Renewable Iron Fuel Technology

Overview
Alternative Energy?
Product stageSegments

Renewable Iron Fuel Technology (RIFT) is a Netherlands-based company introducing iron fuel as a sustainable alternative to fossil fuels to generate heat energy. 

RIFT’s technology produces heat through burning iron powder in a boiler. The combustion yields high-temperature energy, which is then converted into steam or hot water. The rust that remains can be converted back into iron powder using hydrogen. As part of its technology, RIFT is also developing industrial-scale boilers to replace gas-fueled boilers.

The company’s iron fuel, which contains 25.4 GJ of energy per cubic meter, produces no CO2 and low NOx emissions during combustion, supports circularity through repetitive use of materials, and creates no complications for transport and storage. RIFT aimed to commercially deploy its iron fuel technology by 2024, with a goal of saving 1 gigaton of CO2 annually by 2050.

In May 2023, RIFT reported that it successfully used its technology at the Energy Demo Field in Arnhem (the Netherlands) to heat 500 houses. The company operated a 1 MW boiler that was Ennatuurlijk’s district heating network in Helmond.

Funding and financials 

In October 2022, RIFT raised EUR 2 million (~USD 1.9 million) in its first funding round led by Rubio Impact Ventures. The company planned to use these funds to further develop its current test systems and grow its team.

Key competitors: None comparable (RIFT is the only startup looking to use iron fuel to generate heat energy)

HQ location:
Horsten 1 Eindhoven NLD
Founded year:
2020
Employees:
11-50
IPO status:
Private
Total funding:
USD 2.0 mn
Last Funding:
USD 2.0 mn (Seed; Oct 2022)
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