Sustainable energy is no longer tomorrow’s problem—it’s today’s. With the effects of climate change being felt around the world and progress combating pollution plateauing, renewable energy has become a pressing concern for investors, entrepreneurs, consumers, media outlets, and all other green-energy enthusiasts alike.

Innovators are working hard to create solutions that will drive us toward a more sustainable future, but which ones should you be keeping an eye on in 2023 and 2024? Let’s explore ten companies that are at the forefront of renewable energy that you won’t want to miss!

Key Trends in the Sector of Renewable Energy

Before we delve into the best renewable energy startups, let’s take a look at the top trends that are shaping the sector in 2023 and 2024:

Contemporary Photovoltaics

Solar PV technology is outpacing fossil fuels as governments and investors pay more attention to clean energy (unfortunately, this is not a global trend, but we hope it becomes one). As answers to the energy challenges, integrated PV, floatovoltaics, and agrivoltaics are emerging.

Big Data and AI

As we all noticed, artificial intelligence (AI) is the next big thing in everything. The same applies to the renewable energy sector. In the next decades, we’ll see increased use of AI technologies by renewable energy companies.

Various Energy Storage

With innovations like solid-state batteries, startups are enhancing decentralized energy generation, addressing production irregularities, and redefining energy storage.

Water Energy

Harnessing the power of flowing water and ocean tides (isn’t nature simply amazing?), water power stands as a dependable and sustainable energy source capable of producing vast amounts of clean electricity.

Wind Power

According to most studies done in the previous year (and the previous decade really), wind energy production will significantly increase during the next ten to twenty years.

Bioenergy

Bioenergy derived from biomass products offers an environmentally friendly energy source through various conversion processes.

Grid Integration

In order to control electricity and support new capabilities like grid optimization and bi-directional EV charging, efficient grid technologies, which include semiconductors like GaN and SiC, are necessary.

Green Hydrogen

You may have heard of hydrogen, but green hydrogen will be the next big thing. It’s produced by electrolysis from renewable sources, involving breaking down water molecules (H2O) into oxygen (O2) and hydrogen (H2).

Modern Robotics

Robots will not yet replace us (thankfully), but we’ll see an improvement in the field of robotics. A great example of that is conducting drone-based site surveys.

Blockchain

Through peer-to-peer electricity trading within the renewable energy sector and global sourcing from local sustainable sources, blockchain technology provides secure power transactions.

Renewable Energy Startups in Las Vegas

Las Vegas is an interesting destination for renewable startup companies. CES, the Consumer Electronics Trade Show, hosts some of the world’s biggest electronic OEMs every year in Vegas. This year all the buzz was surrounded around EV batteries.

These exciting products also spur many startups around them, including Quantum Copper, a Las Vegas startup focusing on making fire-retardant components for lithium-ion batteries.

Selection Criteria for the Best Startups in Renewable Energy

To ensure that the companies we selected truly embody innovation and potential in the renewable energy industry, we employed a comprehensive set of criteria (no, we’re not paid by these companies!). These criteria were as follows:

Innovation

Innovation is one of our top criteria since, in our opinion, it’s what will ultimately revolutionize how we use renewable energy. Robotics, cutting-edge technology, and scientific approaches have raised the standard.

Market Influence

We looked into how these innovators might affect the market for renewable energy (startups without market influence die first). We assessed their potential to upend established energy practices and effect substantial change.

Scalability

We concentrated on businesses that had the potential to grow quickly and scale (no slowpoke businesses here!). Why? Scalability is essential for promoting the use of renewable energy sources broadly and meeting the rising demand.

Sustainability

When it comes to sustainability, we took into consideration startups’ carbon footprint, resource efficiency, and eco-friendliness (duh!).

Availability of Funds

We took into account startups’ financial standing, investor support, and revenue strategies (funding is everything). All of these startups are on the right track when it comes to the availability of funds.

Positive Results

We choose startups that have already demonstrated positive results (good for them… and us). Lower carbon emissions, protecting natural resources, and tackling pressing issues are a big factor.

Team Expertise

We researched the credentials of founders and key team members for all of these companies.

Market Potential

We took into account the market demand for the startups’ products or services (so no questionable projects!). Startups addressing pressing energy needs or capitalizing on emerging trends in the renewable energy sector received higher scores.

Top 10 Renewable Energy Startups You Need to Know About

Wallbox

• Location: Barcelona, Spain
• Founded: 2015
• Founders: Eduard Castañeda Mañé, Enric Asunción
• Employees: 501-1000
• Funding: €58 million (5 rounds)
• Investors: 6 (including Iberdrola, Seaya Ventures, and Cathay Innovation)

Wallbox, which was founded in Barcelona, Spain, in 2015, is a pioneer in the industry of smart charging and energy solutions. It’s devoted to enhancing electric mobility and promoting the use of renewable energy sources (sounds fancy, right?).

And it is fancy!

Wallbox is known for its cutting-edge smart charging technology, which makes EV charging simple and effective for a range of user groups, from private EV owners to business fleet managers (more than just a box attached to a wall).

