Energy start-up Reverion, based in Eresing near Munich, has closed a $175m Series B round. Deeptech and climate fund Kembara led the investment. Reverion will spend most of the money on a new factory in Germany, which it says will raise output tenfold.
Kembara leads the Series B as Allianz and KfW Capital join
- Amount: $175m
- Round: Series B
- Lead investor: Kembara, the European scale-up fund of Mundi Ventures
- New investors: Allianz, KfW Capital, aurum Impact, Carbon Equity
- Existing investors: Extantia, Energy Impact Partners, alfa8, UVC Partners, EIC Fund, Possible Ventures
- Previous round: $62m Series A (2024)
- Founded: 2022, as a spin-off from the Technical University of Munich (TUM), by five founders
- Headquarters: Eresing, Bavaria
The new round takes the total raised across Reverion’s Series A and B to around $237m.
Power from gas, without combustion
Reverion builds power plants based on solid oxide fuel cells (SOFCs). These cells turn gas into electricity through an electrochemical reaction rather than by burning it. The plant also captures the CO₂ from the gas stream in pure form. Operators can then reuse it or store it permanently.
When the plant runs on renewable gas such as biomethane, the captured CO₂ is biogenic. As a result, Reverion says the plant is carbon-negative in operation. The company puts its electrical efficiency at 74.2%, which it describes as a world record. It says it measured this figure at customer sites, using early units from pre-series production. According to Reverion, that is nearly double the efficiency of conventional generators.
The system also works in reverse. In electrolysis mode, it turns surplus electricity into gases that can be stored. This gives operators an asset that can respond to price signals in both the power and gas markets. Stephan Herrmann, CEO and co-founder, sees this as the core of the business: “Solar and wind give us clean energy, but only when the weather cooperates. What the world needs is clean power on tap.”
Seven plants are already in regular operation at customer sites. Reverion has also raised output per unit to 500kW. With the new funding, it plans to push the product into the megawatt class. “That opens up entirely new markets for Reverion,” Herrmann says.
Data centres emerge as a key growth market
So far, most of Reverion’s customers have come from the biogas sector. Now the company is turning its attention to data centres. Many operators face long delays in securing a grid connection. At the same time, public pushback over their energy use is growing. Reverion’s answer is power generated on site. Its plants draw on local gas infrastructure and supply continuous power. As a result, operators become less exposed to grid expansion delays and volatile electricity prices.
The lead investor shares this view. “Solid oxide fuel cells are the most efficient way to convert gas into electricity,” says Robert Trezona, Climate Lead at Kembara. In his view, the growth market lies in powering data centres, where a negative carbon footprint matters as much as efficiency. “Hyperscalers need massive, reliable power, but they cannot compromise on their climate commitments,” Trezona adds.
Felix Fischer, COO and co-founder, reports strong demand from abroad. He says utilities and industrial customers increasingly see dispatchable clean power as essential to energy security. The fresh capital should therefore help Reverion clear its order backlog quickly. In the long run, Fischer is aiming for profitability.
New factory with 250MW capacity and up to 800 jobs
Reverion will invest most of the funds in a new production site in Germany. The factory is set to reach an annual capacity of 250MW, ten times its current output. It is also expected to create up to 800 jobs. At the Eresing headquarters, the team has recently grown from 100 to more than 200 staff.
A large project pipeline lies behind the expansion. According to the company, it carries revenue potential of more than $2bn. Reverion also plans to deliver its first projects outside Germany later this year. For Herrmann, the round marks a turning point: “By closing this Series B, we are laying the foundation for industrial mass production.”
FAQ
Reverion raised $175m in its Series B funding round. In 2024, it secured $62m in a Series A.
Kembara led the round. Allianz, KfW Capital, aurum Impact and Carbon Equity joined as new investors. Existing backers Extantia, Energy Impact Partners, alfa8, UVC Partners, EIC Fund and Possible Ventures also took part.
Reverion builds power plants using solid oxide fuel cells. They generate electricity from gas without burning it and capture pure CO₂ in the process. In reverse mode, they turn surplus power into storable gases.
Most of the funds will go into a new factory in Germany with 250MW of annual capacity and up to 800 jobs. Reverion also plans to scale its plants into the megawatt class.
Five founders from the Technical University of Munich set up Reverion in 2022. The company is based in Eresing near Munich.
Picture Source Reverion
