- Ore Energy, a Dutch startup, has successfully raised $43 million in a Series A funding round backed by Plural and HV Capital.
- The funding will be used to scale up Ore Energy's iron-air battery technology, which can store renewable energy for up to 100 hours at about one-tenth the cost of lithium-ion batteries.
- This funding comes at a time when global data centre electricity demand is projected to more than double to about 945 TWh by 2030, largely driven by AI workloads.
Ore Energy, a Dutch startup, has raised $43 million in Series A funding from Plural and HV Capital to enhance its iron-air battery technology. This funding is crucial as global data center electricity demand is projected to more than double to 945 terawatt-hours (TWh) by 2030, driven by AI workloads.123456
The company’s batteries can store renewable energy for up to 100 hours at about one-tenth the cost of lithium-ion batteries, addressing the intermittency issues of renewable sources. “When you look at the renewables, they are actually the cheapest source of electricity that humankind has ever faced,” said Yilmaz, highlighting the need for reliable energy sources.
Ore Energy aims to achieve gigawatt-hour-scale manufacturing by 2028 and establish its batteries as standard grid infrastructure across Europe by 2035. The funding will primarily support scaling manufacturing and commercial deployments, as the demand for long-duration energy storage becomes increasingly critical for Europe’s energy transition.
“Long-duration energy storage is one of the biggest unsolved challenges in the energy transition,” said a partner at Plural, emphasizing the transformative potential of Ore’s technology for powering industries and AI data centers. As AI infrastructure drives electricity demand to new heights, Yilmaz stated, “the way to energise them is through renewables.”
“Ore's iron-air batteries can store renewable energy for up to 100 hours at a tenth of lithium-ion's per-unit cost, and it has signed a 1 GWh deal with Budget Thuis and pilot deployments with EDF. Global data-centre electricity demand is expected to more than double to about 945 TWh by 2030, driven by AI workloads.”
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