The company’s home country of Spain has always backed its goals. Iberdrola, a significant leader in the energy industry, and other illustrious investors provided Wallbox with money totaling €58 million over the course of five funding rounds.

With a workforce of 501 to 1000 employees, Wallbox is at the forefront of the electric mobility and renewable energy sectors. Its focus on creating intelligent, sustainable, and accessible charging solutions positions it as a key player in the global transition to greener transportation options.

As electric vehicles gain popularity, Wallbox’s innovative work is crucial in realizing a cleaner and more sustainable future for everyone.

Enpal

• Location: Berlin, Germany
• Founded: 2017
• Founders: Jochen Ziervogel, Mario Kohle, Viktor Wingert
• Employees: 251-500
• Funding: €10 million (7 rounds)
• Investors: 9 (including HV Capital, Berenberg, Picus Capital, Lukasz Gadowski, and Robert Gentz)

Enpal, a company with headquarters in Berlin, Germany, is a fervent supporter of solar energy options. Enpal has been at the vanguard of the transition to sustainable energy since its founding in 2017, providing cutting-edge solar power solutions (thank you, Berlin!).

The three men who founded Enpal, Jochen Ziervogel, Mario Kohle, and Viktor Wingert, had the same vision for a sun-powered, greener future. Their unwavering commitment to solar energy has propelled the company’s growth and influence.

Enpal is ensuring solar energy accessibility and sustainability for a wide spectrum of consumers with a staff of 251 to 500 employees. Their constant commitment to renewable energy is in line with international efforts (at least on paper…) to address climate change and make the switch to cleaner, more ecologically friendly energy sources.

Li-Cycle

• Location: Mississauga, Ontario, Canada
• Founded: 2016
• Founders: Ajay Kochhar, Tim Johnston
• Employees: 11-50
• Funding: $2.7 million (1 round)
• Investors: 1 (Sustainable Development Technology Canada)

As of today, lithium-ion batteries are still a crucial component of modern technology, particularly for electric vehicles. You have probably heard on the news that they provide a significant environmental concern (and for a good reason).

The main risk of lithium-ion batteries comes from the fact that they produce materials like nickel, cobalt, and lithium (who would’ve guessed?). While these materials aren’t a problem on their own, their incorrect disposal can cause resource depletion, environmental contamination, and health hazards to humans.

This is why Li-Cycle, a leader in clean technology with headquarters in Mississauga, Ontario, Canada, seeks to address a significant lithium battery problem on a global scale (10 points for Canada).

The major goal is to use lithium-ion battery recycling to reduce the need for resource extraction and intense mining. This concept deals with the issues of sustainability and environmental effects.

Sunseap

• Location: Singapore
• Founded: 2011
• Founders: Frank Phuan, Lawrence Wu
• Employees: 51-100
• Funding: $188.8 million (8 rounds)
• Investors: 15 (including Temasek Holdings, United Overseas Bank, Sumitomo Corporation, DBS Bank, and ING Group)

Sunseap emerges as a dominant force in the emerging field of renewable energy thanks to its commitment and creative thinking.

Sunseap, a company with its headquarters in Singapore’s Central Region, has established itself as a major participant in the market for solar and renewable energy solutions. Sunseap has been on a quest to transform the energy landscape since its founding in 2011, starting in its native nation and extending its reach further (we love to see it).

Sunseap, which Frank Phuan and Lawrence Wu co-founded, is driving Singapore’s switch to renewable energy. Their crucial contribution to maximizing solar energy’s potential and satisfying the nation’s needs for sustainable energy is still unmatched.

Operating in Singapore (a dynamic center of economic and technical growth) highlights the importance of their efforts in modernizing the region’s energy infrastructure.

ubitricity

• Location: Berlin, Germany
• Founded: 2008
• Founders: Frank Pawlitschek, Knut Hechtfischer, Lex Hartman
• Employees: 11-50
• Funding: €21.8 million (3 rounds)
• Investors: 5 (including Siemens, Earlybird Venture Capital, Next47, Honda Motor, and Électricité de France)

Ubitricity, a German company with headquarters in Berlin (Berlin again!), is making a significant contribution to the expansion of environmentally friendly transportation by helping to build the infrastructure for electric vehicle (EV) charging stations.

Ubitricity is devoted to promoting environmentally friendly mobility and is located in Berlin, a thriving center of innovation and technology.

Established in 2008 by Frank Pawlitschek, Knut Hechtfischer, and Lex Hartman, Ubitricity has been leading the way in creating accessible and efficient EV charging solutions. Their cutting-edge strategy fits with the global movement toward electrified transportation.

The Shell Group, a prominent energy and petrochemicals company with its global headquarters in the Netherlands, is a great partner of Ubitricity. The Shell Group, one of the biggest businesses in the world, is involved in energy production, delivery, and exploration with an increasing focus on cleaner and more sustainable energy sources.

Resourcify

• Location: Hamburg, Germany
• Founded: 2015
• Founder: Gary Lewis
• Employees: 1-10
• Funding: €4 million (2 rounds)
• Investors: 3 (including Speedinvest, High-Tech Gründerfonds, and IFB Innovationsstarter)

Inadequate waste management leads to pollution, resource waste, crowded landfills (never crossed your mind probably), health hazards, and greenhouse gas emissions. Additionally, it creates financial hardships and reflects unsustainable purchasing habits.

