Reverion has closed a $175 million Series B round, with the bulk of the capital earmarked for a new megafactory in Germany that will lift the company's manufacturing capacity tenfold, to 250 MW.

The Bavaria-based startup, spun out of the Technical University of Munich in 2022, builds power plants around solid oxide fuel cell (SOFC) technology. The units generate electricity from biogas, natural gas or hydrogen at what the company describes as a world-record electrical efficiency of 74.2% — nearly double that of conventional generators. The systems also capture CO2 from the fuel stream for reuse or permanent storage.

The carbon accounting matters for the material stream. When the plants run on biogas and the captured biogenic CO2 goes to permanent storage, the process generates negative emissions, according to Reverion. That positions the technology for buyers facing hard decarbonization targets, particularly industrial sites and data center operators.

The units are also reversible. Each plant can switch from power generation to electrolysis mode, converting surplus grid electricity into hydrogen or methane for storage. In practice, that means the system produces storable gases when renewable supply exceeds demand and dispatches power when wind and solar output falls short.

Installed base and pipeline

Reverion reports seven power plants in regular operation at customer sites — installed capacity, not announcements. First international projects are scheduled for delivery this year, marking the company's expansion beyond Germany.

Stephan Herrmann, CEO and co-founder, framed the raise as a manufacturing milestone: "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."

Who put up the money

Deeptech and climate fund Kembara led the round. Existing investors Extantia, Energy Impact Partners, UVC Partners, the European Innovation Council Fund (EIC Fund), alfa8 and Possible Ventures participated, joined by new investors Allianz, KfW Capital, Aurum Impact and Carbon Equity.

Kembara's Climate Lead Robert Trezona pointed to two demand drivers: conversion efficiency and carbon intensity. "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 centers, where Reverion's negative carbon footprint counts as much as efficiency," he said.

What to watch

The megafactory is the deciding variable. Turning a 250 MW nameplate into shipped units will determine whether Reverion moves from a seven-unit installed base to industrial-scale supply for data center and industrial customers. Delivery of the first international projects this year is the near-term milestone; commissioning of the German plant sets the pace for everything after.