We are excited to announce that we have secured €11 million in Series A funding to accelerate the decarbonization of industrial heat through our groundbreaking Iron Fuel Technology. With new and existing investors on board, this investment will allow us to complete essential durability tests and finalize our first commercial contracts—paving the way for a full commercial rollout of our solution.
New investment partners
We are proud to welcome new investors PGGM (on behalf of PFZW), Invest-NL, and Oost NL, who join our existing shareholders Rubio Impact Ventures, the Energy Transition Fund Rotterdam, and Brabant Development Agency (BOM). Their combined investment and invaluable expertise will help us conduct 2 GWh of durability tests in our current industrial pilot facilities, located in Arnhem and Helmond. Additionally, the investment will be used to finalize the first commercial contracts, preparing us for full-scale commercial implementation.
We have engaged a strong consortium of both public and private parties who not only provide us with capital but also crucial knowledge and experience in sustainable value chains and infrastructures. This is essential for large-scale implementation and allows us to complete the final testing phases for commercial application. This collaboration increases our chances of a successful rollout and brings us one step closer to our ambition of reducing global emissions by one gigaton per year by 2050. We are ready to make a tangible impact in the industry.
This investment on behalf of PFZW, the pension fund for Dutch healthcare workers, fits very well in the funds’ ambitions: to make a tangible contribution to the energy transition with investments that deliver sound financial returns. With its technology, RIFT is a frontrunner and in the next few years the company should be able to contribute to decarbonizing industrial processes and large-scale district heating networks like Ennatuurlijk, which is part of the PFZW investment portfolio.”
RIFT offers an innovative, sustainable alternative for industrial heat, a sector that is one of the world’s largest sources of greenhouse gas emissions and difficult to decarbonize. RIFT’s Iron Fuel Technology can help companies reduce their CO2 emissions without requiring extensive infrastructure changes. This investment aligns perfectly with Invest-NL’s mission to support innovative solutions that accelerate the energy transition.
In addition to the benefits for industrial decarbonization, RIFT’s solution is also circular, as the iron powder can be reused multiple times. In an era of raw material scarcity, it’s essential to manage resources carefully. This makes us believe in RIFT’s solution to accelerate the industrial heat transition. We are proud to contribute to RIFT’s mission alongside pension fund PGGM, various regional development funds, Invest-NL, and the market, with this investment.” Oost NL is investing through Perspectieffonds Gelderland, a fund of the Province of Gelderland.
CO2 reduction is a key component of our investment philosophy because we believe that sustainability and innovation are essential for a future-proof economy. We are proud to have supported RIFT closely in the phase leading to the industrial pilots. The Dutch ecosystem provides a solid foundation for companies with significant impact potential, such as RIFT, to realize their ambitions. We are confident that RIFT will play a key role in industrial decarbonization, and we look forward to the next steps with great confidence.
Follow-up to Breakthrough Energy Fellows Program
This funding comes at a pivotal time for us, following our recent graduation from the prestigious Breakthrough Energy Fellows Program. The program supported us over the past two years, providing both funding and invaluable guidance that has helped us achieve key technical and commercial milestones.
Ashley Grosh, Vice President of Breakthrough Energy: “We selected RIFT two years ago for the Breakthrough Energy Fellows Program due to their groundbreaking innovation in iron fuel technology. By tackling one of the biggest challenges in reducing CO2 emissions—decarbonizing industrial heat—RIFT’s solution offers a breakthrough for energy-intensive sectors. RIFT has distinguished itself by building a strong team and achieving both technical and commercial milestones at a rapid pace. We are excited to see what the future holds for the team and their technology.”
Looking ahead
With the Series A funding secured, we are fully focused on the next steps—scaling up, finalizing our first commercial contracts, and continuing to push the boundaries of sustainable innovation.
Our Iron Fuel Technology is more than just an idea; it’s a tangible solution to one of the biggest challenges facing industries today. We’re excited for what’s ahead and remain committed to leading the way in decarbonizing industrial heat on a global scale.
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