RIFT develops an iron fuel system that uses iron as a circular energy carrier to produce high-temperature industrial heat without direct CO2 emissions. The company aims to replace fossil fuels in sectors where electrification is difficult by supplying iron fuel to industrial customers that integrate Iron Fuel Boilers. RIFT has about 75 employees and signed its first commercial contract in mid-2025 with Kingspan Unidek. The recent financing and EU Innovation Fund award are intended to fund its first commercial project and build its first commercial production facility, which the company expects to be operational in 2029. RIFT projects the initial project will generate roughly 340 GWh of industrial heat annually and about 5 TWh over 15 years while avoiding more than one million tonnes of CO2. The company plans to scale rollout of its iron fuel technology across energy-intensive industries following commercial deployment.

Total raised

$144M

Funding rounds

3

Latest round

Series B

Latest activity

Mar 2026