Deep tech growth fund backs Reverion in €154m round to build fuel cell factory

Robert Trezona, climate lead at Kembara (left) and Stephan Herrmann, CEO and co-founder of Reverion. Press photos/Impact Loop collage
29 Sept 2026
08:44
Robert Trezona, climate lead at Kembara (left) and Stephan Herrmann, CEO and co-founder of Reverion. Press photos/Impact Loop collage
A Spanish deep tech fund is leading a €154m bet on a Bavarian power plant maker.

The Series B will fund a new factory in Germany as Reverion turns towards data centres.

Kembara, the deep tech growth fund managed by Spain's Mundi Ventures, has led a €154m Series B in Reverion, a German startup building fuel cell power plants.

Allianz, Aurum Impact, Carbon Equity and KfW Capital, the latter investing through a vehicle managed by UVC, joined as new backers. Existing investors Extantia, Energy Impact Partners, alfa8, UVC Partners, the EIC Fund and Possible Ventures also followed on.

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