Reverion, a Bavarian energy company building reversible fuel cell power plants, has closed a €154.2M ($175M) Series B to scale production.
Kembara, the €1B deeptech and climate fund run by Mundi Ventures, led the round. Reverion is based in Eresing and sells dispatchable plants that generate electricity from gas while capturing the carbon they produce, which the company describes as carbon negative rather than merely low emission.
The pitch is decentralised generation for sites that need power on demand. Reversible fuel cells can shift between producing electricity and storing energy as gas, a flexibility that matters for grids increasingly fed by intermittent renewables.
The funding is earmarked for manufacturing capacity rather than research, a signal that Reverion believes hardware economics now decide its trajectory more than lab results.
European climate hardware has pulled larger rounds through 2026 as investors hunt for industrial assets with defensible engineering. Germany in particular has attracted energy, industrial and deeptech groups that once lost capital to software.
Reverion has not disclosed what the round values the business at.
