RIFT raises €113.8 million in Series B funding and EU grant to scale industrial heat decarbonization technology

RIFT, a Netherlands-based cleantech startup, has successfully secured €113.8 million (USD$132 million) through a Series B funding round and an EU grant. This substantial capital injection is specifically earmarked for scaling its Iron Fuel Technology, aimed at decarbonizing industrial heat. The funding will facilitate the execution of RIFT's first commercial project, which is projected to become operational by 2029. This financing underscores a significant commitment to developing and deploying innovative solutions for one of the most challenging sectors to decarbonize. The deal is notable for its considerable size for a Series B round, indicating strong investor confidence in RIFT's technology and long-term potential. The diverse syndicate of eight counterparts involved is particularly striking, featuring a prominent Dutch cooperative pension fund service provider (PGGM), various regional and national Dutch investment entities (Oost NL, BOM, Invest-NL, Energietransitiefonds Rotterdam), an impact investor (Rubio Impact Ventures), and the strategic backing of the EU Innovation Fund. This blend of private institutional capital and public funding highlights a robust, multi-faceted commitment to advancing industrial decarbonization within the Netherlands and across Europe, despite the long-term horizon for commercial operation.