London-based climate tech startup Rivan has successfully raised £10 million in a Series A funding round. The round was led by Plural, with participation from notable investors including 20VC, Nat Friedman and Daniel Gross (NFDG), and angel investors Patrick and John Collison (Stripe co-founders). This significant investment will fuel Rivan's ambitious plans to scale its production of synthetic fuels, offering a crucial solution for decarbonizing hard-to-abate industries.
Rivan develops modular, off-grid synthetic fuel plants powered entirely by solar energy. Their technology combines direct air capture (DAC) of CO₂ with green hydrogen to create carbon-neutral fuels that are chemically identical to fossil fuels, allowing for seamless integration into existing infrastructure. This innovative approach addresses the significant challenge of decarbonizing sectors like steel, cement, chemicals, and aviation, which have historically proven difficult to electrify.
The £10 million investment will primarily be used to expand Rivan's operations from a current 100kW pilot plant to a 1MW plant, aiming for commercial-scale deployments by 2026. Furthermore, the funding will support research and development efforts to improve production efficiency and expand into liquid synthetic fuels, such as e-fuels for aviation. Rivan is actively hiring across various engineering roles to support this rapid growth.
Rivan's vertically integrated model, encompassing in-house design and manufacturing of core components, positions them as a key player in the burgeoning synthetic fuels market. By leveraging the rapidly declining cost of solar energy, Rivan aims to make synthetic fuels cost-competitive with fossil fuels, contributing significantly to both energy security and climate change mitigation.
