RIFT Raises €113.8M To Advance Iron Fuel Technology

The funding includes an €83.1 million Series B led by PGGM, with participation from Invest-NL, Oost NL, Rubio Impact Ventures, BOM, and the Energietransitiefonds Rotterdam, alongside a €30.7 million grant from the EU Innovation Fund.

The capital will support the development of RIFT’s first commercial production facility and the execution of its initial large-scale industrial heat projects.

Led by CEO Mark Verhagen and co-founders Vincent Seijger and Lex Scheepers, RIFT’s platform uses iron as a circular energy carrier, generating high-temperature industrial heat without direct CO2 emissions.

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This provides a scalable solution for energy-intensive sectors such as chemicals and food processing, where electrification is limited by grid capacity or temperature requirements.

RIFT has already secured its first commercial contract with Kingspan Unidek and aims to have the facility operational by 2029, producing 340 GWh of decarbonized heat annually. Beyond scaling the team is focused on transitioning from industrial pilots to a full-scale circular fuel system expected to avoid over one million tonnes of CO2 emissions over its lifetime.

About RIFT

RIFT is transforming industrial energy with its Iron Fuel Technology, converting iron into clean circular power. By replacing fossil fuels in hard-to-decarbonize sectors, RIFT enables high-temperature industrial processes to run sustainably helping industries reduce carbon emissions while scaling clean energy solutions for a greener, carbon-neutral future.