Reverion, a bioenergy with carbon capture and storage (BECCS) company based in Germany, has secured $62 million in a Series A funding round.
Led by Energy Impact Partners (EIP), the round saw participation from Honda and the European Innovation Council Fund (EIC Fund), as well as existing investors Extantia Capital, UVC Partners, Green Generation Fund, Doral Energy-Tech Ventures, and Possible Ventures.
Reverion will use the funding to launch its innovative carbon-negative power plants into serial production as it works to meet a massive demand of over $100 million in customer pre-orders received so far.
Reverion GmbH CEO and Managing Director, Dr. Stephan Herrmann, commented, ”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.”
The substantial funding, part of which is non-dilutive, testifies to the grand potential of Reverion’s decarbonizing technology.
Their reversible power plants have the capacity to not only generate electricity but also change processes to produce methane and hydrogen from surplus electrical energy.
Based on the principle of reversible ions, this technology enables the creation of fuel cell-based plants that show up to 80% efficiency in power generation, doubling the electricity output of gas engines.
By capturing the carbon dioxide generated during power production, Reverion’s plants provide a carbon-negative way to produce biogas-based power, providing a much-needed alternative to conventional gas engines, which emit large amounts of CO2 emissions during their operations.
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With this novel approach to biogas power production, Reverion is able to significantly boost revenue for operators working with the same biomass. This feature is especially appealing to farmers, who can use Reverion’s technology to double the output of existing biogas plants and access new income streams.
The units offered by Reverion also have the capacity for deep integration into thermal and chemical processes, providing its industrial clients with not only electricity but also heat and different gases that are ready to be used on-site.
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