Overview
- Ore Energy announced Tuesday that it raised $43 million in a Series A led by Plural and HV with existing investor Positron Ventures, bringing its total funding to about $61 million.
- The company says the money will be used to establish its first manufacturing facility and validate production at scale with a target of gigawatt‑hour manufacturing by 2028.
- Ore holds a commercial agreement with Dutch supplier Budget Thuis for up to 1 GWh of systems, starting with a committed 400 MWh first phase slated for 2028, and it has completed grid‑connected pilots with EDF supported by the StoRIES research network.
- Ore’s iron‑air cells use iron, water and air and are designed to store energy for up to about 100 hours at far lower stated capacity cost than lithium‑ion, but those cost and duration claims are company‑reported and remain unproven at commercial scale.
- The technology could help absorb wasted renewable power and serve growing AI and industrial electricity demand, but Ore must prove manufacturing reliability and compete with better‑funded peers such as Form Energy, which began operating its first US site in 2025.