1 The EIC Accelerator Project
EIC Accelerator Program Overview
The European Innovation Council (EIC) Accelerator program is a pivotal funding initiative aimed at supporting innovative startups and small and medium-sized enterprises (SMEs) within the European Union. Designed primarily for companies in the DeepTech sector, the EIC Accelerator seeks to facilitate the development and scaling of groundbreaking technologies that can have a transformative impact on society and the economy.
This program operates on a blended finance model, providing a combination of grants and equity investments. The grant component can reach up to €2.5 million, which serves as non-dilutive funding to cover costs associated with research, development, and market introduction. In addition, the equity funding can range up to €15 million until the end of 2024, transitioning to a cap of €10 million from 2025 onwards. This structure is designed to help innovative companies bridge the funding gap often encountered in the scale-up phase, allowing them to attract further investments from private sectors while minimizing dilution of ownership.
Purpose and Impact of the EIC Accelerator
The EIC Accelerator plays a crucial role in the European startup ecosystem by providing financial backing and resources to high-potential companies. Its primary purpose is to stimulate innovation, drive economic growth, and enhance the global competitiveness of European firms. By focusing on DeepTech solutions—those that often require significant investment and time to develop—the EIC Accelerator aims to address pressing challenges such as climate change, energy transition, and digital transformation.
Through its funding structures, the program encourages companies to take on higher risks associated with pioneering new technologies. Additionally, it facilitates connections to a network of investors, mentors, and industry experts, thereby enhancing the companies' ability to scale effectively and sustainably.
Ore Energy: EIC Accelerator Winner
Project Overview: F-AIR BAT
Ore Energy, a Netherlands-based company, has emerged as a winner of the EIC Accelerator program with its innovative project, F-AIR BAT. This initiative is groundbreaking as it introduces the first scalable, ultra-cheap, and easily deployable long-duration energy storage solution in Europe. The technology's foundation rests on the utilization of iron, water, and air, positioning it as a critical component to accelerate the EU's energy transition.
Technology Basics and Background
The F-AIR BAT project is built on the principles of sustainable energy storage, a key requirement for integrating renewable energy sources such as wind and solar into the grid. Traditional energy storage solutions, like lithium-ion batteries, face limitations related to cost, scalability, and environmental impact. F-AIR BAT addresses these challenges by employing a novel approach that utilizes abundant and inexpensive materials—iron, water, and air—thus significantly reducing overall costs and environmental footprint.
The technology operates on the principle of redox flow batteries, wherein chemical energy is stored in liquid electrolytes. In the case of F-AIR BAT, the iron ions serve as the active material, while water and air act as supporting mediums. This innovative combination allows for long-duration energy storage, making it ideal for balancing supply and demand in the energy market.
The scalability of the F-AIR BAT system means it can be deployed across various applications, from powering small communities to supplementing larger grid infrastructures. Furthermore, its ease of deployment makes it accessible to a wide range of users, including those in remote areas where traditional energy storage solutions may be impractical.
In summary, the EIC Accelerator program plays a vital role in nurturing innovative companies like Ore Energy, enabling them to develop and scale transformative technologies such as F-AIR BAT. By providing essential funding and resources, the EIC Accelerator not only supports individual enterprises but also contributes significantly to the broader European goal of achieving sustainable energy transitions and fostering economic resilience.
2 The Funding Rounds
Ore Energy: Financing and Funding Activity Since EIC Accelerator Award
Background and EIC Accelerator Funding
Ore Energy, a Netherlands-based startup spun out from TU Delft, focuses on developing iron-air batteries for long-duration grid-scale energy storage. The company submitted its Step 2 proposal for the European Innovation Council (EIC) Accelerator program by the March 13, 2024 cut-off date and subsequently succeeded in the highly competitive Step 3 interview phase.
The March 2024 EIC Accelerator round was particularly selective—only 68 companies were awarded funding out of 969 applicants (a success rate of about 7%). Most companies, including Ore Energy, received "blended finance" (a mix of grant and equity investment), which was chosen by approximately 96% of winners in this round. Total funding across all winners exceeded €400 million.
