RIFT (Renewable Iron Fuel Technology), the spin-off from Eindhoven University of Technology that emerged from student team SOLID, has raised 11 million euros in new growth capital.
Pension investor PGGM (on behalf of Pensioenfonds Zorg en Welzijn), Invest-NL and Oost NL have stepped in as new investors. Existing shareholders Rubio Impact Ventures, Energietransitiefonds Rotterdam (ETFR) and the Brabantse Ontwikkelings Maatschappij (BOM) are also investing in this round to help scale up the start-up, which works on making industrial heat more sustainable via iron fuel technology.
This new investment will allow RIFT to take the next steps at test sites in Arnhem and Helmond. In addition, the investment will be used to secure the first commercial contracts. This is the final step before the commercial rollout of the technology.
The investment comes at a perfect time. Recently, RIFT completed the so-called 'Breakthrough Energy Fellows' programme, an initiative by Bill Gates , which supported the startup with funding and advice for two years.
Strong consortium
Mark Verhagen, CEO & co-founder of RIFT: 'We have managed to secure a strong consortium of public and private parties. They provide us not only with capital, but also with crucial knowledge in the field of sustainable value chains and infrastructure. This is essential for large-scale implementation and allows us to complete the final testing phases before commercial deployment.'
Iron as fuel
RIFT is developing a sustainable energy source for industry through the combustion of iron powder. The idea of using iron as a fuel is not new, but due to the wide acceptance of the use of fossil fuels, no incentive was felt for a long time to develop this technology further. The concept really took off in 2015 when Professor Philip de Goey started a research programme at TU/e with three of his students. From this, student team SOLID emerged, from which RIFT eventually arose.
Investing in startups crucial
TU/e president Robert-Jan Smits is very proud of RIFT. 'It's great to see the confidence of investors in this TU/e spin-off. The idea of using iron as fuel got off the ground at our university through professor Philip de Goey who started a research programme from which RIFT was born.'
Smits: 'Investing in start-ups and scale-ups like this is crucial to make the best use of the knowledge we have in the Netherlands, as knowledge is the only raw material we still have. Numerous green TU/e start-ups in the Brainport region are leading the way in developing clean technologies that are much needed for the huge transitions our country is facing. It is essential that these start-ups are given the opportunity to grow in the Netherlands.'
