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+.

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 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.

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.

1. Grid-connected systemDeliveredDelft, 2025.
2. Multi-day operationDelivered100 h at EDF.
3. Commercial customerAgreementBudget Thuis, 1 GWh.
4. 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.

What Cannot Be Checked

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.

The Verdict

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.