Ore Energy, a developer of iron-air batteries for long-duration energy storage, has raised $43 million in Series A funding in a round co-led by Plural and HV.

Positron Ventures also participated in the round, bringing the company’s total funding to more than $61 million.

The iron-air batteries store electricity through the oxidation and reduction of iron electrodes, commonly described as rusting and unrusting. The company claims its technology can provide long-duration energy storage at 10x lower per-unit cost than lithium-ion.

Ore Energy plans to use the funding to establish its first manufacturing facility and expand its manufacturing, commercial, and operations teams. The facility will test the company’s ability to manufacture its battery systems at scale before its planned transition to gigawatt-hour-scale production in 2028.

Aytac Yilmaz, Co-founder and CEO of Ore Energy, said, “Expensive energy is the biggest barrier to growth, something European businesses and politicians know only too well. Affordable, renewable baseload power is the foundation for the next generation of manufacturing, AI infrastructure and industrial growth globally. Ore Energy’s long-duration storage is an essential part of that future. This funding will help us build our first manufacturing facility and put us on the path to GWh-scale production, making renewable electricity available whenever and wherever needed.”

The company has signed an agreement to supply 1 GWh of energy storage to Budget Thuis, a Netherlands-based energy and telecommunications provider. It has also conducted pilot projects with French utility EDF to test the technology in utility applications.

In January this year, iron-air battery manufacturer Meine Electric raised $750,000 (~₹67 million) in a pre-seed funding round to accelerate its transition from laboratory-scale prototypes to pilot-ready iron-air battery systems. Antler, Rebalance, Venture Catalysts, gradCapital, and AIC-AU Incubation Foundation provided the funding.

According to Mercom’s recently released 1H 2026 Funding and M&A for Energy Storage report, VC funding for energy storage companies in 1H 2026 totaled $1.6 billion across 51 deals, representing a 6% YoY decline compared to the $1.7 billion raised across 36 deals in 1H 2025.