Munich, Germany-based Reverion, a company that builds reversible, carbon-negative power plants, earlier this week raised a whopping sum of $62 million in a Series A funding round 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 participated in the round. The round also includes some non-dilutive funds.
The company aims to utilize the fresh funds towards serial production of its power plants and meet over $100 million in customer pre-orders.
Founded in 2015 as a spin-off from the Technical University of Munich, and led by Dr. Stephan Herrmann, CEO and Managing Director, Reverion manufactures reversible, carbon-negative power plants. The company has developed, validated, patented, and scaled its 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.
Speaking of Reverion in contrast to normal biogas power plants, Dr. Stephan, in a statement to TechCrunch said,
“We work with hydrogen fuel cells and created a new system architecture around those. And the process design is very different to normal biogas power plants.” said Dr. Stephan
“We compete against other, similar engines, but the technology is quite different,” Herrmann said “Ours directly removes carbon from the atmosphere, replaces fossil-fuel power plants, and uses renewable gases for excess power. All that has a huge potential for positive environmental impact.” he continued “Also, when our unit runs in reverse, it uses excess power to make green hydrogen. That can replace ‘gray’ hydrogen from fossil sources,” Herrmann added.
“What Reverion has accomplished is nothing short of exceptional,” said Ashwin Shashindranath, partner at Energy Impact Partners, in a statement. “It exemplifies the market traction we look for in emerging climate tech companies,” he added.
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