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Climate Tech - Energy

Moving industry forward with next-generation advancements in energy storage and transmission.

Overview

The science is settled. Human activities that emit greenhouse gasses (GHG) are warming the planet and causing devastating climate change. Current GHG emissions levels must be halved by 2030 and net-zero GHG emissions must be reached by 2050 to contain global warming at a sub-catastrophic level. As fossil fuel-based energy production is a leading cause of GHG emissions, clean energy technologies play a vital role in a sustainable future for the planet.

The cost of solar and wind energy has fallen considerably over the past decade and no longer yields a significant cost disadvantage compared to fossil fuels. Next-generation renewable technologies such as waste-to-energy, sustainable fuels, fusion energy, geothermal, wave, and tidal, etc. are still at a nascent stage but can be expected to follow similar declining cost principles as they scale. Next-generation advancements in energy storage, and energy optimization and management are also vital in matching the intermittent supply of renewable energy with inflexible demand.

What's driving this industry?
Market Sizing

The US market for the ClimateTech-Energy industry could reach USD 12.1-15.9 billion by 2026

Conservative case

USD 12.1 Bn

Base case

USD 13.2 Bn

Expansion case

USD 15.9 Bn

USD billion1012141618202120222023202420252026
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COVID-19 IMPACT

The Covid-19 pandemic has made consumers more open to shifting behavior toward environmental protection.

  • In a April 2020 survey, 48% of respondents said that the pandemic had made them more concerned about the environment.

  • Environmental activists are urging governments to pass Covid-19 stimulus packages that invest in a ”Green Recovery”.

  • Several ClimateTech-Energy startups adapted to the Covid-19 pandemic by offering new services to customers.

    • BBOXX: Offered discounts to support underprivileged households.

    • LanzaTech: Produced hand sanitizers and disinfectants from ethanol byproducts of its biorefinery operations.

    • Innowatts: Claimed that its artificial intelligence (AI)-based grid management solution was able to accurately predict large fluctuations in electricity demand during lockdowns.

  • At the same time, some ClimateTech-Energy startups experienced business hardships due to the pandemic.

    • Oxford PV’s plans to commence production at its new facility were postponed by one year due to Covid-19-led shipping delays.

    • Hydrostor abandoned its plans to build a compressed air renewable energy storage facility in Australia

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Market Mapping


Energy storage startups dominate the industry

The Climate Tech - Energy industry is dominated by Stationary and Non-stationary Energy Storage Startups. They have also received the most amount of funding. Majority of the pre-seed and seed stages startups are from the Third-generation Renewables and Non-stationary Energy Storage segments. Most of the early and growth stage startups are from Stationary Energy Storage and Energy Optimization and Management Software segments.

Incumbents
Growth
Early
Seed
Pre-Seed
Renewables: NextGen Solar, Wind, Hydro
?
Renewables: NextGen Bioenergy and Sustainable Fuels
?
Renewables: Third-generation
?
Stationary Energy Storage
?
Energy Storage: Non-stationary
?
Energy Optimization and Management Software
?
NAWATechnologies
NAWATechnologies
NAWATechnologies
NAWATechnologies
NAWATechnologies
NAWATechnologies
Total
Eni
Aker Solutions
Saipem
Shell
Tesla
BP
General Electric
Zola Electric
BBOXX
Oxford PV
Ubiquitous Energy
Natel Energy
Sunroof
Heliogen
NEXT Energy
SolarWindow Technologies
Insolight
Total
Eni
Saipem
Shell
ExxonMobil
BP
Oxy
Anaergia
Enerkem
LanzaTech
Blue Sphere
Twelve
Carbon Engineering
Woodland Biofuels
NewCO2Fuels
Prometheus Fuels
Synthetic Genomics
Eni
Schneider Electric
Ocean Power Technologies
Dandelion Energy
AW-Energy
Net Power
Quaise
Eavor
Minesto
Ocean Renewable Power Company
TerraCOH
Commonwealth Fusion Systems
TAE Technologies
General Fusion
Zap Energy
Tokamak Energy
First Light Fusion
Total
CATL
Shell
LG Energy
Tesla
BP
General Electric
EOS Energy Storage
Energy Vault
ESS
Fluence
Hydrostor
24M Technologies
Natron Energy
Moixa
Quidnet Energy
Azelio
Moxion Power
Form Energy
Ambri
Malta
TerraCOH
Total
CATL
Samsung
Panasonic
LG Energy
Tesla
Romeo Power
Nanoramic Laboratories
Northvolt
QuantumScape
Sila Nanotechnologies
SES
Group14 Technologies
Factorial Energy
StoreDot
Ionic Materials
NAWATechnologies
Addionics
Gridtential Energy
Advano
InoBat
Nanotech Energy
Nyobolt
Total
Eni
Landis+Gyr
Aker Solutions
Shell
Panasonic
Itron
BP
Octopus Energy
General Electric
Schneider Electric
Cisco
Stem
Arcadia
AutoGrid
Fluence
Origami Energy
Twaice
Innowatts
Moixa
DEPsys
ConnectDER
WeaveGrid
ION Energy
Habitat Energy

The Disruptors


Significant funding at very early stages of operations

The capital intensive nature of this industry has led many ClimateTech-Energy startups to raise significant funding at very early stages of their operations. This appetite for cash has also prompted many Climate Tech - