Rivan, a London-based startup developing synthetic fuel technology to support energy security, has raised £10m in a round led by Taavet Hinrikus’ Plural.
The company designs and manufactures modular synthetic fuel plants powered by off-grid solar energy.
Its first priority is developing synthetic natural gas (SNG) to address the 22% of global emissions that come from industrial reliance on natural gas when producing steel, cement and chemicals.
The modular plants work by capturing carbon from the air, using solar-powered electricity to electrolyse water and combining everything to produce SNG.
According to Rivan, SNG is chemically identical to its fossil fuel counterpart whilst being carbon-neutral.
The firm builds its reactors at its 10,000 sq ft site in Bermondsey and has so far deployed its first 100kW pilot. Rivan is working towards a larger commercial deployment in 2026.
“Until we develop cost-effective synthetic fuels from carbon captured from the air, we can’t expect industry to decarbonise,” said Rivan founder and chief executive Harvey Hodd.
“My hope is that our technology, combined with the unbelievably talented and driven team I get to work with everyday, can forge that future a reality.
“This is particularly important in the UK and Europe — where low domestic production and limited storage have hurt industry, and where we hope to lead by example to show that synthetic fuels can be competitive with fossil fuels to deliver long-term energy security.”
Alongside Plural, Rivan has secured funding from 20VC, NFDG and a handful of angel investors.
Rivan is manufacturing vertically-integrated machines in Bermondsey and deploying them to solar-powered, off-grid sites to make carbon capture economically viable and achieve optimum costs and performance,” said Hinrikus, who is also the co-founder of fintech group Wise.
“With this ambition and Harvey’s background, I’m excited to be a part of Rivan’s mission to transform energy security and tackle the climate crisis once and for all.”
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