Financing Raised
- May 2024 Seed Round: In May 2024, Ore Energy emerged from stealth mode with an announcement that it had secured €10 million in seed funding. This round was led by Positron Ventures along with other unnamed investors. The purpose is to support commercial-scale production efforts—including building a megawatt-scale factory—as well as further develop their iron-air battery technology.
- EIC Accelerator Award: As part of its March–July EIC process win, Ore Energy is entitled to additional non-dilutive grant financing plus potential equity investment through the dedicated EIC Fund. While official breakdowns for individual recipients are not published from public sources at this time, typical awards per company can reach up to €17.5 million (€2.5M in grants plus up to €15M or more in equity). Given that nearly all recipients chose blended finance this cycle—and based on reporting standards—Ore Energy likely benefits from both tranches.
Timing and Amounts of Funding Rounds
| Date | Type | Amount | Lead Investor(s) |
|---|---|---|---|
| May 22, 2024 | Seed | €10 million | Positron Ventures (+others) |
| July/August (Awarded/Contracted) | EIC Blended Finance | Estimated up to €17.5 million | European Innovation Council Fund |
</em>Exact dates for contract signing/disbursement may vary; announcements followed selection results released July–August after application cut-off.
Investor Information
- Positron Ventures led Ore Energy's seed round.
- Additional investors participated but have not been publicly named.
- For the EIC portion: Equity comes via the European Innovation Council Fund—the EU’s dedicated deep-tech investor—which often also attracts syndicate co-investors over time as projects mature.
Company Valuations
No explicit post-money valuation has been disclosed alongside either the seed or blended finance rounds for Ore Energy as of May/June/July/August 2024 coverage. However:
For context: > U.S.-based competitor Form Energy reportedly achieved a $2 billion post-money valuation after substantial fundraising rounds but is years ahead commercially.
Exit Events: IPOs or Acquisitions
As of early May/June/July/August 2025:
- There have been no exit events such as IPOs or acquisitions reported for Ore Energy.
- The company remains focused on scaling manufacturing capacity with fresh capital raised during these rounds.
Summary Table — Key Financial Milestones Since March 13th Cutoff:
| Event | Timing | Details |
|---|---|---|
| Step 2 Proposal Submission | Mar 13, 2024 | Applied to EIC Accelerator |
| Selection Announcement | Jul 15–23, 2024 | Announced among winning cohort |
| Seed Round | May 22, 2024 | Raised €10M led by Positron Ventures |
| Anticipated Grant & Equity Award | Summer/Fall ‘24+ (contracting phase) Likely blended award; exact split undisclosed |
No exits have occurred; valuation figures remain undisclosed but are likely within standard ranges given capital raised and sector benchmarks.
Sources
- EIC Accelerator: Statistics and Results from the March 2024 call
- EIC Accelerator March 2024 Results: A Detailed Analysis
- Ore Energy emerges from stealth to build utility-scale batteries that last days not hours – TechCrunch
- Ore Energy emerges from stealth – aVenture
- Quantum Transistors secures funding from European Innovation Council – Data Center Dynamics
3 The Press Releases
Ore Energy Secures EIC Accelerator Funding for Long-Duration Iron-Air Battery Technology Amsterdam-based Ore Energy, a 2022-founded cleantech startup, was among the 68 companies awarded funding in the March 2024 EIC Accelerator cut-off. The company specializes in multi-day energy storage systems using iron-air battery technology, which utilizes oxidation and reverse “unrusting” processes to store renewable energy efficiently.Key Details
- Technology: Ore Energy’s iron-air batteries operate at lower costs compared to conventional lithium-ion solutions, leveraging abundant materials like iron to enable scalable, long-duration storage for grid decarbonization.
- Funding Round: The March 2024 cut-off saw a highly competitive selection process, with only 7% of applicants (68 out of 969 full proposals) securing blended finance or grants. Ore Energy’s award aligns with the EIC’s focus on environment and sustainability projects, which comprised 24% of funded ventures.
- Recent Developments: In June 2024, Ore Energy raised an additional €10 million in a Seed VC-III round to advance its battery manufacturing and commercialization efforts.
Strategic Impact
The EIC Accelerator funding will accelerate Ore Energy’s R&D and deployment of its storage systems, which aim to stabilize renewable-heavy grids by providing cost-effective multi-day discharge capabilities. The company emphasizes accessibility through semiconductor-industry-inspired scalability.Sources
- EIC Accelerator: Statistics from March 2024 Call
- Ore Energy's CB Insights Profile
- EIC Accelerator March Winners Announcement
4 The Technology Advancements
Overview of Ore Energy
Ore Energy is a Dutch company based in Amsterdam and Delft, focusing on developing a new generation of long-duration energy storage solutions using iron-air batteries. These batteries are designed to store energy for up to 100 hours, making them ideal for bridging gaps in renewable energy supply.
Current Capabilities
Ore Energy's technology utilizes iron, water, and air to provide long-duration energy storage at a low cost. This approach is crucial for decarbonizing the energy grid by reducing reliance on rare earth minerals and supporting Europe's energy independence goals. The company aims to democratize access to renewable energy by ensuring reliability and affordability.
Advancements Since EIC Accelerator Funding
After receiving funding from the European Innovation Council (EIC) Accelerator in March 2024, Ore Energy has been focused on scaling its operations. The company is working on establishing the first factory of its kind in Europe to optimize production for larger scale deployments. This expansion is intended to support the grid directly or work alongside solar and wind farms, making iron-air batteries a potentially game-changing technology for long-duration energy storage.
Technology Improvements and Demonstrations
Ore Energy has not publicly announced significant new features or improvements in its technology since the funding. However, the company is committed to commercial-scale production, with plans to build a megawatt-scale factory and eventually aim for a gigawatt-scale factory by the end of the decade. They are working with utilities and are ready for commercial deployment, which suggests that their technology is being demonstrated or piloted with customers.
New Patents, Studies, or Whitepapers
As of the latest information, Ore Energy has not publicly disclosed filing new patents or publishing scientific studies or whitepapers since receiving the EIC funding. The focus remains on scaling production and deploying their existing technology to support grid-scale energy storage needs.
Conclusion
Ore Energy is advancing its iron-air battery technology to meet the increasing demand for long-duration energy storage. With EIC funding, the company is scaling up production and preparing for commercial deployment, aiming to support a more sustainable energy future.
Sources
- ORE Energy | Cost Effective Energy Storage
- Strike when the iron is hot: why Ore Energy believes in bringing back iron-air batteries
- About us - ORE Energy
- Long-Duration Energy Storage Challenge - SPRIND
- Ore Energy emerges from stealth to build utility-scale batteries that last days, not hours
5 The Partnerships and Customers
Ore Energy's Partnerships and Market Position Post-EIC Accelerator Funding Ore Energy, a TU Delft spin-out specializing in iron-air battery technology, has not publicly disclosed specific customer or partnership agreements since securing EIC Accelerator funding in March 2024. However, the company’s strategic positioning and recent developments provide insights into its market trajectory:- Technology Deployment: Ore Energy’s ultra-low-cost iron-air batteries target grid-scale energy storage, with existing collaborations implied through utility engagements (exact partners unnamed). The EIC Accelerator funding (blended finance type) will bolster its commercial-scale production.
- Scaling Infrastructure: The company plans to establish a megawatt-scale production facility using its €10M seed funding (Positron Ventures and SPRIN-D), while EIC funds will support further industrialization. Its modular design enables deployment at MWh to GWh scales.
- Market Differentiation: By leveraging non-critical raw materials (iron, water, air), Ore Energy avoids supply-chain risks associated with lithium-ion batteries. The EIC backing enhances credibility for utilities seeking resilient long-duration storage solutions.
Strategic Relationships and Future Outlook
While explicit new partnerships post-EIC remain unannounced, Ore Energy’s participation in the accelerator program grants access to EU-wide investor networks and potential utility clients. The company’s focus on multi-day storage positions it as a critical player in Europe’s energy transition, particularly for regions prioritizing decarbonization and grid stability.
Sources
- The first European scalable ultra-cheap long-duration energy storage system
- Meet the 6 Dutch startups selected for EIC funding
- Ore Energy exits stealth mode with €10M
- Ore Energy emerges from stealth to build utility-scale batteries
6 The Hiring and Company Growth
Ore Energy: Post EIC Accelerator Funding Insights
Company Overview
Ore Energy, a climate tech company based in the Netherlands, has made significant strides in developing ultra-cheap long-duration energy storage systems using iron, water, and air. This innovative approach has earned them recognition and funding through the European Innovation Council (EIC) Accelerator in March 2024.Hiring and Team Growth
Currently, there is no specific information available on Ore Energy's exact headcount or team size. However, the EIC Accelerator funding typically supports small and medium-sized enterprises (SMEs) in scaling their operations, which often involves expanding their teams.As for hiring, while there is no explicit mention of active recruitment, the funding received will likely facilitate team growth. This growth is crucial for scaling Ore Energy's operations and is anticipated to include key positions related to technology development, manufacturing, and commercialization.
Key Positions and Future Implications
The new team members will be essential in enhancing Ore Energy's capabilities in research and development, manufacturing, and market penetration. These additions will help the company to further refine its energy storage technology, ensuring it is more competitive and scalable. The expansion of the team will be pivotal in Ore Energy's mission to accelerate the EU's energy transition by providing cost-effective, long-duration energy solutions.Changes in Management or Founding Team
There is no publicly available information regarding any recent changes in Ore Energy's management or founding team. However, it is common for companies receiving significant funding to review their organizational structure to better align with their growth objectives.Growth and Impact
Since receiving the EIC Accelerator funding, Ore Energy is poised to experience substantial growth. The company's innovative energy storage solutions, combined with the financial support from the EIC, will help Ore Energy scale its production and deployment capabilities. This growth will enable the company to play a more significant role in the European energy sector, contributing to the transition towards renewable energy sources.Sources
- Ore Energy company information, funding & investors
- European Innovation Council (EIC) Accelerator March 2024 Results: A Detailed Analysis
- EIC Accelerator: Statistics and Results from the March 2024 call
7 The Media Features and Publications
Ore Energy's Media Presence and Public Engagement Following EIC Accelerator Success Ore Energy, the Dutch startup developing ultra-cheap iron-air batteries for multi-day energy storage, has garnered significant attention as a 2024 EIC Accelerator winner. Here's a detailed breakdown of their public engagements and media coverage:Media Features and Publications
- Bits& Chips / eeNews Europe: Published an article titled “‘Rust’ Assured – the power of rust for energy storage” on June 7, 2024, detailing Ore Energy’s €10M funding round and its iron-air battery technology.
- Silicon Canals: Highlighted Ore Energy in its July 18, 2024, report on Dutch startups selected for EIC funding.
Podcasts and Interviews
While no direct podcasts featuring Ore Energy’s leadership were identified in available sources, unrelated podcasts (e.g., Resource Insider Podcast) mention similarly named entities but are not connected to this company.Conferences and Events
Publicly disclosed event participations post-EIC selection remain sparse. However:EIC Accelerator Recognition
Selected under the March 13, 2024 cut-off with blended finance support (grant + equity), Ore Energy aims to reduce long-duration storage costs by 10x compared to lithium-ion batteries. Their modular system targets scalability using abundant materials like iron.Sources Used
- CORDIS Project Page
- Silicon Canals - Dutch Startups Selected
- CB Insights - Ore Energy Profile
- "Rust" Assured Article via Bits& Chips (Note: Direct link unavailable; referenced via CB Insights)
Additional mentions: BRNO Region Ecosystem (Link), Creditsafe (Link).
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