By offering a cutting-edge cloud platform, Hamburg, Germany-based Resourcify has become a market leader in the waste management industry (Go Germany!). Gary Lewis founded the business in 2015 with the goal of transforming how companies manage their garbage and recycling operations.

The ground-breaking platform from Resourcify serves as a neutral hub, enabling companies to efficiently manage their waste and recycling processes online. This innovative approach fits with the increased emphasis on sustainability and ethical waste management techniques.

Sonnedix Solar

• Location: Rennes, Bretagne, France
• Founded: 2009
• Founders: Andreas Mustad, Pablo Pulido Mendoza
• Employees: 51-100
• Funding: $562.96 million (3 rounds)
• Investors: 2 (including Sumitomo Mitsui Banking Corporation and Hamburg Commercial Bank)

Established in 2009 by Andreas Mustad and Pablo Pulido Mendoza, Sonnedix Solar has emerged as a prominent player in the renewable energy sector. Pablo and Andreas had one goal (the one we care about the most)—to utilize solar energy’s ginormous potential to fight climate change and cut carbon emissions.

So, how are they doing? They employ between 51 and 100 people worldwide. All of them are fully focused on providing communities with affordable access to clean, sustainable solar energy.

The significant monetary backing from reliable investors emphasizes the importance of Sonnedix Solar’s objective (the money is there, folks!). Sonnedix Solar benefits from a setting that’s ideal for creating cutting-edge sustainable solutions because of its location in Bretagne, a region of France known for its commitment to renewable energy and environmental preservation.

Heliatek

• Location: Dresden, Sachsen, Germany
• Founded: 2006
• Founders: Bert Mannig, Karl Leo, Martin Pfeiffer
• Employees: 101-250
• Funding: $157.0 million (8 rounds)
• Investors: 18 (including High-Tech Gründerfonds, Engie, Bosch, BASF, and Wellington Partners)

Established in 2006 by Bert Mannig, Karl Leo, and Martin Pfeiffer, Heliatek has emerged as a significant player in the renewable energy industry. It’s especially interesting that they have focused on organic photovoltaic (PV) solutions.

You may wonder what is organic photovoltaics. Organic photovoltaics is a unique and promising method of producing solar energy. Unlike traditional silicon-based solar panels, organic PV technologies utilize organic compounds as the active material.

There are many advantages of this, including a light weight, flexibility, and transparency, which allow for greater design freedom and incorporation into a variety of surfaces like windows and building facades.

A broad collection of 18 investors supported Heliatek with significant money, demonstrating the value of their cause.

Nova Lumos

• Location: Amsterdam, Noord-Holland, the Netherlands
• Founded: 2012
• Founders: Adam Howard, Davidi Vortman
• Employees: 251-500
• Funding: $137.0 million (3 rounds)
• Investors: 5 (including OPIC – Overseas Private Investment Corporation, MoreVC, VLTCM, Rural Electrification Agency, and Pembani Remgro Infrastructure Managers)

Located in Amsterdam, Noord-Holland, the Netherlands, Nova Lumos is dedicated to providing solar electricity to off-grid households and small enterprises. Their goal is to improve people’s lives and spur economic development in disadvantaged areas.

In order to combat energy poverty, Nova Lumos provides stable and clean solar electricity. This not only improves the quality of life in off-grid areas but also opens up chances for small businesses and enterprises to flourish.

ORBITAL SYSTEMS

• Location: Malmö, Skane Lan, Sweden
• Founded: 2012
• Founder: Mehrdad Mahdjoubi
• Employees: 51-100
• Funding: $46.9 million (5 rounds)
• Investors: 6 (including European Investment Bank, Swedish Energy Agency, Karl-Johan Persson, Sandberg Development, and Stena Ventures)

Located in the heart of Malmö, Sweden, ORBITAL SYSTEMS is at the forefront of the clean technology movement. Their mission? To revolutionize how we use water in our homes, all in pursuit of a more sustainable future.

But why is water recycling such a big deal when there is lots of it? Picture this: taking wastewater and giving it a new purpose. As humans, we need to do our share to protect important freshwater resources by cleaning wastewater. Doing that, we make it suitable for domestic tasks, industrial processes, and other non-drinking applications like garden irrigation.

Additionally, we’re lowering the environmental effects of wastewater disposal and relieving the strain on conventional water supplies. It’s a win-win situation, particularly in regions where droughts or water shortages are a problem.

On this path for more sustainable water usage, ORBITAL SYSTEMS is making a huge impact, and they’re making sure that every drop of water counts.

Final Thoughts

So, these were our top picks for the best renewable energy startups of 2023 and 2024. We hope you agree that these are startups that are making a positive change (and if you don’t agree, come back later—we may update this list with new companies!).

As they persistently push the limits of technology and sustainability, we can anticipate a world fueled by clean and effective energy sources, diminished environmental footprint, and enhanced accessibility to renewable resources for everyone.