Fuel cell technology startup Reverion announced today that it has raised $175 in a Series B funding round, with proceeds aimed at significantly scaling up production of its power plants, capable of generating carbon negative energy to power industrial sites and data centers.

Founded in 2022 as a spin-off from the Technical University of Munich, Germany-based Reverion develops power plants based on solid oxide fuel cell (SOFC) technology that can generate electricity from biogas, natural gas or hydrogen. The systems also capture CO2 in the fuel stream for re-use or permanent storage. According to Reverion,when operated using biogas and combined with permanent storage of the captured biogenic CO2, the process can generate negative emissions.

The company said that its solution is also reversible, enabling its plants to switch from electricity generation to electrolysis and use surplus electricity to produce hydrogen or methane for storage, enabling the system to generate power when renewable electricity supply is insufficient and to convert excess power into storable gases when there is excess renewable electricity on the grid.

According to Reverion, its solid oxide fuel cell power plant technology converts biogas, natural gas, or hydrogen into electricity on demand at a world-record electrical efficiency of 74.2% – nearly double that of conventional generators.

The company said that the new the majority of the new capital will be used for investment into a new megafactory in Germany, scaling its manufacturing capacity tenfold to 250 MW. Reverion noted that seven of its power plants are already in regular operation at customer sites, and that it is seeing demand outside of Germany, with its first international projects scheduled for delivery this year.

Stephan Herrmann, CEO and co-founder of Reverion, said:

“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.”

The funding round was led by deeptech and climate fund Kembara, alongside existing investors Extantia, Energy Impact Partners, UVC Partners, European Innovation Council Fund (EIC Fund), alfa8 and Possible Ventures, with participation from new investors Allianz, KfW Capital, Aurum Impact and Carbon Equity.

Robert Trezona, Climate Lead at Kembara, said:

“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.”