Renewable energy startups are increasing their presence across energy-dependent industries to reduce and eliminate the use of fossil fuels.
But more needs to be done if we intend to reach our net-zero carbon emission goals by 2050.
Serious investment in energy generation, storage, and technology is required to further bring down the costs of renewable energy.
New technologies and different renewable energy forms are increasing the clean energy portfolio, driven by some truly innovative and game-changing startups and the new technologies they’re using.
This article covers some of the top renewable energy startups to watch in 2024.
Let’s get started!
What Are Renewable Energy Startups?
To begin, let’s examine the phrase “Renewable Energy Startups.”
Startups are typically young companies founded specifically to develop a unique product or service. Startups are rooted in innovation and new technologies that challenge or disrupt traditional methods of business within specific industries.
They intend to provide a product or service that addresses pertinent issues within their industry and makes it irreplaceable for consumers. Startups are frequently referred to as disruptors within their respective industries.
Renewable energy comes from renewable natural sources like wind, solar, hydroelectric, geothermal, hydrogen, biomass, and mechanical.
These energy sources are constantly being replenished and depend largely on technology to convert these sources into energy.
Capturing and storing renewable energy is challenging, but many renewable energy startup ideas provide practical solutions that work.
Fossil fuels, on the other hand, are non-renewable resources like coal, oil, and gas that are burned to produce energy but release harmful greenhouse gas emissions. Moving over to renewable energy is key to addressing the climate crisis.
Renewable Energy Industry Growth
The renewable energy sector has seen exceptional growth over the last decade and now constitutes about 17% of the total global energy consumption.
According to the Energy Information Administration, the use of renewable energy is expected to increase by 17% to 42 GW in 2024 and is projected to contribute to almost 25% of electricity generation.
In major renewable energy markets, the amount of curtailed generation is relatively low, typically ranging from 1.5% to 4%. By 2024, several European countries such as Spain, Germany, and Ireland are expected to achieve an annual contribution of over 40% from wind and solar PV.
According to the 2021 Tracking SGD7 Report, renewables are the most dynamic in the electricity sector, accounting for approximately 25% in 2018.
Many businesses have realized that their carbon footprint affects their bottom line. The more carbon neutral a business becomes, the more support that business attracts.
Curbing our reliance on fossil fuels is vital to curbing the climate crisis.
The agricultural sector in the U.S. consumes almost 1.9% of the total U.S. energy consumption, contributing to around 35% of the total greenhouse gas emissions in the agri-food industry.
The agricultural sector in the U.S. consumes almost 1.9% of the total U.S. energy consumption, contributing to around 35% of the total greenhouse gas emissions in the agri-food industry.
To date, much has been accomplished to transition the agricultural sector to clean energy. In addition, farms are a viable source of carbon-rich biomass.
New technologies allow clean energy to be generated from biomass while trapping the carbon in the process.
Check out this video by Green Mountain Energy on how agricultural biomass is used to create energy:
25 Innovative Renewable Energy Startups to Follow in 2024
Phelas develops and builds Liquid Air Energy Storages (LAES) for wind and solar energy.
The company is in the process of prototyping Aurora, a unique, standardized, modular, mass-manufactured, and cheap large-scale electrical storage system.
Through their technological breakthrough, they aim to create a pathway towards a 24/7 renewable energy supply worldwide.
Location: Munich Germany
Technology used: Their Aurora system uses a newly developed thermodynamic process to store energy.
The cryogenic liquid is heated and evaporated, creating a strong increase in volume and pressure that is used to generate electricity.
Aurora is designed to provide backup power independent from the grid and eliminates the need for Diesel backups.
They have also developed an optimization framework to provide precise storage specifications, hourly performance analysis, insightful sensitivity analysis, and more.
Funding: Phelas has raised a total of €600K in funding over 2 rounds, funded by 2 investors. Their latest funding was obtained on Feb 2, 2023, from a Non-equity Assistance round.
Epishine conducted in-depth research in organic electronics and photovoltaics to develop their breakthrough in printed indoor solar cell manufacturing.
These printed organic solar cells are scalable, resource-efficient, and affordable. and reduce the need for disposable batteries. Epishine is part of the European Union’s Life Program 2022.
