Reverion, a company focused on developing reversible, carbon-negative power plants, has announced a successful $62 million Series A funding round, which includes non-dilutive capital.
The round, which was oversubscribed, was led by Energy Impact Partners (EIP) and saw 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 contributed.
This new funding will support Reverion in starting the serial production of its power plants and fulfilling over $100 million in customer pre-orders.
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Reverion’s patented technology is leading the transition to 100% renewable energy by maximizing the potential of biogas. Their reversible power plants address the limitations of traditional biogas power generation, significantly boosting revenue for operators by efficiently utilizing the same biomass.
Unlike inefficient gas engines, which contribute millions of tonnes of CO2 emissions globally, Reverion’s fuel cell-based plants achieve up to 80% efficiency, effectively doubling the electricity output.
Additionally, these plants can operate reversibly, allowing them to produce and store renewable natural gas or green hydrogen during periods of excess electricity, thus enhancing grid flexibility.
By capturing the CO2 produced during power generation, Reverion’s plants enable carbon-negative power generation from biogas, reducing emissions and transforming the biogas industry for a more sustainable energy future.
“What Reverion has accomplished is nothing short of exceptional and exemplifies the market traction we look for in emerging climate tech companies,” said Ashwin Shashindranath, Partner at Energy Impact Partners.
He added, “Their innovative approach and rapid progress highlight their potential to become leaders in renewable energy not only in Europe but across the globe.”
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Reverion has secured over $100 million in pre-orders, indicating strong demand from farmers and industrial clients. Farmers value Reverion’s technology for its ability to double the output of existing biogas plants and create additional revenue streams.
Reverion’s units integrate seamlessly into thermal and chemical processes for industrial customers, providing electricity, heat, and various gases for on-site use.
This diverse interest highlights the versatility of Reverion’s carbon-negative power plants and its potential role in advancing sustainable energy.
The recent funding round is crucial for scaling up the delivery of these “containerized, plug-and-play power plants”, according to the company’s statement.