What is Rift?
Rift is pioneering a novel, circular fuel approach to decarbonize industrial heat and energy systems. The company develops and promotes its proprietary Iron Fuel Technology, which involves combusting fine iron powder to generate high-temperature heat without direct carbon emissions. The resulting iron oxide is then regenerated into reusable iron fuel using hydrogen, establishing a closed-loop energy cycle. This scalable, carbon-free alternative is designed to replace fossil fuels in hard-to-electrify industrial applications, integrating with existing infrastructure and offering long-term fuel supply arrangements. Rift's operations encompass technology development, pilot projects, engineered boiler and energy systems, and strategic collaborations to accelerate the adoption of clean industrial heat solutions.
How much funding has Rift raised?
Rift has raised a total of $143.4M across 3 funding rounds:
Other Financing Round
$11.6M
Series B
$96.2M
Grant
$35.5M
Other Financing Round (2024): $11.6M with participation from Oost, PGGM, and Invest-NL
Series B (2026): $96.2M led by Oost, Invest-NL, Rubio Impact Ventures, and PGGM
Grant (2026): $35.5M, investors not publicly disclosed
Key Investors in Rift
Oost
Oost NL (East Netherlands Development Agency) is an agency focused on strengthening the economy of the provinces of Gelderland and Overijssel, the Netherlands, by supporting businesses and stimulating economic growth. They invest in companies that contribute to regional development.
PGGM
PGGM is a cooperative pension administration organization that manages assets for pension funds, with a strong emphasis on sustainable investments and a commitment to a livable world. They provide capital for companies aligned with long-term sustainability goals.
Invest-NL
Invest-NL is the national financing and development institution of the Netherlands, dedicated to accelerating and financing societal transitions, particularly in areas like clean energy and the circular economy. They provide capital and expertise to innovative companies driving sustainable change.
What's next for Rift?
The substantial enterprise-level funding and recent strategic investment signal a pivotal growth phase for Rift. This capital infusion is expected to accelerate the scaling of its Iron Fuel Technology and expand its market reach within the industrial sector. The company's focus on replacing fossil fuels in challenging applications positions it as a key player in the global energy transition. Future developments will likely involve further technological refinement, broader commercial deployment, and strategic partnerships to solidify its position as a leader in sustainable industrial heat solutions.
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