RIFT Raises €113.8 Million to Scale Iron Fuel Technology
Eindhoven-based RIFT has successfully closed a €113.8 million Series B+ funding round. This financing aims to further develop its clean, circular energy system powered by iron fuel, which produces high-temperature industrial heat without CO₂ emissions. The funding round was led by PGGM, with participation from Invest-NL, Oost NL, Rubio Impact Ventures, Brabantse Ontwikkelings Maatschappij (BOM), and the Energietransitiefonds Rotterdam. Additionally, the company received a €30.7 million grant from the EU Innovation Fund.
Company Overview
RIFT is focused on providing sustainable energy solutions for industries that require continuous high-temperature heat, such as food production and chemicals manufacturing. The company's iron fuel technology offers an alternative to fossil fuels, primarily natural gas, which are typically used in these sectors. This approach not only helps in reducing CO₂ emissions but also supports industrial decarbonization efforts.
Leadership Team
The company's leadership includes co-founders Mark Verhagen, who serves as CEO, Lex Scheepers as CTO, and Vincent Seijger as the Technical Manager. Their combined expertise is steering RIFT towards achieving its commercial and environmental goals. "Our mission is to make industrial heat processes more sustainable," said CEO Mark Verhagen.
Strategic Use of Funds
The newly secured funds will be directed towards the development of RIFT's first commercial production facility. This facility is expected to supply iron fuel to industrial clients integrating Iron Fuel Boilers into their heat processes. The project aims to generate approximately 340 GWh of industrial heat annually once operational in 2029, potentially avoiding over one million tonnes of CO₂ emissions over its 15-year lifespan.
Industry Impact and Future Plans
RIFT's technology provides a scalable solution for industries where electrification is challenging due to high temperature requirements or energy demand. By replacing natural gas with iron fuel, RIFT hopes to offer a feasible alternative for energy-intensive sectors. The company's first commercial contract, signed with Kingspan Unidek in 2025, marks a significant step towards realizing these goals.
The EU Innovation Fund grant underscores the European Union's commitment to advancing large-scale decarbonization technologies. RIFT was selected for this grant from a competitive pool of 359 applications, highlighting the promise of its technology in addressing industrial decarbonization challenges.
With the new funding, RIFT is well-positioned to transition from pilot projects to full-scale commercial operations, further advancing its mission to decarbonize industrial heat systems across Europe.