This is reported by the regional South Holland investment company InnovationQuarter. This marks the first time worldwide that venture capitalists have committed to iron fuel technology. Following the announcement that climate fund Breakthrough Energy, founded by Bill Gates, is investing in the start-up, capital injections also followed from Rubio Impact Ventures, the Brabantse Ontwikkelings Maatschappij (BOM) and Energietransitiefonds Rotterdam (ETF-R).
RIFT, which originated from a student team SOLID from Eindhoven University of Technology (TU/e), claims that companies that have no alternative to fossil fuels can still become sustainable through iron fuel. Burning iron powder creates energy in the form of renewable heat. The rust (iron oxide) that remains afterwards can be converted back into iron powder using green hydrogen, closing the loop. The technology is not only CO2-free but also creates less nitrogen emissions than fossil fuel heating.
Currently, RIFT is testing iron fuel production at Energy Demo Field in Arnhem and is running a boiler at the Helmond cogeneration plant. There, the Eindhoven-based company is heating five hundred houses via the heat network together with the heat company Ennatuurlijk. The ambition is to implement these systems worldwide, with the aim of saving 1 gigaton of CO2 per year by 2050.
For more information, visit InnovationQuarter’s website.