20 Soaring Chemical Engineering Companies & Startups (2024)
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From applications in biotechnology to materials science, chemical engineering is an industry that’s set to always have an important place in modern society.
In 2023, the global chemical industry recorded over $5.0 trillion in revenue.
This is an 8.1% increase from 2022. The high demand for commodity and specialty chemicals should further the growth of the industry heading into 2024.
We’ve gathered 20 of the best chemical engineering startups from around the world that are set to define the industry over the next few years.
1. Forge Nano
5-year search growth: 94%
Search growth status: Exploding
Year founded: 2011
Location: Louisville, CO
Funding: $73.8M (Series C)
What they do: A materials science startup, Forge Nano provides precision nano-coating technology and surface engineering. They specialize in atomic layer deposition which, according to the startup, has numerous applications. The US Department of Energy awarded a $5 million grant to Forge Nano for catalyst optimization.
In January 2024, the company announced it would invest $165 million to build a lithium-ion battery manufacturing facility in Morrisville, North Carolina.
2. Factorial Energy
5-year search growth: 2,400%
Search growth status: Peaked
Year founded: 2013
Location: Woburn, MA
Funding: $240M (Series D)
What they do: Factorial Energy is a UK-based company that aims to develop advanced battery technology for electric vehicles and energy storage applications. The company has developed a unique battery architecture that enables higher energy density and faster charging times compared to existing battery technologies.
Factorial Energy's technology is expected to significantly reduce the cost and increase the efficiency of energy storage, making it a key player in the transition to a sustainable energy future.
3. Nelumbo
5-year search growth: 3%
Search growth status: Peaked
Year founded: 2015
Location: Menlo Park, CA
Funding: $19.5M (Series A)
What they do: A nanotechnology startup, Nelumbo offers custom materials for different verticals. They do this through a surface modification technology that they’ve developed themselves. Mainly targeting the HVAC market, the materials they provide are designed to minimize corrosion and provide greater fluid control. The startup raised $14 million in Series A funding led by Prime Mover's Lab and the University of Tokyo Edge Capital.
4. Octillion Power Systems
5-year search growth: 6,900%
Search growth status: Regular
Year founded: 2009
Location: Hayward, CA
Funding: $6.3M (Series E)
What they do: Octillion Power Systems develops and sells lithium-ion batteries. Their products are used primarily in electric vehicles. They also have applications in industrial energy storage systems. According to the startup, Octillion Power Systems has sold around 650,000 EV battery packs all over the world. Furthermore, EVs using their battery packs have collectively driven for more than 2 billion miles to date.
5. Provivi
5-year search growth: -79%
Search growth status: Peaked
Year founded: 2013
Location: Santa Monica, CA
Funding: $191.7M (Convertible Note)
What they do: Provivi is a biotech company that develops sustainable and effective pheromone-based pest control solutions. Their technology uses pheromones, natural compounds that insects use to communicate, to disrupt the mating cycle of targeted pests and reduce their population. The company aims to provide environmentally friendly alternatives to chemical insecticides, which can have harmful effects on human health and the environment.
6. EnergyX
5-year search growth: 1,160%
Search growth status: Exploding
Year founded: 2018
Location: Fort Lauderdale, Florida
Funding: $574.5M (Series B)
What they do: A cleantech company, EnergyX focuses on direct lithium extraction and battery and refinery technology. The company's proprietary LiTAS tech expects to increase lithium recovery rates from 30% to 90% compared to traditional evaporation pond methods. In April 2023, GM Ventures announced a $50 million Series B funding round for the startup.
7. BayoTech
5-year search growth: 900%
Search growth status: Peaked
Year founded: 2015
Location: Albuquerque, NM
Funding: $174.1M (Series C)
What they do: BayoTech offers hydrogen-based products. From use in agriculture for fertilizer production to the energy sector for petroleum refining and more, BayoTech’s solutions have several different applications. BayoTech recently acquired IGX Group, which manufactures hydrogen storage systems and related technology. With this acquisition, the company has now become a full-service supplier of hydrogen.
8. Group14 Technologies
5-year search growth: 2,100%
Search growth status: Peaked
Year founded: 2015
Location: Woodinville, WA
Funding: $756.2M (Series C)
What they do: Group14 Technologies specializes in battery storage technology. Their goal is to improve the performance of lithium-ion batteries by replacing graphite with silicon as anodes. Their solutions can be used in the MedTech, aerospace, EV, and consumer electronics industries. In 2020, the Department of Energy (DOE) awarded $3.96 million to Group14 Technologies for winning its “Energy Storage Grand Challenge.”
9. FabricNano
5-year search growth: 99x+
Search growth status: Exploding
Year founded: 2018
Location: London, UK
Funding: $15.5M (Series A)
What they do: FabricNano is a biomanufacturing startup that has developed a DNA-based enzyme reactor. With the help of this technology, they aim to manufacture enzymes as replacements for petrochemical products. According to their website, their DNA-based flow reactor can help reduce the cost of biomanufacturing. FabricNano recently landed a $12.5 million Series A funding round led by Atomico, with participation from Entrepreneur First, Backed, and Hoxton Ventures.
