A British startup developing synthetic fuel raised €28.7 million to accelerate production in Europe. Rivan, based in the UK, closed the Series A round led by IQ Capital with participation from Plural. The company previously raised €11.4 million in seed funding from Plural just 10 months ago.
The new funds will be used to expand manufacturing capacity for synthetic fuels, which Rivan produces through a fully integrated process. These fuels aim to replace conventional fossil-based options with a carbon-neutral alternative. The company says its technology can convert captured CO2 and renewable electricity into liquid fuels suitable for aviation, shipping and heavy transport.
Rivan’s process combines electrolysis, fuel synthesis and fuel upgrading on site. This vertical integration is designed to cut costs and improve efficiency compared with traditional refineries. The startup has already operated a pilot plant in the UK and plans to open a larger facility within 18 months.
The latest investment follows growing interest in synthetic fuels as Europe seeks to decarbonise hard-to-electrify sectors. European Union rules now require a minimum share of sustainable aviation fuel from 2025, creating demand for non-fossil alternatives.
IQ Capital partner Max Bautin said the round reflects confidence in Rivan’s technology and its potential to scale quickly. Plural partner Clare Gordon highlighted the need for domestic production to reduce reliance on imported fuels.
Source: eu-startups.com