Reverion, an Eresing-based EnergyTech company that builds reversible fuel cell power plants for decentralised energy supply, today announced the closing of a €154.2 million ($175 million) Series B funding round to scale production of its dispatchable, carbon-negative power plants.
The round was led by Kembara, Mundi Ventures’ €1 billion DeepTech and climate fund. The round also saw participation from new investors Allianz, KfW Capital, Aurum Impact, and Carbon Equity, alongside existing backers Extantia, Energy Impact Partners, UVC Partners, European Innovation Council Fund (EIC Fund), alfa8, and Possible Ventures.
Stephan Herrmann, CEO and co-founder of Reverion, said, “Solar and wind give us clean energy, but only when the weather cooperates. What the world needs is clean power on tap. By closing this Series B, we are laying the foundation for industrial mass production. We are building the dispatchable, carbon-negative engine that allows grids and heavy industry to run 100% clean, 24 hours a day, 365 days a year. The financing allows us to build an additional production site and to scale the product further, into the megawatt class. That opens up entirely new markets for Reverion.”
The idea for Reverion emerged in 2015 during Herrmann’s doctoral research at TU Munich, together with his advisor, Prof. Dr.-Ing. Hartmut Spliethoff. In 2022, Reverion was founded as a spin-off from TUM.
The company states that it builds solid oxide fuel cell (SOFC) power plants that generate electricity from gas, provide flexible energy storage through reversibility, and can operate in a carbon-negative manner. Its patented high-temperature fuel cell technology converts gases, including natural gas, biogas and hydrogen, directly into electricity. According to the company, its measured electrical efficiency of 74.2% makes it the world’s most efficient thermal power plant.
“Solar and wind are vital, but their intermittency leaves grids vulnerable and forces heavy industry to rely on fossil-fueled backup power. Reverion provides the missing link: the Holy Grail of energy – a truly dispatchable renewable energy source that combines the clean credentials of renewables with the round-the-clock reliability of a conventional generator,” the company mentioned in the press release.
Reverion notes that its solid oxide technology converts gas electrochemically into electricity, without combustion, and captures the CO₂ in the fuel stream in pure form that can be reused or permanently stored.
Where the fuel is renewable natural gas, that CO₂ is biogenic, and the plant is carbon-negative in operation. The same system runs in reverse: in electrolysis mode, it converts surplus electricity into storable gases.
The company said demand for its systems is growing rapidly because they provide an immediate, on-site energy solution to the AI data centre power crunch. By running on local gas infrastructure, Reverion allows data centre operators to circumvent grid bottlenecks and secure continuous, firm power, turning energy-hungry infrastructure into a carbon-neutral or even carbon-negative asset. The German startup further notes that this power supply is independent of electricity market price volatility and unconstrained by the pace of grid expansion.
“Solid oxide fuel cells are the most efficient way to convert gas into electricity, and Reverion sets the global benchmark in this field. The growth market lies in powering data centres, where Reverion’s negative carbon footprint counts as much as efficiency. Hyperscalers need massive, reliable power, but they cannot compromise on their climate commitments. With this round, we are financing industrial-scale expansion,” says Robert Trezona, Climate Lead at Kembara.
Reverion plans to invest the major share of the fresh capital in a new megafactory in Germany to support a commercial project pipeline with revenue potential exceeding $2 billion. The facility will scale manufacturing capacity tenfold to 250 megawatts annually.
At the company’s headquarters in Eresing, the team has recently grown from 100 to more than 200 employees; up to 800 further positions will be added at the new site. Seven power plants are already in regular operation at customer sites. Demand is rapidly expanding beyond Reverion’s home market in Germany, with the first international projects scheduled for delivery later this year.
“We are seeing explosive international demand for our systems as utilities and industrial customers recognise that true energy security requires dispatchable clean power. With seven commercial plants operating in the field and output per unit upgraded to 500 kW, this capital ensures we can rapidly clear our backlog and steer the company toward long-term profitability,” said Felix Fischer, COO and co-founder.
In March 2025, Reverion announced that it had been awarded €19.5 million in funding from the European Innovation Fund (InnovFund). In September 2024, the company announced it had raised €56 million in Series A funding, including non-dilutive funding.