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March 3, 2026 - A huge milestone for Iron Fuel and the entire Metal Power Community: RIFT has raised a remarkable €113.8 million to roll out the technology on a large scale!
This includes a robust €83.1 million Series B round, led by PGGM (through the Pension Fund for Healthcare and Welfare - PFZW), with reinvestment from all existing investors. Participants include Invest-NL (with support from InvestEU), Oost NL, Rubio Impact Ventures, the Brabant Development Agency (BOM), and the Rotterdam Energy Transition Fund (ETFR) through InnovationQuarter. In addition, RIFT was selected for €30.7 million from the EU Innovation Fund – one of only 61 projects out of 359 applications.
CEO Mark Verhagen: “The continued support of our investors enables us to prepare and execute our first commercial project, aimed at decarbonizing industrial heat on a large scale. We are proud to take this step together.”
The first commercial Iron Fuel project, signed with Kingspan Unidek, will deliver approximately 340 GWh of clean industrial heat per year. Over a 15-year lifespan, this equates to over 5 TWh of decarbonized heat and more than 1 million tons of avoided CO₂ emissions. This is a concrete step towards fossil-free, circular energy for energy-intensive industries such as food processing, chemicals, and building materials.
This funding marks the transition from demonstration to commercial implementation – precisely what the Metal Power Community has been working towards for years. From the initial trials at Metalot Campus, through pilots and collaborations, to now: Iron Fuel is proving itself as a reliable, clean, and scalable solution for high-temperature industrial heat.
Read the full press release on the RIFT website:
We’ve raised €114 million to scale Iron Fuel
