RIFT Secures €114M to Scale Iron Fuel Technology
- €113.8M secured to scale Iron Fuel Technology for industrial heat decarbonization.
- Series B round led by PGGM with €83.1M, plus €30.7M from EU Innovation Fund.
- First commercial facility to be operational by 2029, delivering 340 GWh/year.
- Project aims to avoid over 1 million tonnes of CO₂ emissions over 15 years.
Funding and Investment
RIFT has secured €113.8 million to advance Iron Fuel Technology towards commercial deployment. The funding includes an €83.1 million Series B round led by PGGM, with contributions from Invest-NL, Oost NL, Rubio Impact Ventures, BOM, and the Energietransitiefonds Rotterdam. Additionally, RIFT has been awarded €30.7 million from the EU Innovation Fund.
Commercial Facility Development
The financing will support the development of RIFT's first commercial production facility, which will supply iron fuel to industrial customers integrating Iron Fuel Boilers into their processes. The facility is expected to be operational by 2029, with the first commercial contract signed with Kingspan Unidek.
Impact and Goals
The project aims to deliver approximately 340 GWh of industrial heat annually, amounting to around 5 TWh over a 15-year lifespan. This initiative is projected to avoid more than one million tonnes of CO₂ emissions, addressing the challenge of decarbonizing industrial heat, which is currently reliant on fossil fuels like natural gas.
European Support
The EU Innovation Fund's support highlights the European significance of Iron Fuel Technology in reducing industrial CO₂ emissions. The fund aims to bridge the gap between demonstration and commercial deployment, reinforcing the execution of RIFT's first commercial project.
Next Steps
With financing secured, RIFT will focus on executing the commercial rollout of its circular iron fuel system in energy-intensive industries. The company plans to advance its commercial project with a team of approximately 75 people, targeting operational deployment by 2029.
Source: RIFT