Ore Energy Raises $43M to Scale Iron-Air Batteries for Long-Duration Storage

According to Ventureburn, the batteries can store power for up to 100 hours at roughly one-tenth the cost of lithium-ion. Most grid batteries currently deliver energy for between four and 12 hours. Charging runs electricity in reverse to convert rust back into iron, while discharging allows the iron to rust again and captures the released energy.

EU-Startups reported that the funding will support the construction of Ore Energy's first manufacturing facility as it moves toward gigawatt-hour-scale production. Yilmaz said that expensive energy is the biggest barrier to growth, something European businesses and politicians know only too well, and that affordable, renewable baseload power is the foundation for the next generation of manufacturing, AI infrastructure and industrial growth globally.

Ventureburn noted that electricity consumed by global data centres is projected to rise to 945 TWh by 2030, while an estimated 72 TWh of European wind and solar output goes unused each year, waste it valued at about $8 billion.

AI Startups Draw Cross-Border Funding, From London Hiring Agents to Riyadh Procurement

Four AI-focused startups across the UK, Saudi Arabia, Lithuania and the US disclosed new funding rounds ranging from €1.7 million to $875 million.