A consortium of agencies led by PGGM provided €83.1 million during the Series B round. The EU Innovation Fund selected RIFT for a €30.7 million project, the company said.

“As a consortium, we have closely followed RIFT’s development and see strong potential for tangible industrial impact. Many industrial innovations stall in the transition from demonstration to realization. We have deliberately chosen a financing structure that provides capital through to execution,” said Tim van den Brule, investment director at PGGM Infrastructure. 

The company said it will make its first commercial production facility where iron fuel will be supplied to industrial customers that integrate iron fuel boilers into their heat processes. The project is estimated to deliver about 340 GWh of industrial heat annually. They expect it to be operational in 2029. 

“We are proud of what the team has achieved so far. Over the past years, we have demonstrated that Iron Fuel Technology performs reliably in an industrial environment. With this financing, we are moving into the next phase: preparing and executing our first commercial project,” said Mark Verhagen, chief executive officer of RIFT.