Reverion raises €154.2M Series B for carbon-negative power plants
Bavaria's Reverion has closed a €154.2M Series B led by Kembara to lift reversible fuel cell production tenfold. European institutional money is now funding climate hardware at scale.
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Founded 2022 · Eresing, Germany
Reverion, the TU Munich spin-off building reversible fuel cell power plants in Eresing, Bavaria, has raised a €154.2M Series B led by Kembara, Mundi Ventures’ deep tech and climate growth fund, to build a German megafactory and lift production roughly tenfold.
Europe keeps hearing it cannot fund climate hardware at scale – and then a company headquartered in a Bavarian village closes one of the year’s largest European energy rounds without a single Sand Hill Road name on the list. Below, I lay out the round, the machine behind it, the market it compounds into, and what it says about who writes Europe’s growth cheques now.
The round: €154.2M and a megafactory to spend it on
Announced on 29 September 2026, the Series B was led by Kembara, the deep tech and climate growth fund run by Madrid-based Mundi Ventures. Allianz, KfW Capital, Aurum Impact and Carbon Equity came in as new investors, while existing backers Extantia, Energy Impact Partners, UVC Partners, the EIC Fund, alfa8 and Possible Ventures all returned, per the company’s announcement.
The use of funds is unusually specific for a round this size. The bulk goes into a new megafactory in Germany that lifts manufacturing capacity roughly tenfold, to 250 MW of power plants a year, while the standard unit output climbs to 500 kW. The company plans up to 800 positions at the new site (announcement figures).
The round caps a rapid capital stack: a €56M Series A in September 2024 and a €19.5M European Innovation Fund grant in March 2025, both per company disclosures.
A power plant that runs in both directions
Reverion builds solid oxide fuel cell power plants that generate electricity from biogas, natural gas or hydrogen at 74.2% electrical efficiency – a world record for thermal power generation by the company’s own measurement, and nearly double what a conventional gas engine manages.
The category’s name does the explaining: reversible. When wind and solar flood the grid, the same machine runs backwards as an electrolyser and turns the surplus into hydrogen or synthetic methane. Run on biogas with CO2 capture switched on, the plant goes carbon-negative. And this is no longer a lab claim: seven plants are in regular operation at customer sites, with the first international deliveries scheduled for this year, per the announcement.
Founded in 2022 on research CEO Stephan Herrmann began at TU Munich in 2015, the company has grown from 100 to more than 200 people over the past year and points to a commercial project pipeline it values at over $2bn – a company figure, and a pipeline, not revenue.
A niche compounding at 31% a year
So why does a fuel cell startup need a megafactory? Because the segment is moving from pilots to procurement. The global solid oxide fuel cell market was worth $2.98bn in 2025 and is projected to reach $11.61bn by 2030, a 31.2% CAGR (MarketsandMarkets, July 2025). Data centres hungry for dispatchable, low-carbon power are the demand signal, and Kembara’s climate team pointed at exactly that segment in the round announcement.
For scale, from our own funding records: GeoPura, the UK hydrogen power specialist, raised €56M in growth funding from the UK Infrastructure Bank and Barclays Sustainable Impact Capital in March 2026, and HVR Energy closed a €20M Series A led by Sandton in September 2026. Reverion’s €154.2M is double the two combined – at Series B. In a market compounding above 30% a year, manufacturing capacity, not demand, is the bottleneck this cheque is built to clear.
What a Bavarian megafactory signals
Look at who wrote the cheques. Kembara deploys from the €750M first close Mundi Ventures announced in February 2026, raised precisely for European deep tech growth rounds – the stage where our companies used to fly to San Francisco. Allianz and KfW Capital are the institutional balance sheets we have spent a decade saying were sitting on the sidelines. The good news is they are stepping onto the pitch, and for hardware, not another SaaS logo.
It is also the second German nine-figure round in a single week, after Noxtua’s €100M+ Series C in legaltech. The pattern we are seeing across the cleantech desk is European growth capital finally showing up where Europe already holds an engineering edge – electrochemistry, power systems, industrial manufacturing – rather than chasing the categories the US already owns.
Munich’s original deep tech playbook was a professor, a prototype and a prayer for American money. This round replaces the prayer with a megafactory. Watch how fast those 250 MW of annual capacity get booked – that number, not the headline, will tell us whether clean baseload becomes Europe’s next export. Keep watching Eresing.
