25 Growing Renewable Energy Companies & Startups
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The global renewable energy market is expected to grow at a CAGR of 8.5% and reach a market size of $2.18T by 2032.
Of all the energy sources available, renewable energy was the only one that saw an increase in demand in 2020, despite the pandemic.
In 2023, worldwide renewable energy capacity increased by 50% to 510 gigawatts, the fastest rate recorded in over 20 years.
Nearly 75% of this increase can be attributed to solar power installations. The growth rates in the US and Europe put renewable energy on pace to surpass coal as the largest global electricity generation source by 2025.
This list presents 25 growing startups that are making an impact on the renewable energy space.
1. EcoFlow
5-year search growth: 99x+
Search growth status: Exploding
Year founded: 2018
Location: San Francisco, California
Funding: $114.4M (Product Crowdfunding)
What they do: EcoFlow is a renewable energy startup that designs and manufactures portable power stations, solar panels, and accessories to help people access reliable and sustainable energy on-the-go. Their products include high-capacity batteries with fast charging times, as well as a mobile app for remote control and monitoring of the devices. The company aims to make clean energy more accessible and convenient for everyone.
2. Freyr Energy
5-year search growth: 4,400%
Search growth status: Regular
Year founded: 2014
Location: Hyderabad, India
Funding: $11.6M (Series B)
What they do: Freyr Energy provides solar-based energy solutions. In addition to solar panels, they also offer tracking services that allow users to get a better understanding of how much energy their solar system is generating. According to the startup, their solutions help clients reduce their electricity bill by up to 90%.
3. Enpal
5-year search growth: 1,150%
Search growth status: Exploding
Year founded: 2017
Location: Berlin, Germany
Funding: $3.5 (Debt Financing)
What they do: Enpal manufactures solar panels. In addition to manufacturing, the company also carries the service of installing the panels. The company is in its 12th year of operations and, according to Enpal, they have finished more than 19,000 solar projects.
4. Epishine
5-year search growth: 25%
Search growth status: Peaked
Year founded: 2016
Location: Linkoping, Sweden
Funding: $16M (Grant)
What they do: Epishine has developed a panel that can harvest indoor light and generate energy, which can then be used to power low-power appliances. The company claims that their device can reduce the environmental impact of batteries by up to 99%. In May 2024, Epishine secured a $3.3 grant from the European Union to expand organic solar panel development and production.
5. Common Energy
5-year search growth: 181%
Search growth status: Regular
Year founded: 2017
Location: New York, New York
Funding: $16.5M (Series Unknown)
What they do: Common Energy is a electricity management platform that allows households to connect their electricity system to renewable energy sources. To date, the company has connected over 100K households’ electricity accounts to renewable energy sources.
6. Hydrogen One
5-year search growth: 85%
Search growth status: Regular
Year founded: 2017
Location: Vancouver, Washington
Funding: Undisclosed
What they do: Hydrogen One is a zero-pollution hydrogen fuel producer. It produces large amounts of energy that are designed to be used in an industrial and commerce setting. The company announced that it is looking to close a deal that would see their acquisition by Ammpower.
7. Carbo Culture
5-year search growth: 3,400%
Search growth status: Peaked
Year founded: 2016
Location: Helsinki, Finland
Funding: $27.5M (Series A)
What they do: Carbo Culture has developed a technology that converts waste biomass into carbon-negative charcoal that can be used to generate energy. The startup aims to remove a gigaton of CO2 by 2030 through the use of its technology.
8. Purpose Energy
5-year search growth: 194%
Search growth status: Regular
Year founded: 2007
Location: Arlington Heights, Massachusetts
Funding: $2.4M (Series Unknown)
What they do: Purpose Energy provides a waste management system. It takes organic waste produced by the brewing industry and converts that to renewable energy and clean water. The company is funded by 6 investors over 7 funding rounds.
9. Global Energy Generation
5-year search growth: 83%
Search growth status: Exploding
Year founded: 2019
Location: Philadelphia, Pennsylvania
Funding: $75M (Corporate Round)
What they do: Global Energy Generation, or Doral Renewables, operates wind and solar farms intended to generate renewable energy for industrial and private use. Their wind and solar farms span over 100,000 acres around the world.
10. Next Energy Technologies
5-year search growth: 7,700%
Search growth status: Exploding
Year founded: 2010
Location: Santa Barbara, California
Funding: $38.2M (Grant)
What they do: Next Energy Technologies provides energy generating windows. Their windows are transparent and harvest solar energy that can then be used to power houses and buildings. Next Energy Technologies was one of the five companies selected to join the global IN2 program by Wells Fargo.
11. Piclo
5-year search growth: 74%
Search growth status: Regular
Year founded: 2013
Location: London, England
Funding: $20.1M (Series B)
What they do: Piclo operates a cloud-hosted SaaS platform that is designed to connect companies with spare renewable energy supply to those demanding extra energy. To date, the platform has managed to oversee the transfer of more than 10 gigawatts of energy.
12. BlueSky Energy
5-year search growth: 32%
Search growth status: Regular
Year founded: 2012
Location: Frankenburg, Austria
Funding: Undisclosed
What they do: BlueSky Energy manufactures saltwater-based storage systems designed to store renewable energy. In 2021, the company started an equity crowdfunding campaign to raise $1.07M in funding, however, they fell short of their target.