Location: Linkoping, Sweden
Technology Used: Epishine’s indoor solar cells optimize energy in low-light indoor environments. The indoor solar cells are thin and flexible as they are printed on recyclable plastic.
This makes for easy integration into wireless products, where it converts light into electricity. These low-light solar cells can be used to power wireless sensors and similar devices.
Their evaluation kit combines solar cells with a supercapacitor and intelligent charging management to support various output voltages.
Funding: Epishine has raised a total of $12.5M in funding over 5 rounds. Their latest funding was raised on Jul 6, 2023, from a Venture – Series Unknown round.
3. Hydrogen One
Hydrogen One is the first London-listed hydrogen fund investing in clean hydrogen, with the aim of delivering attractive growth by investing in a diversified portfolio of hydrogen and complementary hydrogen-focused assets. INEOS Energy is a strategic investor in Hydrogen One.
Location: London, England
Technology Used: Hydrogen One is a zero-pollution hydrogen fuel energy producer for use in industrial and commerce settings.
Their hydrogen technologies reduce CO2 emissions and improve air quality, which are primarily used in heating, power generation, and the transportation sectors.
Funding: Hydrogen One is an Article 9 Fund specific to entities that have sustainable investments as their objective. BusinessGreen reports that HydrogenOne Capital Growth seeks £250m fundraising in trail-blazing IPO.
4. New Alternative Green Energy, Inc.
New A.G.E. is a technology company with a portfolio of patented solutions. Their core focus is on alternative green energy solutions that include coal electrolysis, hydrogen, and rare earth element processing.
The company removes tons of buried toxic fly ash that leach mercury, arsenic, and sulfur into the groundwater and air. The waste is recycled to create clean, sustainable hydrogen power.
Location: Marlin, Texas U.S.
Technology Used: Their hydrogen/electric hybrid fueling stations are powered by Vodik’s processes for onsite green production with safe low-pressure storage.
Their patented technology allows for removing toxic waste from coal and generating hydrogen for clean energy.
In conjunction with Vodik, patented technologies are being developed for processing plants that will create zero-carbon hydrogen and 100x production capabilities.
The new plants will support the airline industry’s future demand for green hydrogen.
Funding: New Alternative Green Energy’s latest funding round was an Option/Warrant for $0,12M on October 28, 2020.
5. Celsius Energy
Celsius Energy has created a building energy solution that reduces a building’s carbon footprint by making energy accessible from the Earth.
They specialize in ground source heat pumps, renewable energy, sustainable heating and cooling, geo-energy, and more. The company was named one of the United Nation’s 50 Climate Leaders.
Location: Clamart, Île-de-France
Technology Used: Celsius can reduce CO2 emissions from buildings with their ground source heat pump solution. This is achieved by combining and optimizing existing proven processes.
The geothermal energy system consists of three main elements: a closed, pyramid-shaped geothermal energy exchanger, a heat pump, and digital control.
It is capable of reducing a building’s energy consumption by up to 70%.
Funding: Celsius Energy has raised $488.5M over 3 funding rounds and is funded by 3 investors. Their latest funding was raised on Jun 1, 2021, from a post-IPO equity round.
EcoFlow is a renewable energy startup founded by a group of battery engineers. The company designs and manufactures technology-driven and eco-friendly portable power stations, solar panels, and accessories.
The goal of the company is to provide easy and convenient access to clean energy for people everywhere. EcoFlow has established its presence in more than 100 countries and territories worldwide.
Location: San Francisco, California, U.S.
Technology Used: EcoFlow has patented technologies in its smart home energy solutions.
These include high-capacity batteries with patented X-Stream technology for fast charging times that charge devices up to 80% capacity in less than an hour.
With the addition of EcoFlow Solar Panels, portable power stations can recharge fully using solar power in 3-6 hours. EcoFlow also provides a mobile app for remote control and the monitoring of devices.
Funding: EcoFlow Tech is funded by 13 investors and has raised a total of $114.4M in funding over 4 rounds. Their latest funding was raised on Sep 1, 2021, from a Product Crowdfunding round.
