Overview
- Ore Energy, which raised $43 million on Tuesday, August 4, has brought total funding to about $61 million with lead investors Plural and HV backing the Series A.
- The company says the new capital will finance its first manufacturing facility and efforts to prove gigawatt‑hour‑scale production by 2028 while fulfilling a 1 GWh supply agreement with Budget Thuis that starts with a committed 400 MWh phase for 2028.
- Ore’s iron‑air system stores energy by rusting and then re‑reducing iron electrodes using electricity, relying on iron, water and air rather than lithium or cobalt and targeting storage durations of roughly 24 to 100 hours.
- The technology trades lower round‑trip efficiency and larger physical footprint for much lower claimed capital cost, and Ore has completed grid‑connected pilots with EDF but remains commercially unproven at scale compared with better‑funded peer Form Energy.
- If Ore hits its cost and manufacturing targets it could cut reliance on natural gas for multi‑day renewable shortfalls and help absorb curtailed wind and solar while growing demand from AI data centres will test the need for multi‑day storage.