13. Cloover
5-year search growth: 245%
Search growth status: Exploding
Year founded: 2022
Location: Stockholm, Sweden
Funding: $121.4M (Debt Financing)
What they do: A climate fintech company, Cloover provides embedded financing solutions to renewable energy organizations. Beyond financing, the company offers a software platform for its customers that helps manage sales processes, payment flows, materials procurement, and more. In May 2024, the company raised $114 million in equity ($5.5 million) and debt financing ($108.5 million).
14. Energy Materials
5-year search growth: 126%
Search growth status: Regular
Year founded: 2010
Location: Rochester, New York
Funding: $6.4M (Series B)
What they do: Energy Materials manufactures high-speed perovskite PV panels that harvest and generate solar energy. The startup currently owns 14 different patents that secure its right to their manufacturing technology.
15. Liquid Wind
Search growth status: Regular
Year founded: 2017
Location: Göteborg, Sweden
Funding: $998.5K (Equity Crowdfunding)
What they do: Liquid Wind produces alternative fuel. Its patented technology uses renewable energy to produce Hydrogen, which is then combined with CO2 and water to produce their carbon neutral liquid fuel. The company is now looking to expand by establishing a new manufacturing center in France.
16. Rebel Energy
5-year search growth: 456%
Search growth status: Exploding
Year founded: 2017
Location: London, England
Funding: $710K (Equity Crowdfunding)
What they do: Rebel Energy is a supplier of energy that has developed a credit system that allows households to improve their credit rating while being supplied with clean, renewable energy. The company’s solution is still in its beta testing phase.
17. Moment Energy
5-year search growth: 182%
Search growth status: Regular
Year founded: 2019
Location: British Columbia, Canada
Funding: $22.7M (Grant)
What they do: Moment Energy repurposes vehicle batteries into battery units that can store renewable energy. The startup won the Spring Activator’s 2021 National Impact Investor Challenge and has recently partnered with Nissan North America to collaborate on the supply chain side of the business.
18. GridBeyond
5-year search growth: -30%
Search growth status: Peaked
Year founded: 2007
Location: Dublin, Ireland
Funding: $32.6M (Debt Financing)
What they do: GridBeyond offers a smart grid energy management system. It allows households to connect to grid systems that generate their energy from renewable sources. The company is estimated to generate around $7M in yearly revenue.
19. AquaGreen
5-year search growth: -14%
Search growth status: Regular
Year founded: 2016
Location: Roskilde, Denmark
Funding: $8.1M (Seed)
What they do: AquaGreen is a biomass treatment company that uses waste biomaterial and converts that into renewable energy. The company is funded by 9 investors, with Nordic Alpha Partners being their most notable one.
20. Avaada
5-year search growth: 327%
Search growth status: Exploding
Year founded: 2017
Location: New Delhi, India
Funding: $2.6B (Debt Financing)
What they do: Avaada is a renewable energy startup developing green energy solutions, such as solar and wind power, solar PV manufacturing, and pumped hydro storage. In June 2023, the startup made history by securing the largest ever equity funding round ($1.3 billion raised) by an Asia-based green energy company.
21. EH Group
5-year search growth: 94%
Search growth status: Regular
Year founded: 2017
Location: Renens, Switzerland
Funding: $8.4M (Seed)
What they do: EH Group has invented a green fuel cell technology that converts the chemical energy of hydrogen cells into clean electricity. According to Pitchbook, the company is looking to close a $2.7M pre-Series A funding round from Family Office soon.
22. Khepra
5-year search growth: -52%
Search growth status: Peaked
Year founded: 2019
Location: San Francisco, California
Funding: $250K (Seed)
What they do: Khepra operates reactors capable of generating renewable energy while reducing waste. These reactors break down the chemical bond of plastic and other waste and in the process, release chemicals used to generate renewable energy. The company joined IndieBio’s biotechnology program.
23. Proton Technologies
5-year search growth: -52%
Search growth status: Peaked
Year founded: 2015
Location: Alberta, Canada
Funding: $360K (Series Unknown)
What they do: Proton Technologies has developed a hydrogen processing system that converts hydrogen reservoirs into thermal generators. This process eliminates pollutants and thus, offers a source of clean, renewable energy. Notably, the company is now able to measure flex rates through membrane at field since the end of 2021.
24. Intersect Power
5-year search growth: 330%
Search growth status: Exploding
Year founded: 2016
Location: Beaverton, Oregon
Funding: $7.3B (Debt Financing)
What they do: Intersect Power is a clean energy company that develops and operates large-scale renewable energy projects. As one of the largest operators of solar + storage facilities in the United States, they plan to expand their portfolio into new clean energy assets like battery storage, data centers, and green hydrogen.
25. Rondo Energy
5-year search growth: 7,600%
Search growth status: Regular
Year founded: 2020
Location: Oakland, California
Funding: $162.3M (Debt Financing)
What they do: Rondo Energy has developed thermal energy storage technology that provides zero-carbon industrial heat and power. Their primary product, the Rondo Heat Battery (RHB), can store renewable electricity as high-temperature heat in refractory bricks to provide continuous industrial heat and power on demand.
In June 2024, Rondo Energy secured $81.1 million in funding from Breakthrough Energy Ventures and the European Investment Bank.
Conclusion
This concludes our list of growing renewable energy startups.
Startups in this space are increasing renewable energy usage by making it cheaper and more widely accessible.
As can be noted from our list, industry growth is supported by more effective producing, storing, and utilizing systems.
