Reverion raises $175m Series B to build a fuel-cell megafactory in Germany
Kembara leads the round for the TU Munich spin-off whose first customers were biogas plants. Manufacturing capacity is to rise tenfold to 250 megawatts
Reverion, a German power-plant manufacturer based in Eresing near Munich, announced a $175 million Series B on 29 September 2026. The round was led by Kembara, a deep-tech and climate fund, with Allianz, KfW Capital, Aurum Impact and Carbon Equity joining as new investors alongside existing backers Extantia, Energy Impact Partners, UVC Partners, the European Innovation Council Fund, alfa8 and Possible Ventures. EU-Startups reported the round as €154.2 million. The company was spun out of the Technical University of Munich in 2022 and is led by Stephan Herrmann, chief executive, and Felix Fischer, chief operating officer.
The product is a containerised solid-oxide fuel-cell power plant that converts gas into electricity electrochemically rather than by combustion. Reverion reports 74.2 per cent electrical efficiency measured in live customer operation, and describes the plant as reversible: the same stack can be run in electrolysis mode to convert surplus electricity back into gas. The units accept biogas, natural gas or hydrogen. Run on biogas with the carbon dioxide captured, the company says the process can be carbon negative, because the captured carbon is biogenic.
The money goes into a second production site in Germany, a megafactory intended to lift manufacturing capacity tenfold to 250 megawatts a year. Seven commercial plants are running at customer sites and unit output has been upgraded to 500 kW. “With seven commercial plants operating in the field and output per unit upgraded to 500 kW, this capital ensures we can rapidly clear our backlog,” said Fischer. Reverion puts the revenue potential of its commercial pipeline above $2 billion. Headcount at Eresing has gone from about 100 to more than 200, with up to 800 further positions planned at the new plant. 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.”
The customer mix is the part worth watching. Reverion started in biogas, where the fuel is already on site and the alternative is a combustion engine converting it at roughly half the efficiency. Demand has since shifted towards data centres, which need firm power on a timescale grid connections cannot match. “Solar and wind give us clean energy, but only when the weather cooperates. What the world needs is clean power on tap,” said Herrmann. The same hardware serves both markets, which is why the factory, not the technology, is now the constraint.
Why it matters for AgTech founders: this is what it looks like when an agriculture-rooted deep-tech company finds a customer who pays more. The farm biogas plant gave Reverion something rare for a first market, a site where the fuel is free, the grid connection already exists and the incumbent conversion is inefficient enough that a step change is visible in the first month. Those seven reference installations are what makes the data-centre conversation credible. But the allocation problem now runs the other way. A dairy or arable operator looking to relight a biogas asset is bidding for units from a 250 MW-a-year line against buyers whose cost of downtime is measured in lost compute, and agriculture has never won that kind of auction on price. Two things follow. If your ag product depends on a supplier whose technology has a data-centre or defence adjacency, write delivery commitments into the contract now rather than assuming queue position. And if you are the supplier, agriculture is a genuinely good proving ground precisely because it is price-sensitive and tolerant of iteration, but be honest with your farm customers about where they sit in the queue once the higher-margin market arrives, because that is the conversation that decides whether they are still references in three years.
Reverion raises $175m Series B to build a fuel-cell megafactory in Germany
Kembara leads the round for the TU Munich spin-off whose first customers were biogas plants. Manufacturing capacity is to rise tenfold to 250 megawatts a year.
Reverion, a German power-plant manufacturer based in Eresing near Munich, announced a $175 million Series B on 29 September 2026. The round was led by Kembara, a deep-tech and climate fund, with Allianz, KfW Capital, Aurum Impact and Carbon Equity joining as new investors alongside existing backers Extantia, Energy Impact Partners, UVC Partners, the European Innovation Council Fund, alfa8 and Possible Ventures. EU-Startups reported the round as €154.2 million. The company was spun out of the Technical University of Munich in 2022 and is led by Stephan Herrmann, chief executive, and Felix Fischer, chief operating officer.
The product is a containerised solid-oxide fuel-cell power plant that converts gas into electricity electrochemically rather than by combustion. Reverion reports 74.2 per cent electrical efficiency measured in live customer operation, and describes the plant as reversible: the same stack can be run in electrolysis mode to convert surplus electricity back into gas. The units accept biogas, natural gas or hydrogen. Run on biogas with the carbon dioxide captured, the company says the process can be carbon negative, because the captured carbon is biogenic.
The money goes into a second production site in Germany, a megafactory intended to lift manufacturing capacity tenfold to 250 megawatts a year. Seven commercial plants are running at customer sites and unit output has been upgraded to 500 kW. “With seven commercial plants operating in the field and output per unit upgraded to 500 kW, this capital ensures we can rapidly clear our backlog,” said Fischer. Reverion puts the revenue potential of its commercial pipeline above $2 billion. Headcount at Eresing has gone from about 100 to more than 200, with up to 800 further positions planned at the new plant. 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.”
The customer mix is the part worth watching. Reverion started in biogas, where the fuel is already on site and the alternative is a combustion engine converting it at roughly half the efficiency. Demand has since shifted towards data centres, which need firm power on a timescale grid connections cannot match. “Solar and wind give us clean energy, but only when the weather cooperates. What the world needs is clean power on tap,” said Herrmann. The same hardware serves both markets, which is why the factory, not the technology, is now the constraint.
Why it matters for AgTech founders: this is what it looks like when an agriculture-rooted deep-tech company finds a customer who pays more. The farm biogas plant gave Reverion something rare for a first market, a site where the fuel is free, the grid connection already exists and the incumbent conversion is inefficient enough that a step change is visible in the first month. Those seven reference installations are what makes the data-centre conversation credible. But the allocation problem now runs the other way. A dairy or arable operator looking to relight a biogas asset is bidding for units from a 250 MW-a-year line against buyers whose cost of downtime is measured in lost compute, and agriculture has never won that kind of auction on price. Two things follow. If your ag product depends on a supplier whose technology has a data-centre or defence adjacency, write delivery commitments into the contract now rather than assuming queue position. And if you are the supplier, agriculture is a genuinely good proving ground precisely because it is price-sensitive and tolerant of iteration, but be honest with your farm customers about where they sit in the queue once the higher-margin market arrives, because that is the conversation that decides whether they are still references in three years.