Enpal primarily manufactures and installs solar panels. They have completed more than 19,000 solar projects to date. Their renewable energy solution can be purchased or rented.
According to Statista ranking for 2022 and 2023, Enpal is the market leader for rooftop PV systems in Germany. They were also awarded the SmartHome Deutschland Award in the “Best Startup” category in 2023.
Location: Berlin, Germany
Technology Used: Enpal offers a complete solar system solution that includes electricity storage, a wall box, and an in-house Enpal app.
Their technologies help to reduce electricity consumption and increase independence from energy companies by up to 75%.
Funding: A total of €2.2B in funding has been raised by them over 14 rounds with the support of 34 investors. Their most recent funding came from a Debt Financing round on Jun 9, 2023.
8. Common Energy
Common Energy is an electricity management platform that enables households to switch their electricity source to renewable energy. They collaborate with developers to set up and link fresh solar projects to the electricity network, benefiting local communities.
So far, over 100,000 households have availed their services to switch to renewable energy sources.
Location: New York, U.S.
Technology Used: Common Energy utilizes digital technology to optimize its Community Solar initiative.
The inclusion of renewable energy saves between 5-15% on monthly electric bills and helps lower emissions in participating communities.
Funding: Common Energy is funded by S2G Ventures and has raised a total of $16.5M in funding over 1 round. This was a Venture – Series Unknown round raised on May 10, 2022.
9. Carbo Culture
Carbo Culture is a climate technology company focused on building a rapidly scalable biochar carbon removal solution. They have developed technology to convert waste biomass into carbon-negative charcoal, which is used to generate energy.
In a nutshell, Carbo Culture plants efficiently draw down CO2 from the atmosphere via photosynthesis. The company aims to establish multiple facilities by 2026.
Location: Helsinki, Finland
Technology Used: Carbo Culture has developed technology to convert waste biomass into carbon-negative charcoal, which is used to generate energy.
Their patented Carbolysis™ reactors convert waste biomass into stable biochar.
This process locks carbon safely away for centuries while generating renewable energy in the process. Using its technology, the startup aims to remove a gigaton of CO2 by 2030.
Funding: They are funded by 16 investors and have raised a total of $9.5M in funding over 5 rounds. Their latest funding was raised from a Grant round on Mar 23, 2022.
10. Doral Renewables
Doral Renewables is a joint venture of Doral Group and Clean Air Generation. They develop utility-scale renewable energy projects for industrial and private use.
They are a leading developer in the U.S. with over 40 operations in 21 states and 9 electricity markets.
The company provides over 14,000 MW of clean electric projects across the U.S.
Location: Philadelphia, Pennsylvania
Technology Used: They pair solar and energy storage technologies for sustainable green energy projects. Agrivoltaic technology benefits both solar developers and farmers.
Agrivoltaics enables farmers to grow crops underneath and in between the solar panels, a win-win situation.
Funding: Doral Renewables is funded by Migdal Insurance and Financial Holdings and has raised a total of $75M in funding over 1 round. This was a corporate round raised on Feb 1, 2022.
11. Bloom Biorenewables
Bloom Biorenewables utilize natural materials found in biomass to produce an alternative to petroleum.
The company produces energy-dense compounds that can be used as sustainable fuels and fuel additives for the heavy transportation sector.
They also transform non-edible biomass into high-performance products as well as generate new value from agricultural residues.
Location: London, England
Established: January 2019
Technology Used: The company has developed multiple breakthrough technologies to produce bio-based materials for a variety of industries sustainably.
Bloom has developed the first technology to convert cellulose & lignin biopolymers into added-value chemical products selectively.
Funding: Bloom has raised $7M in funding over 22 rounds and is funded by 17 investors. Their latest funding was raised from a seed round on September 6, 2022.
Radiant is an energy startup building a nuclear microreactor. Their Kaleidos 1MW microreactor will be the world’s first portable, zero-emissions power source that works anywhere.
This is a climate-friendly alternative to diesel generators. The company aims to test the reactor by 2026 and can bring power to remote areas around the world.
They will also be used to provide backup power for hospitals or disaster-relief scenarios.
