We have secured €113.8 million in financing to scale Iron Fuel Technology and move into commercial deployment. With this round, we are preparing and executing our first commercial project, aimed at decarbonizing industrial heat at scale.
The funding consists of an €83.1 million Series B round led by PGGM, with participation from Invest-NL (supported by the InvestEU programme), and regional development agency Oost NL. Rubio Impact Ventures, BOM and the Energietransitiefonds Rotterdam also participated. In addition, we have been selected for a €30.7 million project under the EU Innovation Fund.
At €83.1 million, the Series B round is exceptional for a hardware and cleantech company at our stage. More importantly, the investor consortium that previously backed us continues its support as we move toward commercial realization.
“As a consortium, we have closely followed RIFT’s development and see strong potential for tangible industrial impact,” says Tim van den Brule, Investment Director at PGGM Infrastructure. “Many industrial innovations stall in the transition from demonstration to realization. We have deliberately chosen a financing structure that provides capital through to execution.”
Building our first commercial facility
With this financing, we will develop our first commercial production facility. From this facility, iron fuel will be supplied to multiple industrial customers that integrate Iron Fuel Boilers into their heat processes.
In mid-2025, we signed our first commercial contract with Kingspan Unidek, one of the customers participating in the project. Our ambition is to be operational in 2029.
The project is expected to deliver approximately 340 GWh of industrial heat per year. Over a 15-year lifetime, that amounts to roughly 5 TWh of decarbonized heat, resulting in more than one million tonnes of avoided CO₂ emissions.
Mark Verhagen, CEO of RIFT
“We are proud of what the team has achieved so far. Over the past years, we have demonstrated that Iron Fuel Technology performs reliably in an industrial environment. With this financing, we are moving into the next phase: preparing and executing our first commercial project.”
Why industrial heat matters
Industrial heat remains one of the most challenging parts of the energy transition. Sectors such as food processing, chemicals and building materials require continuous high-temperature heat for their production processes. Today, this heat is largely generated using fossil fuels, primarily natural gas.
For many applications, electrification is not readily deployable due to high temperature requirements, large power demand and limited grid capacity. A scalable, CO₂-free alternative is therefore essential.
We provide that alternative through a circular energy carrier based on iron. By replacing natural gas in industrial heat processes, high-temperature heat can be generated without direct CO₂ emissions.
A milestone beyond financing
In addition to the Series B round, we have been selected for a €30.7 million project under the EU Innovation Fund. This fund is one of the European Union’s key instruments to support large-scale innovative decarbonization projects.
In this funding round, 61 projects were selected out of 359 applications. Being awarded this support underscores the European relevance of Iron Fuel Technology and its role in reducing industrial CO₂ emissions.
The Innovation Fund is designed to help bridge the gap between demonstration and commercial deployment. Its support strengthens the execution of our first commercial project and reflects confidence in the scalability of the technology.
The next phase
This milestone marks the transition from demonstration to commercial realization. With the financing secured and European support in place, the focus now shifts to execution.
Over the coming years, we will develop our first commercial production facility and work toward operational deployment in 2029. With a team of approximately 75 people, we are advancing the commercial rollout of our circular iron fuel system in energy-intensive industries.
The next step is clear: scaling Iron Fuel and delivering our first commercial project.
For press inquiries or interview requests, please contact:
Anne Beijer
anne.beijer@ironfueltechnology.com
+31 6 46201005