Top Renewable Energy Companies to Watch
Every year, new startups pull to the forefront of their industry through exciting innovation and industry-disrupting business models. We’ve rounded up the most exciting renewable energy startups of 2023 that startup-lovers, investors, and aspiring entrepreneurs should follow.
Disclaimer: With so many exciting startups launching and growing worldwide, we aren’t able to cover them all. Furthermore, the startups that are listed below are not officially ranked and are listed in no particular order.
1. PhosphoPOWER Group
Location: Ontario, Canada
Funding: Series A, $10.4 Million
Ontario-based renewable energy startup PhosphoPOWER Group has created a solution to energy shortages in renewable power grids. Their Ocean Battery — a hybrid redox flow battery — is renewable, eco-friendly, efficient, and scalable. It uses hydrolysis for energy storage, preventing power fluctuations, and offers the life cycle of 80 lithium-ion batteries.
2. Cherry Street Energy
Location: Atlanta, Georgia
Funding: Corporate Round, $42.7 Million
Solar energy company Cherry Street Energy caters to large organizations like universities and municipal buildings, creating custom energy solutions to fit each client’s architectural and infrastructural needs. Their large-scale solar projects are cost-effective and efficient, and they handle installation at no additional cost to the client. According to the company, they currently provide Atlanta with 23% of its energy during peak demand.
3. H2GO Power
Location: London, United Kingdom
Funding: Grant, £6.7 Million
UK power startup H2GO Power is making strides in energy storage, particularly hydrogen. Hydrogen is typically stored in large, high-pressure tanks, capable of withstanding up to 10,000 psi. H2GO’s founder, Enass Abo-Hamed, discovered a more compact storage solution while studying for her Ph.D. at Cambridge, capable of keeping hydrogen in a lighter, safer space.
Location: La Reina, Chile
Funding: Series Unknown, $2 Million
Chile-based power startup Inti-Tech has created a hardware-as-a-service (HaaS) high-frequency cleaning solution for PV plants. Their water-free autonomous robots are cheaper and more effective than traditional cleaning methods and require less staffing. The technology can clean on-demand and weekly at small-scale power plants, while larger-scale plants can get customized solutions. The robots are designed for desert and semi-desert areas.
Location: Buckinghamshire, United Kingdom
Funding: Private Equity, £200 Million
Gridserve opened the UK’s first all-electric car charging parking lot and owns and operates the country’s Electric Highway public charging system. Their stations store 100% renewable energy in large batteries used to charge vehicles. They are renovating the UK's approach not only to charging, but also aiding its full transition to electric vehicles.
6. Enernet Global
Location: New York, New York
Funding: Series A, $8 Million
Green energy startup Enernet Global specializes in building micro-grids (an independent energy system that serves a specific, small area). Micro-grids can be made up of any combination of renewable energy, such as wind parks or solar, so Enernet focuses on finding what works with an area's geographic makeup. The company focuses on underserved markets to offer a reliable, affordable form of energy. The majority of their grids, thus far, are in rural communities and islands.
Location: Zuid-Holland, The Netherlands
Sunified is taking Australia’s solar market by storm. The clean energy startup is currently working on building dozens of solar parks across the country, including 27 five-megawatt parks and one 120 megawatt park. The parks will work within Australia’s already-existing, aging infrastructure to deliver power without costly grid updates. The company projects a total valuation of $2.6 billion by 2026.
Location: Stockholm, Sweden
Funding: Unknown Series, $11 Million
Swedish startup Vässla works in the micro-mobility transportation market. Their energy-efficient electric moped provides an alternative to public transport or private automobiles on short-distance commutes—saving them from using costly oil-based fuel. The mopeds can reach a speed of almost 30 miles per hour and makes little to no noise.
Location: Stockholm, Sweden
Funding: Series B, $185.7 Million
Exeger is a Swedish company that manufacturers flexible solar cell technology that covert all forms of light into energy. The technology can then be used to power small gadgets, such as wireless headphones or a self-charging bike helmet with light. Their goal is to produce items that billions of people can use in everyday life within the next decade.
10. Peak Clean Energy
Location: Louisville, Kentucky
Funding: Seed, $1.8 Million
Louisville-based Peak Clean Energy wants to provide green energy to small (often rural) communities. They currently offer wind and solar energy, intending to produce solutions compatible with local resources. So far, they’ve worked with municipalities, co-ops, landowners, and commercial plants in twelve states.
Check out our full list of the hottest startups to watch!