Reverion, a Munich, Germany based company building reversible, carbon-negative power plants, raised $62m in Series A funding, including non-dilutive funding.
The round was led by Energy Impact Partners (EIP) with participation from Honda and the European Innovation Council Fund (EIC Fund). Existing investors Extantia Capital, UVC Partners, Green Generation Fund, Doral Energy-Tech Ventures, and Possible Ventures also joined the round.
The company intends to use the funds to begin serial production of its power plants and meet over $100 million in customer pre-orders collected to date.
Founded in 2015 as a spin-off from the Technical University of Munich, and led by Dr. Stephan Herrmann, CEO and Managing Director, Reverion builds reversible, carbon-negative power plants. Over the years, they developed, validated, patented, and scaled their novel high-temperature fuel cell system, which combines all the key core elements needed for the implementation of the energy transition in a single plant: increased efficiency, CO2-negative operation and seasonal energy storage at a large scale.
These plants can also operate reversibly to produce and store renewable natural gas or green hydrogen in times of electricity surplus, enhancing grid flexibility. Finally, they capture the CO2 created during power generation, thus making carbon-negative power generation from biogas possible, cutting emissions and transforming the biogas industry for a sustainable energy future.
Reverion has already secured over $100 million in pre-orders.
FinSMEs
12/09/2024