Location: El Segundo, California
Technology Used: Nuclear technology is utilized to create an air-cooled, cost-effective, portable power source.
Each unit delivers over 1 MegaWatt of electricity and can be refueled 4 times over its expected 20-year lifecycle.
Funding: Radiant has raised a total of $53.8M in funding over 4 rounds and is funded by 17 investors. Their latest funding was raised on Apr 18, 2023, from a Series B round.
Everfuel is a strong supporter of green hydrogen, which is created by harnessing renewable energy sources such as wind, solar, and hydropower.
This type of hydrogen is produced by combining renewable electricity and water and is commonly used as a fuel for fuel cell vehicles. The best part about green hydrogen is that it only emits water as exhaust.
The process merely borrows water to enable a full utilization of flexibly produced renewable energy. The company sees green hydrogen as a sustainable fuel for the future.
Location: Herning, Denmark
Technology Used: The technology used for hydrogen production is electrolyzers, which is a proven and widely used technology.
A fully mobile hydrogen fuelling solution, which is mounted on a trailer, has been developed by Everfuel. The company can now provide low hydrogen prices for smaller volumes compared to traditional filling stations.
Funding: Everfuel has accumulated a sum of $76.7 million in funding through five funding rounds, having received investment from five different investors. Their most recent funding round was a post-IPO equity round on March 9, 2023.
14. Liquid Wind
Liquid Wind produces carbon-neutral fuel. They develop commercial-scale facilities that produce green electro fuel (eMethanol) made from biogenic carbon dioxide and renewable electricity.
The aim of the organization is to decrease carbon emissions on a global scale, with a particular focus on the shipping industry. By 2030, the company plans to set up more than ten facilities in the Nordic region.
Location: Gothenburg, Sweden
Technology Used: They utilize their patented renewable energy technology to produce Hydrogen. They combine it with CO2 and water to produce their carbon-neutral liquid fuel.
A standard facility can produce up to 100,000 tons of green electrofuel and upcycle 150,000 tons of carbon dioxide annually.
Funding: Liquid Wind is funded by Leon Li and has raised a total of $998.4K in funding over 2 rounds. Their latest funding was raised on Mar 22, 2021, from an Equity Crowdfunding round.
15. Rebel Energy
Rebel Energy establishes relationships with renewable energy generators to supply green energy to households. These include wind, solar, and hydro farms in the UK that have community-minded business models.
The company aims to generate its own renewable energy to ensure the energy supplied is produced by Rebel Energy.
Location: London, England
Technology Used: Rebel Energy offers households clean, renewable energy while helping them improve their credit rating through a developed credit system.
They have built their web portal and automation and mapped out the processes. However, the company’s solution is still in its beta testing phase.
Funding: Rebel Energy is funded by Crowdcube and has raised a total of £561.3K in funding over 2 rounds. Their latest funding was raised on Jan 25, 2022, from an Equity Crowdfunding round.
16. Moment Energy
Moment Energy began its green energy journey with lead-acid batteries. However, due to many challenges, they moved to repurposing EV batteries into battery units that can store renewable energy.
In July 2022, Moment Energy and Mercedes-Benz Energy established a supply agreement for second-life batteries. In 2021, the company secured a supply chain relationship with Nissan North America.
Location: Port Coquitlam, Canada
Technology Used: Moment Energy contributes to the EV’s fast-charging infrastructure. The company’s technology incorporated into its flagship product, Flora BESS, is a game changer.
It reduces energy costs, ensures uninterrupted power, and facilitates clean energy transition for on and off-grid facilities.
Funding: Moment Energy is funded by 6 investors and has raised $13M in funding over 4 rounds. Their latest funding was raised from a seed round on September 17, 2022.
17. Sunified Group BV
Sunified is a deep-tech company that developed the patented hardware UNITY chip, which generates solar data, machine learning, and AI services.
The company specializes in solar, IIoT, IoT, blockchain, digital assets, renewables, solar PV, energy storage, UnityChip, and wireless sensor networks.
In addition, they are building a distributed network of 5MW Solar Parks around Australia connected to the National Energy Market.
They will have the digital intelligence to automatically buy and sell energy for the best price.
