RIFT, Netherlands-Based Iron Fuel Developer, Raises €113.8M Series B

RIFT, a Netherlands-based developer of Iron Fuel Technology, has raised €113.8M ($132M) in Series B funding led by PGGM. The company produces fine iron powder that burns to deliver high-temperature heat up to 2,000°C with zero direct CO₂ emissions. The capital will fund construction of the first commercial facility producing 340 GWh of industrial heat annually by 2029.

EU Grants Fuel Iron Fuel Scale-Up

The timing aligns with surging EU cleantech investments: the Innovation Fund awarded RIFT €30.7M from 359 applications, part of €608M+ in recent cleantech funding. Pometon secured €4M EU grant for iron fuel demos. RIFT's full-stack approach—boilers, fuel supply, and hydrogen-based regeneration—targets industrial heat where electrification costs exceed €1M/MWth.

Industrial Heat Drives 20% Emissions

Industrial heat accounts for 20% of global CO₂ emissions, with $87B invested in decarbonization in 2022. Current solutions like electrification demand massive grid upgrades, while hydrogen lacks infrastructure for high-temp processes above 1,000°C. Fossil fuels persist due to their density and reliability, costing industries €140/tonne equivalent in iron fuel pricing.

Iron Powder Replaces Fossil Boilers

RIFT's Iron Fuel Boiler integrates plug-and-play into existing setups, achieving 95% efficiency versus 80-85% for gas boilers. Iron burns cleanly, producing rust byproduct regenerated via low-carbon hydrogen, creating a circular loop without critical minerals. Unlike hydrogen's volatility, iron powder stores energy safely for months.

Competitors like Altiro Energy focus on power generation prototypes, while Metalot builds ecosystems without commercial contracts. RIFT's pilots in Helmond and Arnhem, plus Bureau Veritas certification, de-risk deployment.

As Mark Verhagen, CEO, noted:

"The continued trust of our investors enables us to prepare and execute our first commercial project."

Dutch Pensions Lead Cleantech Bet

PGGM and PFZW anchored the €83.1M Series B, joined by Invest-NL and Oost NL, signaling long-term conviction in circular fuels. The €30.7M EU grant validates RIFT from 61 winners. This mix of mission-driven Dutch capital and public funds positions RIFT for gigaton-scale impact by 2050.

Decarbonization Investments Hit $250B

Industrial decarbonization investments will surpass $250B annually by 2030, up from $87B in 2022. E-fuels market grows from $24.5B in 2025 to $66.3B by 2030 at 22% CAGR. RIFT aims to cut 1 gigaton CO₂ yearly via iron fuel, targeting 25% of emissions from manufacturing and district heating.

EU policies like the Clean Industrial Deal accelerate deployment, with €400M programs cleared in 2026.

Student Inventors Spin Out Leader

RIFT spun out from Eindhoven University of Technology's SOLID team in 2020, where founders Mark Verhagen, Lex Scheepers, and Vincent Seijger invented the core iron fuel process. Verhagen led business development, Scheepers technical management as students. COO Aron Damen scaled recycling to 250k tonnes/year at Faerch, aligning with circular regeneration.

Alpha One Plant Targets 2029

Funds build Alpha One: 340 GWh/year heat avoiding over 1M tonnes CO₂ across 15 years. Kingspan Unidek's Gemert boiler launches mid-2025, cutting 6,000 tonnes CO₂ annually. RIFT plans sites in Antwerp or Rotterdam, hiring 15+ engineers amid 89-employee growth.