Ore Energy raises €38 million for iron-air batteries
The Delft-based startup is investing the money in a factory for iron-air batteries, which can store renewable energy for up to 100 hours.
Published on August 5, 2026
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Delft-based Ore Energy has raised 38 million euros to build its first battery factory. The startup is developing so-called iron-air batteries: batteries that store energy through a reversible rusting process. With this investment, the company aims to begin commercial-scale production starting in 2028.
Iron, air, and water
Unlike lithium-ion batteries, Ore Energy’s batteries use iron, air, and water. During discharge, iron reacts with oxygen from the air, releasing energy. During charging, that process is reversed, and the rust is converted back into metallic iron. Because iron is inexpensive and widely available, these batteries could become an affordable alternative for large-scale energy storage.
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Successful pilot
Earlier this year, Ore Energy completed a successful pilot with the French energy company EDF. In addition, the company signed an agreement with energy supplier Budget Thuis, which has reserved a total of 1 GWh of storage capacity.
The plan
Ore Energy has not yet announced where the first factory will be located or what its production capacity will be. It is clear, however, that the new funding will be used entirely to make the transition from pilot projects to commercial production. With this move, the Delft-based startup joins a growing group of companies developing alternatives to lithium-ion technology, including the American company Form Energy.
The first 400 MWh is scheduled to be delivered in 2028. The batteries are designed to store renewable electricity for 24 to 100 hours, thereby supporting the power grid.