Location: The Hague, South Holland
Technology Used: The Sunified UNITY sensor and Platform disrupt carbon credit verification by making it 14,000 times faster.
The patented hardware creates high-fidelity green energy data from the source of generation, such as each solar panel.
Funding: No funding information is available.
Ambiator is a dynamic startup that works on alternatives to air conditioners. They’ve developed the AMBIATOR 5 TR for hot and dry climates that function with 1kW of power and use water as a coolant.
The absence of compressors and refrigerants makes the product eco-friendly and affordable. A bonus is that it can function with solar power.
The company is developing future variants in the “Room Air Conditioner” segment for multiple climate zones.
Technology Used: The patented technology incorporated into the Ambiator provides ventilative cooling.
Minimum ducting combined with interior jet nozzles provide for optimum thermal comfort. The units are scaleable for larger areas.
Funding: Ambiator has raised 1 round and is funded by Gruhas Aspire accelerator. This was a Non-equity Assistance round raised on Oct 4, 2023.
19. Solar AI Technologies
Solar AI Technologies makes rooftop solar more accessible and hassle-free for homeowners and small businesses by providing zero upfront cost rooftop solar as a service.
They make transitioning to solar very easy and affordable.
They are a seed-stage startup funded by ENGIE, one of the world’s largest renewable energy companies.
Location: Central Region, Singapore
Established: May 2020
Technology Used: The company utilizes AI-based intelligence to analyze rooftop solar potential and can estimate savings virtually.
Valuable insights are provided for homeowners and businesses interested in solar energy.
Funding: The company has raised a total of SGD2M in funding over 2 rounds and is funded by 5 investors. Their latest funding was raised on Aug 22, 2023, from a Seed round.
20. EH Group
EH Group has created an innovative green technology that transforms the chemical energy from hydrogen cells into clean electricity.
Their automated production system is designed to cut down on production costs and employs a new fuel cell stack design.
In 2020, the DeVigier Foundation granted EHG a “Best Startup in Switzerland” award.
Location: Renens, Switzerland
Established: May 2017
Technology Used: EH Group developed an advanced fuel cell technology patented stack microstructure.
This technology is used in the heavy transportation, aviation, and maritime industries where weight and volume reduction are key criteria.
Their fuel cell product is also used in stationary applications such as backup power for commercial buildings, data centers, and long-term energy storage.
Funding: EH Group Engineering is funded by 4 investors and has raised $8.4M in funding over 5 rounds. Their latest funding was raised from a Seed round on Jan 13, 2022.
21. Electric Hydrogen
Electric Hydrogen develops electrolyzer technologies to enable abundant, low-cost, and clean hydrogen to replace fossil fuels.
The company’s cost orientation drove them to engineer and pre-assemble their 100MW plant, aiming to reduce total project and operating costs.
Electric Hydrogen caters to large industrial users of hydrogen as well as large-scale clean energy and fuels developers.
Location: Natick, Massachusetts, U.S.
Established: December 2020
Technology Used: Electric Hydrogen co-developed its proprietary electrolyzer cell design and integrated plant product, with the first 100MW product shipping in 2024.
The company is also looking at the reduction of iron with green hydrogen to produce green steel.
Funding: Electric Hydrogen is funded by 24 investors and has raised a total of $602M in funding over 4 rounds. Their latest funding was raised on Oct 2, 2023, from a Series C round.
22. Hexas Biomass
Hexas Biomass produces a regenerative, plant-based raw materials substitute for wood and fossil fuel-based raw materials.
It covers a diverse range of uses, such as energy, chemicals, packaging, textiles, composites, structural and non-structural products, and many others.
Their mission is to provide humanity with access to carbon-negative, soil-regenerating, and livelihood-sustaining nature-based raw materials.
Location: Greater Seattle Area, West Coast, U.S.
Technology Used: Hexas grows their own XanoGrass, a perennial, fast-growing grass on non-crop-producing land.
They produce XanoFiber as a replacement for wood, food crops, and fossil fuel-based feedstocks. The company has developed a patent-pending Farm-to-Fiber platform for the reliable delivery of XanoFibe.
