German climate tech start-up Reverion has raised €8.5 million to accelerate the production of its 100 kW and 500 kW biogas power plants. It claims its modular power plants can double the efficiency of electricity generation from 40 to 80 percent compared to conventional technology.
The small power plants can also run "backward" (reversible), a renewable natural gas substitute or green hydrogen can be produced and stored from a temporary surplus in the wind and solar power to flexible the grid - they can be operated CO2-negatively when biogas is used.
"We have secured over €60 million in pre-orders, which we plan to fulfil,” says Felix Fischer, co-founder, and COO. “Our objective is to break even by entering series production and rapidly scaling the number of units delivered."
"Our technology addresses four out of the eight currently declared goals: improving storage, expanding electrolysis processes and fuel cells, increasing the use of biogas and biomethane, and carbon storage. Therefore, we are confident that a rapid and comprehensive market entry will give Germany and the EU a competitive edge in ultra-flexible and carbon-negative energy supply," says Stephan Herrmann, co-founder, and CEO.
This €8.5 million funding round, ahead of its Series A, was led by UVC Partners, Green Generation Fund, Extantia Capital, Doral Energy-Tech Ventures, and biomethane trader Landwärme GmbH. In addition to this raise Reverion also received €12 million in regional, national and European grant funding.
"When deployed at scale, Reverion can truly revolutionise the way we generate base load power around the world. With its proprietary technology, the company has solved all of the historical technical shortcomings associated with biogas power, resulting in a 5x increase in revenue for customers from the same amount of biomass. While Reverion is currently selling into the world's leading biogas market first (Germany), we are observing substantial interest from international prospects as well. Reverion has what it takes to scale this solution, become a global leader in renewable energy, and shape gigawatts of future clean energy," says Torben Schreiter, Partner at Extantia Capital.