Dutch Startup RIFT Secures €11 Million for Iron Fuel Technology
Arnhem, Friday, 1 November 2024.
RIFT, a Dutch startup developing renewable iron fuel technology, has raised €11 million to decarbonize industrial heat. The funding will support durability tests and commercial contracts, paving the way for technology rollout. RIFT’s innovative approach burns iron powder to produce high-temperature heat without direct CO2 emissions, offering a sustainable alternative to fossil fuels in energy-intensive industries.
A New Era in Industrial Heat
RIFT’s successful funding round marks a significant milestone in the quest to decarbonize industrial heat, a sector responsible for substantial greenhouse gas emissions globally. The technology, which utilizes iron powder combustion, presents a groundbreaking solution by providing high-temperature heat up to 2,000°C without the direct emission of carbon dioxide. This innovation not only matches the efficiency of fossil fuels but also offers an easy-to-implement solution for industries seeking sustainable alternatives.
Strategic Investment and Development
The €11 million investment secured by RIFT comes from a consortium led by PGGM, Invest-NL, and Oost NL, with contributions from existing stakeholders such as Rubio Impact Ventures and the Brabant Development Agency (BOM). This funding will enable RIFT to conduct 2 GWh of durability tests at its pilot facilities in Arnhem and Helmond in the Netherlands, crucial steps towards securing initial commercial contracts and facilitating the broader adoption of their technology. The involvement of these investors underscores the growing confidence in iron fuel as a viable alternative to traditional energy sources.
Innovation Rooted in Academic Excellence
Originating from the Eindhoven University of Technology, RIFT has been at the forefront of developing iron fuel technology since its inception as a student project under Professor Philip de Goey. The company’s participation in the ‘Breakthrough Energy Fellows’ program, supported by Bill Gates, has further propelled its innovation journey, providing both funding and strategic guidance. This academic-industry collaboration highlights the pivotal role of educational institutions in advancing green technologies.
Iron Fuel: A Circular and Competitive Solution
RIFT’s iron fuel technology not only addresses the carbon emissions challenge but also promotes a circular economy. The process involves burning iron powder, which results in rust powder—a byproduct that can be efficiently recycled back into usable iron powder using hydrogen. This closed-loop system offers a logistical advantage, as iron powder can be transported safely over long distances, similar to oil or coal, making it a competitive option on the global stage. Furthermore, the technology’s lower nitrogen emissions compared to natural gas combustion make it an environmentally favorable choice.
Looking Ahead: Scaling and Global Impact
With the new funding, RIFT is poised to accelerate the commercial rollout of its technology, potentially transforming the landscape of industrial heat production. CEO Mark Verhagen envisions this as a critical step towards achieving the company’s ambitious goal of reducing global CO2 emissions by one gigaton annually by 2050. The successful integration of this technology into energy-intensive sectors such as food and beverage, pulp and paper, and specialty chemicals could signify a major leap forward in global decarbonization efforts.