Funding: Hexas Biomass raised one Venture – Series Unknown round on Nov 9, 2022. The company is funded by être Venture Capital.
Enerdrape turns existing underground environments into renewable sources of energy for the heating and cooling requirements of buildings.
Their mission is to unlock the energy potential that exists in untapped environments, such as underground indoor environments.
This provides access to renewable thermal energy and garnishes sustainable contemporary heating and cooling solutions for urban areas.
Location: Lausanne, Switzerland.
Technology Used: The company provides prefabricated geothermal panel technology that captures geothermal and waste heat in existing underground architectural structures.
Their solution offers an alternative, cost-effective, and easier method to source renewable heat for heat pump systems.
Funding: Enerdrape has been funded by 12 investors, raising CHF987K in funding over 13 rounds. They raised their latest funding on Aug 30, 2023, from a Grant round.
24. Anthro Energy
Anthro Energy is an advanced materials company working on solutions to improve the battery-powered electrified future.
Their flexible batteries allow for electronic design freedom. Cell shape, size, and packaging are customizable as needed for specific applications.
Battery cells can survive tens of thousands of multi-axial flexing cycles with no change in performance.
Location: San Francisco Bay Area, Silicon Valley, West Coast, U.S.
Technology Used: Anthro’s proprietary AdhesION Technology is a new class of polymer electrolytes with outstanding performance.
Advanced materials combined with state-of-the-art battery components create a high-performance, flexible battery.
Funding: Anthro Energy raised a total of $7.2M in funding over 1 round, and 6 investors funded it. They raised this money in a Seed round on Oct 19, 2022.
Khepra developed technology that uses renewable electricity to break down and turn plastic and agricultural waste into green fuel.
Their fuel replaces dirty fossil fuels for electricity production as well as petrochemicals in combustion engines.
Khepra reactors utilize a process that involves the breakdown of chemical bonds in plastic and other waste, resulting in the release of chemicals that can be used to generate renewable energy.
Location: San Francisco, California, U.S.
Technology Used: Khepra establishes fully electrified reactors that utilize High-Intensity Focused Ultrasound (HIFU) technology to convert waste streams into petrochemical alternatives efficiently.
Funding: Khepra has been funded by 5 investors and has raised $250K over 4 rounds. Khepra’s latest funding was raised on Apr 24, 2023, from a Non-equity Assistance round.
Developing streams of renewable energy is gaining traction across the world and attracting much-needed investment. The top renewable energy startups listed in this article mostly depend on external investments.
Energy reliance has been extremely unstable in the recent past, and many renewable energy startups are addressing the issue head-on.
New technologies and innovations are chartering a new course toward sustainable clean energy generation.
The rewards of clean energy generation are plain to see and are a testament to our efforts to reduce reliance on fossil fuels.
A greener approach to energy is already extending the longevity of future generations.
Frequently Asked Questions
How much of the world’s energy comes from renewable sources today?
Currently, about 9% of primary energy is generated from renewable sources. Of that 9%, about three quarters is produced by hydroelectric dams. Bioenergy and wind turbines make up over 20% and only 2% is derived from solar power. These conservative figures are expected to increase exponentially by 2030. Read the full article to learn more about how much of the world's energy is sustainably sourced.
What is the land impact of renewables?
Wind and solar technologies are very low-density compared to the amount of energy they generate. But to be fair, we should put this into context. Nuclear power remains the most land-efficient form of energy production.
According to a review of estimates, solar power requires 6 to 15 times as much land per unit of energy as nuclear power, wind 30 times as much land, and biomass 225 times. Read the full article to learn more about the impact of renewables on the natural environment.
Will the cost of solar decrease in the near future?
With an increased demand for solar, the manufacturing cost has declined across the globe. Generous solar subsidies in developed countries combined with heavy production subsidies in developing countries have spurred the manufacturing process. This has resulted in a demand and supply imbalance which has slowed the price down. Over the long term, this is expected to balance out and costs will gradually decline. Read the full article to learn more about the costs associated with solar power systems and why they're becoming more affordable.
Deloitte: 2024 Renewable Energy Industry Outlook
United Nations: What is renewable energy?
Sustainable Energy For All: Renewable Energy