Rivan Industries Raises $47.5M to Produce Synthetic Gas Cheaper Than UK Imports

London-based energy-tech startup Rivan Industries is scaling production of synthetic natural gas made from air and water, claiming it can undercut Britain's gas import prices and eventually produce the fuel more cheaply than UK gas has ever traded. The company, founded two years ago, has raised $47.5 million from investors including Stripe co-founders John and Patrick Collison, IQ Capital and Bolt founder Markus Villig. Rivan builds shipping-container-sized plants paired with solar farms that use renewable electricity to electrolyse rainwater into hydrogen, then combine it with atmospheric CO2 in a reactor to make carbon-neutral gas. Founder Harvey Hodd said the company keeps costs low by owning its power supply and designing and manufacturing every component in-house. It has begun operations at a new factory in Bermondsey, southeast London, after proving the technology at a Swindon site. The company says it has signed 10-year supply contracts with steel makers, cement companies, chemical manufacturers, airlines and data centre operators, though it declined to name them. Rivan expects to be profitable after producing its first 50 plants and plans a second factory "40 times bigger."