$43m · Series A · Energy · Amsterdam, Netherlands
Amsterdam-based Ore Energy has raised $43m in Series A funding from Plural and HV, with Positron Ventures participating. The company said the round takes its total funding above $61m and will finance its first manufacturing facility, expand manufacturing, commercial and operations teams, and support a target of gigawatt-hour-scale production in 2028.
Ore Energy's newsroom also gives a €38m equivalent. EUVC uses the original $43m amount stated in the dated company release and recorded by Tech.eu.
From pilot chemistry to factory validation
Ore Energy is developing iron-air batteries for storing renewable electricity across multi-day gaps. Its system charges by converting iron oxide back into metallic iron, then discharges by oxidising the iron again. The company says the chemistry uses iron, water and air, avoids lithium and cobalt, and can store power for up to 100 hours through a European supply chain.
That duration targets a different job from short-cycle batteries. Ore's commercial case is to absorb excess wind or solar output when the grid cannot use it, then return that electricity during longer periods of weak generation or high demand. The company claims its energy-capacity cost is about one-tenth that of lithium-ion for long-duration use. That comparison has not been independently audited, but it explains why the round is aimed at manufacturing rather than another isolated laboratory milestone.
The company has already tested the technology in utility settings, including an EDF pilot in France. It has also signed a 1 GWh agreement with Dutch supplier Budget Thuis, beginning with a committed 400 MWh phase planned for delivery in 2028. The agreement gives the factory plan a named customer programme and a concrete scale target. It does not mean the systems are already deployed, and public materials do not disclose pricing, delivery conditions or expected revenue.
Manufacturing is the Series A test
Plural's investment thesis presents Ore's manufacturing approach and European materials base as central advantages. The practical test is whether the company can translate a working chemistry into repeatable containerised systems, qualified supply chains and field performance at hundreds of megawatt-hours.
The funding aligns capital, a first-factory objective and a future customer milestone. That sequencing can reduce demand uncertainty, but it concentrates execution risk in permitting, production yield, cost control and on-time delivery. Reaching GWh-scale output in 2028 remains a target; measured performance from the Budget Thuis phase will show whether Ore can turn a long-duration storage thesis into dependable grid infrastructure.
