Dutch pension asset manager PGGM has joined a group of investors committing to the latest financing round of energy startup, RIFT.

Eindhoven-based RIFT focuses on commercialising its iron fuel technology to decarbonise industrial heat. PGGM, on behalf of PFZW, has joined Invest-NL, Oost NL and existing shareholders Rubio, Energy Transition Fund Rotterdam and Brabant Development Agency (BOM) to scale up investment in the company.

In addition to capital amounting to €11m, the consortium brings the necessary experience and expertise, which is essential for successful commercial implementation.

With this new investment, RIFT will carry out 2 GWh of endurance tests in the existing industrial pilot facilities in Arnhem and Helmond. In addition, the capital will be used to conclude the first commercial contracts. This is the final step before the technology can be rolled out commercially.

Commenting, PGGM investment director, Tim van den Brule, said: “This investment that we are making on behalf of PFZW fits in very well with the ambitions that the fund has expressed: to make a measurable contribution to the energy transition with high-yield investments.

“RIFT is leading the way with its technology that should be able to contribute on a large scale to the CO2-freeing of industrial processes in a few years, but also to the sustainability of heating networks such as that of Ennatuurlijk, which has been part of PFZW's investments since 2014.”

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