Dutch Startup RIFT Secures €11 Million for Iron Fuel Technology
Arnhem, Friday, 25 October 2024.
RIFT, a Dutch startup developing innovative iron fuel technology for industrial decarbonization, has raised €11 million in funding. The investment will support durability tests and preparation for commercial rollout, aiming to reduce global CO2 emissions by 1 gigaton annually by 2050.
Innovative Iron Fuel Technology
RIFT, standing for Renewable Iron Fuel Technology, is spearheading a groundbreaking approach to industrial decarbonization by utilizing iron powder as a sustainable fuel source. This innovative technology burns iron powder in a boiler system, achieving temperatures up to 2,000°C without direct CO2 emissions. The process is circular, as rust formed during combustion can be reverted back to iron powder using hydrogen, offering a sustainable alternative to traditional fossil fuels[1][2].
Strategic Funding and Collaborations
The recent funding round raising €11 million was supported by prominent investors including PGGM, Invest-NL, and Oost NL. This significant investment aims to facilitate 2 GWh of durability tests in RIFT’s pilot facilities located in Arnhem and Helmond, Netherlands. Such trials are crucial for ensuring the technology’s reliability and preparing for its commercial deployment[1][2].
Commercial Rollout and Future Prospects
RIFT, a spin-off from the Eindhoven University of Technology, is poised to finalize its first commercial contracts, marking a pivotal step towards widespread adoption of its technology. CEO Mark Verhagen emphasized the company’s ambition to drastically cut global emissions, targeting a 1 gigaton annual CO2 reduction by 2050. This goal is notably ambitious, equating to approximately seven times the current annual emissions of the Netherlands[2][3].
Global Impact and Sustainability Goals
The technology not only reduces emissions but also offers logistical benefits, allowing iron powder to be transported safely over long distances, similar to oil or coal. This positions RIFT’s technology as a viable global alternative to fossil fuels, aligning with broader sustainability goals and energy transition efforts. Investors like PGGM are keen on supporting innovations that contribute measurably to the energy transition, reinforcing the strategic importance of RIFT’s work in the current climate landscape[3][4].