Rivan, a synthetic fuels startup, has raised €28.7 million (£25 million) in funding to scale production of low-carbon fuels across Europe.
The round was led by IQ Capital with participation from Plural, following an earlier €11.4 million seed round backed by investors including 20VC, NFDG, and Stripe founders Patrick and John Collison. The company focuses on developing fuels for sectors that are difficult to electrify, including steel, cement, chemicals, and aviation.
What The Company Does
Founded in 2024 by Harvey Hodd, Rivan develops vertically integrated synthetic fuels designed to replace fossil-based energy sources in industrial applications where electrification is not yet viable.
Its approach combines fuel production, infrastructure, and deployment into a single system, aiming to reduce reliance on conventional hydrocarbons. The company’s long-term objective is to lower the cost of synthetic fuels to a level that is competitive with fossil fuels, enabling broader adoption across emissions-intensive industries.
Synthetic fuels, including synthetic natural gas, are produced using alternative feedstocks and processes that can significantly reduce lifecycle carbon emissions. Rivan’s model focuses on scaling these technologies to industrial levels while maintaining cost efficiency.
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Market Context / Industry Background
Heavy industry remains one of the most challenging sectors to decarbonise, accounting for a significant share of global emissions. While electrification has progressed in areas such as transport and residential energy, sectors like steel and cement production continue to depend on high-temperature processes that are difficult to electrify.
This has increased interest in alternative energy carriers such as hydrogen and synthetic fuels, which can integrate into existing infrastructure while reducing carbon intensity. In Europe, policy frameworks and climate targets are accelerating investment into these solutions, particularly those that can be deployed at scale within current industrial systems.
The development of synthetic fuel infrastructure is also linked to broader energy security concerns, as countries seek to reduce dependence on imported fossil fuels and diversify energy sources.
Founder / Investor Commentary
Rivan’s strategy reflects a focus on long-term cost reduction and scalability, with the company aiming to enable large-scale emissions reductions across heavy industry. By targeting cost parity with fossil fuels, the company is positioning its technology for widespread industrial adoption rather than niche deployment.
Investors including IQ Capital and Plural are backing this approach, supporting the company’s efforts to build both production capacity and technological capability in a sector that is expected to play a key role in achieving net-zero targets.
Growth Plans / Use Of Funds
The newly raised funding will be used to accelerate deployment of Rivan’s synthetic fuel systems, expand research and development, and support the construction of a new manufacturing facility in Europe.
A central focus over the next year is Project Steadfast, a 15MW synthetic natural gas plant under development in Wiltshire. The facility is expected to become the largest of its kind in Europe and represents a key step in scaling production capacity.
The company also plans to inject synthetic natural gas into the UK gas grid for the first time, marking a milestone in integrating low-carbon fuels into existing energy infrastructure.
About Rivan Industries
Rivan Industries is a UK-based energy company focused on developing synthetic fuels for hard-to-electrify sectors. Founded in 2024, the company builds integrated systems to produce low-carbon fuel alternatives aimed at reducing CO₂ emissions and supporting the transition to more sustainable industrial energy use.
