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Eindhoven-based RIFT secures €11M to decarbonise industrial heat
- Eindhoven-based RIFT has raised €11m in a Series A round of funding to decarbonise industrial heat. Invest-NL, PGGM, Oost NL, Rubio Impact Ventures, Brabant Development Agency and Energy Transition Fund Rotterdam invested in the round. RIFT's technology uses iron powder combustion to generate high-temperature heat without direct CO2 emissions. The funding will back 2 GWh of durability tests at RIFT's pilot facilities in Arnhem and Helmond and help finalise the company's first commercial contracts. RIFT has developed an iron fuel technology designed for easy implementation without major infrastructure changes.
- RIFT is run by three friends who founded the company in 2021 after collaborating on iron fuel technology in their student team, SOLID of the Eindhoven University of Technology. By burning iron powder in a specially designed boiler system, RIFT generates high-temperature heat of up to 2,000°C while producing no direct CO2 emissions. The combustion process results in rust powder, which can be converted back into usable iron powder using hydrogen, creating a fully circular energy system.
- The iron powder can be safely transported over both short and long distances, similar to the logistics of oil or coal storage and distribution. The process also generates minimal nitrogen emissions, significantly lower than those produced by burning natural gas.
- RIFT's iron fuel technology can help companies reduce their CO2 emissions without major infrastructure adjustments. The company makes sustainable heating solutions for industries such as food and beverage, pulp and paper, ceramics, and special chemicals, which face pressure to reduce fossil fuel dependence but often lack viable alternatives.
- The funding will pave the way for full-scale commercial implementation of RIFT's iron fuel technology. RIFT's recent funding follows its graduation from the Breakthrough Energy Fellows Programme, which provided two years of funding and guidance.
- RIFT's solution offers a breakthrough for energy-intensive sectors that are looking for ways to reduce CO2 emissions. This investment helps achieve Invest-NL's mission to support innovative solutions that accelerate the energy transition.
- RIFT's iron fuel technology addresses challenges faced by other sustainable energy solutions, such as hydrogen and electrification. RIFT is ready to make a tangible impact in the industry and bring the company one step closer to its ambition of reducing global emissions by one gigaton per year by 2050.
- The Dutch ecosystem offers a solid foundation for companies with high impact potential, such as RIFT, to realise their ambitions. It is crucial to optimally utilise the knowledge we possess in the Netherlands, according to Robert-Jan Smits, Chairman of the Board of TU Eindhoven.
- RIFT's recent funding reflects the increasing investor interest in cleantech startups developing innovative solutions to decarbonise the industrial sector.
- RIFT's iron fuel technology is designed for easy implementation without major infrastructure changes and is economically competitive with fossil fuels. The process generates minimal nitrogen emissions, enhancing its sustainable impact.
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