Ore Energy and the EIC Accelerator: Iron-Air Batteries for Days
Ore Energy, a 2023 spin-out from Delft University of Technology, makes iron-air batteries, which store energy by letting iron rust and then turning the rust back into metal, using only iron, water and air. They can discharge for days rather than the four to 12 hours typical of lithium-ion, according to Latitude Media. Its EIC Accelerator project, F-AIR BAT, receives an EU contribution of €2,499,817 and runs from December 2024 to November 2026, according to CORDIS. The project report says Ore optimised second-generation cells, built and tested stacks, set up an EU-based supply chain and identified wind farms, energy suppliers and data centres as first markets, according to CORDIS.
In July 2025 Ore connected its pilot system to the grid in Delft, which it described as the first grid-connected iron-air battery in operation. In February 2026 it completed a 100-hour pilot at EDF's research lab in France, and in June signed an agreement with the Dutch energy supplier Budget Thuis for 1 GWh of storage, starting with 400 MWh planned for 2028, according to Ore Energy. In August 2026 it raised €37.3 million ($43 million) in a Series A led by Plural and HV Capital with Positron Ventures, to build its first factory, taking its total funding past $61 million, according to OneStopESG and IO+.
Company file
- Legal entity
- Ore Energy BV, Delft
- Founded
- 2023, TU Delft spin-out
- Technology
- Iron-air battery, multi-day storage
- Investors
- Plural, HV Capital, Positron Ventures
- First customer
- Budget Thuis, 1 GWh agreement
- Pilots
- Delft grid connection; EDF Lab les Renardières
- EIC funding
- Blended finance, €2.5M grant
Where Ore Energy Stands Now
Ore plans to start commercial-scale production in 2028, delivering the first 400 MWh that year, but it has not announced where its first factory will be or how much it will produce, according to IO+. It says its batteries cost ten times less per unit of energy capacity than lithium-ion. Its accounts were not accessible in free sources.
The record
From a TU Delft spin-out to a factory plan
Ore Energy's EIC project runs until November 2026. It has connected a pilot to the grid, tested at EDF, signed a 1 GWh deal and raised a Series A.
- 2023Ore Energy foundedTU Delft spin-out
- Mar 2024EIC Accelerator cut-offF-AIR BATblended finance
- Dec 2024EIC project starts€2.5M EU contribution
- Jul 2025First grid-connected iron-air batteryDelft
- Feb 2026100-hour pilot completedEDF Lab, France
- Jun 2026Budget Thuis agreement1 GWh, first 400 MWh in 2028
- Aug 2026€37.3M Series APlural and HV Capital
Latitude Media, Ore Energy, IO+ and CORDIS.
"Ore Energy has not yet announced where the first factory will be located or what its production capacity will be."
IO+, August 2026The Technology: Rust as a Battery
When an iron-air battery discharges, iron reacts with oxygen from the air and releases energy; charging reverses the reaction. Because the materials are cheap and abundant, Ore argues, storing energy for many hours costs far less than with lithium-ion. Ore's pilot was the first multi-day storage system designed, built and installed in the EU using materials that can be sourced in Europe, according to Latitude Media.
The difference
Hours of storage
Iron-air batteries can discharge for up to about 100 hours; lithium-ion systems typically last 4 to 12 hours, Latitude Media reports.
Latitude Media and Ore Energy. Hours.
What the EIC Award Promised, and What the Record Shows
The project promised the first scalable, cheap long-duration storage from iron, water and air in Europe. It runs until November 2026, so it is too early to judge it, but the record already shows grid operation, an EDF pilot, a paying customer agreement and private capital. Commercial-scale production is still two years away.
- Grid-connected systemDeliveredDelft, 2025.
- Multi-day operationDelivered100 h at EDF.
- Commercial customerAgreementBudget Thuis, 1 GWh.
- Mass productionPlannedFrom 2028.
The Money
Ore's Series A is 15 times its EIC grant. The award was blended finance, but the EIC Fund is not named among the Series A investors, and no separate EIC Fund investment has been announced.
The funding
Series A against the EIC grant
The 2026 Series A is 15 times the EIC grant.
IO+, Ore Energy and CORDIS. Values in € millions.
The first customer
Budget Thuis storage agreement
The agreement covers 1 GWh, starting with a committed 400 MWh phase planned for 2028.
Ore Energy, June 2026. Megawatt-hours.
What Cannot Be Checked
Questions for the EIC
Whether the EIC Fund invested, what the EDF pilot's efficiency and cost data showed, and whether the Budget Thuis agreement is a firm order are not public.
Why Europe Should Care
Ore targets storage that lasts days, not hours, for wind farms, energy suppliers and data centres. It builds it from materials Europe has and says its supply chain is European. Its US rival Form Energy has raised $1.2 billion and already started factory production, Latitude Media reports.
What the award promised
Scalable, cheap long-duration storage from iron, water and air.
What the record shows
A grid pilot, a 1 GWh deal and €37.3M raised; production from 2028.
The Verdict
Strong start
Ore Energy reports a grid-connected pilot, a 100-hour EDF pilot and a 1 GWh agreement. The factory is the next test.
Ore Energy and the EIC have not been asked for comment for this article. It is based entirely on public records and published statements, linked throughout.
Industry
EnergyEnergy storage
- Focus
- Battery storage
- Technologies
- Battery chemistry
- Keywords
- Iron-air batteries
- Long-duration storage
- Multi-day storage
- Grid storage