Dutch Startup Raises €11 Million to Revolutionize Industrial Heating with Iron Fuel
Eindhoven, Friday, 18 October 2024.
RIFT, a TU Eindhoven spin-off, secures €11 million to advance its innovative iron fuel technology for sustainable industrial heating. The startup aims to provide a fossil fuel alternative that could save 1 gigatonne of CO2 annually by 2050.
Innovative Iron Fuel Technology
RIFT, or Renewable Iron Fuel Technology, founded in 2021, is pioneering a new wave of sustainable industrial heating solutions. Emerging from the Eindhoven University of Technology, the company utilizes iron powder combustion to produce high-temperature heat without direct CO2 emissions. This process not only offers an environmentally friendly alternative to fossil fuels but also integrates a circular economy model by converting the resulting rust back into iron using hydrogen. This innovative approach aims to address one of the largest sources of global greenhouse gas emissions: industrial heat production.
Strategic Investments and Growth Plans
The recent €11 million investment comes from a strong consortium of both public and private entities, including Invest-NL, PGGM, Oost NL, Rubio Impact Ventures, and others. This funding will facilitate the development and scaling of RIFT’s test facilities in Arnhem and Helmond and is crucial for securing the first commercial contracts. The strategic financial support also enables RIFT to expand its team and deploy a test system capable of providing sustainable heating to 500 households in Helmond. Such expansions are vital as the company transitions from the ‘proof of concept’ phase to commercial rollout, expected to be realized in the coming months.
A Vision for a Sustainable Future
Led by CEO and co-founder Mark Verhagen, RIFT is not just about technological advancement but also about contributing significantly to global decarbonization efforts. The company targets a reduction of one gigatonne of CO2 emissions annually by 2050. RIFT’s iron fuel technology is designed for easy integration into existing industrial systems, making it economically viable and a potentially transformative solution for energy-intensive sectors like food and beverage, ceramics, and chemicals. The initiative also underscores the importance of investing in startups and scale-ups to harness and capitalize on the Netherlands’ intellectual resources, as emphasized by TU/e President Robert-Jan Smits.
Support from Breakthrough Energy Fellows Programme
RIFT’s journey has been bolstered by the Breakthrough Energy Fellows Programme, an initiative supported by Bill Gates, which provided the startup with two years of funding and strategic guidance. This backing was instrumental in helping RIFT achieve critical technical and commercial milestones. The program’s support underscores the global interest in and potential impact of RIFT’s iron fuel technology, highlighting its capacity to drive significant environmental and economic changes in the industrial sector.