$43 Million in Series A
The Amsterdam startup will use the funding to build its first factory and begin a 400 MWh first phase of the 1 GWh rollout, the companies said.
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Amsterdam startup Ore Energy raises $43 million to build iron-air batteries that store power for days
Ore Energy raised $43 million in Series A funding to scale iron-air batteries that store renewable electricity for up to 100 hours using iron, water and air
The Delft-based start-up Ore Energy has raised 38 million euros in investments today, reports the FD. With the invested capital, the start-up plans to build its first factory for iron-air batteries. These special batteries are almost as large as a shipping container and can store energy for more than one hundred hours. This is significantly longer than lithium batteries, which can only store energy for about four to eight hours.
Ore Energy has received a total of US$43 million (EUR37.33 million) from investors in a series-A financing round, including Plural, HV Capital and Positron Ventures. The Dutch company has thus acquired more than US$61 million from investors, including the latest financing round, as announced on Tuesday. Ore Energy is now planning to build its first large-scale production facility with the raised capital in order to have a production capacity on …
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