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:
26 Innovative Renewable Energy Startups to Follow in 2024
Phelas
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.
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.
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
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.
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.
Hydrogen One
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.
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.
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.
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.
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.
New Alternative Green Energy’s latest funding round was an Option/Warrant for $0,12M on October 28, 2020.
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.
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%.
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
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.
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.
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
Enpal is a German-based renewable energy start-up that is helping address the climate crisis by making solar solutions and energy storage affordable for consumers.
Enpal’s business model is designed to democratize solar energy by renting out the systems to homeowners and caring for service and maintenance (solar-as-a-service).
Innovative Product Offering: Enpal’s integrated financing solution represents a unique and differentiated product.
Long-Term Commitment to Sustainability: Barclays Europe, as part of its commitment to facilitating $1 trillion of sustainable and transition finance by 2030, supports Enpal’s innovative approach.
Quality Assurance and Maintenance: Enpal ensures its solar systems have top-tier components. It uses lifetime remote monitoring and professional maintenance to ensure optimal efficiency.
No Upfront Investment: Offers a product solution that allows customers to lease solar panels, storage, and charging technology for no upfront cost.
Maintenance and Remote Monitoring: Enpal takes care of all the maintenance. And after 20 years of operation, customers can buy their installation for one symbolic euro.
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.
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.
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.
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.
Carbo Culture
In a nutshell, Carbo Culture plants efficiently draw down CO2 from the atmosphere via photosynthesis. The company aims to establish multiple facilities by 2026.
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.
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.
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.
Doral
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.
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.
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.
Bloom
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.
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.
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
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.
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.
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
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Has raised $13M in funding over 4 rounds. Their latest funding was raised from a seed round on September 17, 2022.
Sunified Group
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.
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.
No funding information is available.
