RIFT
Assembly Line
RIFT secures 11 million euro investment
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.