RIFT raises € 114 million for the sustainability of industrial heat

Making the industry more sustainable

RIFT is developing Iron Fuel Technology: a circular energy system using iron powder as a CO₂-free energy carrier for high-temperature heat in industry. 

"Industrial heat is one of the largest sources of CO₂ emissions. With RIFT, we are investing in a solution that can have an immediate impact here. We have great confidence in the entrepreneurial team and are proud to support them beyond Series A towards their first-of-a-kind project,” says Remco Westerbeek, investment manager at Invest-NL. 

From technology to industrial application

With this investment, we are building on our previous involvement in the Series A funding round. The new funding for RIFT consists of a Series-B round of € 83.1 million, structured through a combination of equity and a construction loan, and € 30.7 million from the EU Innovation Fund. Invest-NL's investment is supported by the InvestEU programme.  

This combination of risk capital and a construction loan links capital to scaling and further development of the organisation and technology, as well as to the construction and execution of RIFT’s first-of-a-kind production facility. This enables both the further development and the actual realisation of the installation, from which RIFT will serve multiple industrial clients. 

Strong consortium of investors

The funding round was entirely established from RIFT’s existing investors’ consortium. The consortium includes pension fund investor PGGM, Invest-NL, Oost NL, Rubio Impact Ventures, BOM and InnovationQuarter. The collaboration between pension capital, national and regional development agencies, and impact investors demonstrates how we can mobilise capital together to bring innovative energy technologies from demonstration to market introduction.