In the Netherlands, days without sunshine can significantly hinder the output of solar panels, while calm weather can limit wind turbine efficiency. Enter Ore Energy, a startup poised to transform renewable energy storage with an innovative solution: iron-air batteries.
Founded by Aytac Yilmaz, Ore Energy has just emerged from stealth mode with a €10 million seed investment from Positron Ventures and other backers. The funding will propel the company’s mission to create cost-effective, long-duration energy storage solutions.
Yilmaz, who developed the core technology at TU Delft, explained that Ore Energy’s batteries aim to provide around 100 hours of storage, effectively bridging gaps in renewable power generation. This innovation is crucial as grids increasingly rely on renewable energy sources. Unlike traditional lithium-ion batteries, Ore Energy’s iron-air batteries utilize abundant and inexpensive iron. They function by rusting iron to release energy and reversing the process to store it. A unique aspect of these batteries is their use of atmospheric oxygen as a key reactant, leading to the term "iron-air battery."
“The batteries are actually inhaling and exhaling oxygen, allowing these reactions to happen,” Yilmaz said.
Ore Energy's technology is ready for commercial-scale production, with plans to use part of the new funding to build a megawatt-scale factory. By the decade's end, Yilmaz envisions a gigawatt-scale factory that will significantly contribute to decarbonizing the grid.
Although Ore Energy faces competition from established players like U.S.-based Form Energy, which has raised $928 million and is nearing the completion of a large-scale factory in West Virginia, Yilmaz believes there is ample room in the market. “Form Energy is doing a great job in the U.S.,” he noted. “We have the same goal to transform the electricity grid in Europe.”
Ore Energy’s innovative approach and ambitious plans make it a promising player in the quest to achieve a sustainable, renewable energy-powered future.