10. Monolith Materials
5-year search growth: 1,000%
Search growth status: Peaked
Year founded: 2012
Location: Lincoln, Nebraska
Funding: $364.3M (Private Equity)
What they do: Monolith Materials is a chemical engineering startup that aims to revolutionize the production of carbon black, a material used in tires, plastics, and other products, with a sustainable and low-emission approach. Their technology uses methane gas as a feedstock to produce carbon black, which reduces carbon dioxide emissions by up to 90% compared to traditional methods. The company's innovative approach has attracted investments from major players in the industry and earned recognition from various organizations.
11. Auterra
5-year search growth: 900%
Search growth status: Regular
Year founded: 2003
Location: Schenectady, NY
Funding: $14.8M (Grant)
What they do: A clean energy company in the oil and gas sector, Auterra provides decontamination of crude oil. They do this through their proprietary desulfurization technology. According to their website, Auterra’s technology results in 65% less greenhouse gas emissions compared to hydroprocessing and is up to 50% cheaper.
12. Air Company
5-year search growth: 18%
Search growth status: Exploding
Year founded: 2017
Location: New York, New York
Funding: $104.2M (Grant)
What they do: Air Company is a chemical engineering startup that focuses on carbon utilization technology. Their AIRMADE System creates ethanol, methanol, and other alcohols by removing carbon dioxide from the air. Air Company has partnerships with top airline companies like JetBlue and Virgin Atlantic.
13. Ioniqa Technologies
5-year search growth: 500%
Search growth status: Peaked
Year founded: 2009
Location: Eindhoven, The Netherlands
Funding: $44.9M (Corporate Round)
What they do: Ioniqa Technologies uses patented circular cleantech to break down the PET (polyester) — a type of plastic — into a reusable monomer. They do this with a process called “depolymerization.” Ioniqa Technologies received $10 million in funding recently. The company plans on using this money to expand its plant in Geleen.
14. Porotech
5-year search growth: 2,900%
Search growth status: Peaked
Year founded: 2018
Location: Cambridge, UK
Funding: $26.1M (Series A)
What they do: Porotech provides porous gallium nitride (GaN) solutions that can be used in MicroLEDs, sensors, lasers, and more. The company wants to replace conventional silicon-based semiconductors with GaN technology, which is believed to be more efficient. Porotech recently raised $20 million in a Series A funding round led by Speedinvest, Ameba Capital, and others.
15. Li-Cycle
5-year search growth: 4,100%
Search growth status: Regular
Year founded: 2016
Location: Mississauga, Canada
Funding: $1.1B (Post-IPO Debt)
What they do: Li-Cycle recovers lithium-ion battery resources using a two-stage Spoke & Hub technology process, which achieves a 95% recovery rate. The company's Rochester Hub project processes over 35,000 tons of black mass per year. In March 2024, Li-Cycle announced a $75 million investment from Glencore to advance Rochester Hub development plans.
16. Lilac Solutions
5-year search growth: 4,800%
Search growth status: Regular
Year founded: 2016
Location: Oakland, California
Funding: $368.6M (Series C)
What they do: Lilac Solutions is a lithium extraction technology company. The startup has developed a cheaper, more efficient proprietary ion exchange process to extract lithium from brine resources. Their DLE technology eliminates the need for evaporation ponds to reduce water usage and toxic waste generation. In February 2024, the company raised $145M in Series C funding.
17. Pyran
5-year search growth: 62%
Search growth status: Exploding
Year founded: 2017
Location: Madison, WI
Funding: $7.1M (Series A)
What they do: Pyran is a chemical engineering startup that offers renewable paint and plastic. They use renewable raw materials (such as plants) instead of oils to manufacture these petroleum products. Pyran recently secured a $1 million grant from the National Science Foundation. Before that, it received $2.5 million in funding from the Department of Energy.
18. Sila Nanotechnologies
5-year search growth: -7%
Search growth status: Peaked
Year founded: 2011
Location: Alameda, CA
Funding: $980.5M (Grant)
What they do: Sila Nanotechnologies provides high-energy density lithium-ion battery technology. Their goal is to reduce the cost of using battery packs and improve the performance of the machines and systems that use them. Sila Nanotechnologies earns up to $25M in estimated annual revenue.
19. Safex Chemicals
5-year search growth: 20%
Search growth status: Regular
Year founded: 1991
Location: Delhi, India
Funding: $58.8M (Secondary Market)
What they do: Safex Chemicals is a sustainable chemistry company that creates safer and eco-friendly chemicals for a wide range of industries. Their products are designed to minimize the impact on the environment and human health, while still maintaining high performance standards. The company focuses on reducing the use of harmful chemicals by providing safer alternatives that are equally effective.
20. Ambercycle
Search growth status: Exploding
Year founded: 2013
Location: Los Angeles, CA
Funding: $28.1M (Undisclosed)
What they do: Ambercycle is a chemical engineering company that uses synthetic biology to create a circular economy for plastics. They have developed a proprietary platform that breaks down plastic waste and transforms it into high-value chemicals. Their technology can be used to reduce plastic pollution, lower the carbon footprint of the chemical industry, and create a more sustainable future.
Conclusion
That concludes our list of the best chemical engineering startups to monitor.
From startups working on new products for drug discovery to companies at the forefront of sustainability, the chemical industry is extremely diverse.
And these startups will likely push the industry forward, and in completely new directions.
