Mundi Ventures leads $175M Series B in Reverion, Europe's leader in dispatchable, carbon-negative power

Mundi Ventures, through its deeptech fund Mundi Ventures Kembara Fund, is proud to lead Reverion's $175 million Series B. The round brings in new investors Allianz, KfW Capital, Aurum Impact and Carbon Equity, alongside existing backers Extantia, Energy Impact Partners, UVC Partners, the European Innovation Council Fund (EIC Fund), alfa8 and Possible Ventures.

Founded in 2022 as a spin-out of the Technical University of Munich (TUM) by Stephan Herrmann (CEO) and Felix Fischer (COO), Reverion builds dispatchable, carbon-negative power plants based on reversible solid oxide fuel cells. The new funding will build a Megafactory in Germany with 250 MW of annual manufacturing capacity, a tenfold increase, and could create up to 800 new jobs. The company has already doubled its team from 100 to more than 200 people at its headquarters in Eresing, near Munich.

Here's why we're so excited about it.

Solar and wind give us clean energy, but only when the weather cooperates. As renewables take a bigger share of the grid, the world increasingly needs something else alongside them: clean power on tap. Utilities, industrial companies and data centre operators all need electricity that is reliable, available on demand and free of emissions. Today, that gap is mostly filled by gas turbines and diesel generators, which keep the lights on but lock in emissions for decades. As CEO Stephan Herrmann puts it: "Solar and wind give us clean energy, but only when the weather cooperates. What the world needs is clean power on tap."

Reverion fills it differently.

Its container-based plants generate electricity from biogas, natural gas or hydrogen using solid oxide fuel cells, the most efficient way to convert gas into electricity. In live customer operation, Reverion has measured 74.2% electrical efficiency, a world record for thermal power plants. More electricity from every unit of fuel means lower costs and lower emissions for customers. And because each plant is modular and fits in a container, it can be installed close to where the power is used, from a biogas site to an industrial facility or a data centre campus.

The plants are also clean by design. They produce no pollutant emissions and capture pure biogenic CO₂. When they run on biogas, the result is power generation that is carbon-negative: every megawatt-hour comes with CO₂ removed from the atmosphere. Reverion has already signed a $41M carbon removal offtake agreement with Frontier.

Then there is reversibility. When there is surplus renewable electricity on the grid, the same plant can run in electrolysis mode and turn that electricity into storable gas. One asset works as both a power plant and an energy storage system, which is exactly the kind of flexibility a high-renewables grid needs. The chairman of the Energy Transitions Commission has described the technology as "magic". We tend to agree.

But what makes this a Series B story is traction.

Reverion already has seven commercial plants in regular operation, and its units have recently been upgraded to 500 kW of output each. Its commercial pipeline now represents more than $2 billion in potential revenue, with strong demand from data centres, utilities and heavy industry. The first international projects are scheduled for later in 2026. "We are seeing explosive international demand for our systems as utilities and industrial customers recognize that true energy security requires dispatchable clean power," says COO Felix Fischer.

Demand is now running ahead of production capacity, and that is what this round addresses. The new Megafactory will take Reverion from tens of megawatts of manufacturing capacity today to 250 MW a year, building on Germany's deep engineering and manufacturing base. It marks the company's shift from early deployments to industrial scale, and it creates a significant economic and employment opportunity in Germany at a time when Europe is looking to build its own clean technology manufacturing.

For Mundi Ventures Kembara Fund, Reverion has everything we look for in a scale-up. It has a world-leading technology, plants already working in the field, a clear and growing market, and a team that has shown it can deliver. It also addresses one of the most important challenges of our time: providing enough clean, firm power for a world that is electrifying fast. "Solid oxide fuel cells are the most efficient way to convert gas into electricity, and Reverion sets the global benchmark in this field," says Robert Trezona, Partner at Mundi Ventures Kembara Fund.

We back Europe's leading deeptech and climate companies as they scale, helping them stay independent and become global leaders in critical technologies. We believe Reverion can become a European clean energy champion.

True energy security requires dispatchable clean power. With Reverion, we think that power is finally within reach, and we're delighted to be part of the journey.