Energy startup Reverion has raised $62 million in Series A funding.
The German company, which claims to be developing "carbon-negative" power plants, announced the round this week and will use the funds to begin serial production of its product.
The oversubscribed round, which includes non-dilutive funding, 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.
Reverion, which was spun off from the Technical University of Munich in 2022, claims its solid oxide fuel cell-based biogas-powered plants achieve up to 80 percent efficiency in power generation - much higher than traditional units - and can produce and store renewable natural gas or green hydrogen in times of electricity surplus.
Biogas is fed into the system, and hydrogen sulfide and other impurities are removed. The gas is pre-heated and fed into the fuel cell, where the gas is oxidized with air to produce electrical energy.
The containerized 100kW/20 ft and 500kW/40 ft units are also said to capture the CO2 created during power generation. The company said the plants can also convert excess solar and wind power into green hydrogen or methane.
“Farmers with biogas plants struggle with regulatory retrofit demands and the limitations of traditional technologies. This customer segment is exactly where Reverion is entering the market,” said Dr. Stephan Herrmann, CEO and managing director at Reverion GmbH.
Reverion said it has more than $100 million in customer pre-orders collected to date.
"What Reverion has accomplished is nothing short of exceptional and exemplifies the market traction we look for in emerging climate tech companies,” said Ashwin Shashindranath, Partner at Energy Impact Partners. “Their innovative approach and rapid progress highlight their potential to become leaders in renewable energy not only in Europe but across the globe."
