Reverion, a company building reversible, carbon-negative power plants, announced it had raised €56 million in Series A funding, including non-dilutive funding. The oversubscribed 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. This funding will enable Reverion to begin serial production of its power plants and meet over $100 million in customer pre-orders collected to date.
Reverion’s patented technology is paving the way to 100% renewable energy by using the full potential of biogas. Their reversible power plants overcome the limitations of conventional technologies for power generation from biogas, significantly increasing revenue for operators from the same biomass. Unlike conventional gas engines, which are inefficient and emit millions of tonnes of CO2 annually worldwide, Reverion’s fuel cell-based plants achieve up to 80% efficiency in power generation, doubling the electricity output of gas engines.
In addition, 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, Reverion’s plants 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.
“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.”
Reverion has already secured over $100 million in pre-orders, reflecting strong demand from customers, mainly farmers, and industrials. Farmers are particularly attracted to Reverion’s technology for its ability to double the output of existing biogas plants while creating new revenue streams.
For industrial customers, Reverion’s units are optimized for deep integration into thermal and chemical processes, providing not only electricity but also heat and various gases for on-site use. This diverse customer base underscores the broad appeal and versatility of Reverion’s carbon-negative power plants and positions the company to play a key role in the transition to sustainable energy. This funding round is critical for the company to deliver these containerized, plug-and-play power plants at scale.
“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,” added Dr. Stephan Herrmann, CEO and Managing Director at Reverion GmbH. “The demand for our units has been overwhelming in Germany, and we’re not stopping there — we’re preparing for a global push with strategies tailored to each region’s regulations. In this financing round, we’ve selected partners offering capital and crucial expertise in scaling hardware startups and advancing innovative energy technologies. We’re excited to onboard top-tier investors from the US and Japan as we grow the company.”
Read the orginal article: https://www.eu-startups.com/2024/09/munich-based-reverion-raises-e56-million-for-serial-production-of-renewable-power-plants/
