Growth capital for RIFT to decarbonise industrial heat

Invest-NL is investing alongside PGGM, Oost NL, and existing shareholders in RIFT (Renewable Iron Fuel Technology BV). RIFT is developing an innovative iron fuel technology that helps energy-intensive industries decarbonise. The total investment of € 11 million will be used to finalise the last operational tests and scale up towards the first commercial project for this promising technology.

RIFT’s iron fuel technology provides a sustainable alternative to fossil fuels. The combustion of iron powder in RIFT’s boiler generates high-temperature heat without direct CO2 emissions. The by-product, rust powder, is regenerated into iron powder using hydrogen, making the process circular and also reducing nitrogen emissions.

Invest-NL is contributing € 1.5 million to the total funding of € 11 million, alongside PGGM, Oost NL, and existing shareholders Rubio, ETFR, and the BOM. This financing will enable RIFT to further scale up its test facilities in Arnhem and Helmond and accelerate the commercial implementation of the technology.

Remco Westerbeek, Investment Manager at Invest-NL, highlighted the promising nature of this technology: "Industrial heat is one of the largest sources of greenhouse gas emissions globally and difficult to decarbonise. RIFT’s iron fuel technology can help companies reduce their CO2 emissions without major infrastructure changes. This makes our investment in RIFT an excellent fit with Invest-NL’s mission to support innovative solutions that accelerate the energy transition."

(This page was translated with the help of A.I.)