According to ESG Today, industrial heating often uses fossil-based energy in order to manufacture various products, such as plastic and metals and while some companies make use of renewable energy sources, such as solar power and hydrogen, they can't be used due to infrastructure limitations.

RIFT is a company founded in 2020 which offers a technology that operates as a rechargeable battery for heat generation. Called Iron Fuel Technology, the solution burns iron powder in an enclosed boiler, generating heat at different temperatures. This way, it is able to create hot water, steam and hot air through a process that doesn't release CO2 emissions and maintains very low levels of NOx emissions.

Company officials say that the system will enable industries to cut annual CO2 emissions by 1 gigaton starting 2050. So far, the system was used to provide heating to 500 households in the Netherlands in 2022 and 2023, proving it can be a sustainable alternative for the future of heating.

The 11 million euros funding will be used to complete durability tests, as well as to finalize the first commercial industrial heating contracts.

RIFT CEO and Co-founder Mark Verhagen said that "we have engaged a strong consortium of both public and private parties who not only provide us with capital but also crucial knowledge and experience in sustainable value chains and infrastructures. This collaboration increases our chances of a successful rollout and brings us one step closer to our ambition of reducing global emissions by one gigaton per year by 2050."