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Ore Energy Debuts to Revolutionize Utility-Scale Battery Storage That Last Days Instead of Hours

Image Credits: Ore Energy
By: Headliners News / June 7, 2024

In the Netherlands, where days can pass without a glimpse of the sun, the efficiency of solar panels often falls short. While wind turbines can help compensate, their effectiveness wanes when the wind ceases. Meet Ore Energy, an innovative tech startup focused on long-duration energy storage, which has just emerged from stealth mode with a mission to transform the electrical grid with utility-scale batteries designed to last days instead of hours.

Founded by Aytac Yilmaz, Ore Energy aims to tackle the limitations of current lithium-ion batteries, which, despite being abundant due to automotive demand, remain prohibitively expensive. Yilmaz envisions a future where these batteries are replaced by more cost-effective and readily available iron-based batteries.

Recently, Ore Energy announced it has secured €10 million in seed funding from Positron Ventures and other investors. This capital infusion will accelerate their development of grid-scale batteries that are both cheaper and more durable. They are targeting around 100 hours of storage to bridge longer gaps in renewable power generation, as there are more renewables in the grid, the longer duration of storage is needed.

The innovative technology behind Ore Energy’s batteries originated from Yilmaz’s research at TU Delft in the Netherlands, where he focused on corrosion during his PhD and postdoc studies. The batteries function by rusting iron to release energy and reversing the corrosion to store it.

Distinct from traditional batteries pre-packed with all necessary chemicals, Ore Energy’s batteries utilize atmospheric oxygen as a key reactant, hence the name “iron-air battery.” Their team has described the process: “The batteries inhale and exhale oxygen, facilitating these reactions.”

Ore Energy is already collaborating with utilities and is gearing up for commercial-scale production. Part of the new funding will be allocated to constructing a megawatt-scale factory, with aspirations to scale up to a gigawatt-scale factory by the end of the decade. Their ultimate goal is to significantly decarbonize the grid in the 2030s.

While Ore Energy faces competition from U.S.-based Form Energy, a pioneer in iron-air battery technology with $928 million raised and a large-scale factory nearing completion in West Virginia, Yilmaz is confident in the potential for multiple players in the market. Form Energy is doing great work in the U.S., and they share the same goal of transforming the electricity grid, focusing on Europe.

With its groundbreaking approach and fresh funding, Ore Energy is poised to make a substantial impact on the future of renewable energy storage.

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