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Eindhoven-based RIFT has secured €113.8 million to advance its Iron Fuel Technology and establish its first commercial production facility. The funding includes an €83.1 million Series B round led by PGGM and a €30.7 million project under the EU Innovation Fund.

RIFT's technology aims to provide a CO₂-free alternative to natural gas for generating industrial heat. The project is expected to deliver 340 GWh of industrial heat annually, with a total of over one million tonnes of CO₂ emissions avoided over 15 years. RIFT plans to be operational by 2029, with its first commercial contract signed with Kingspan Unidek.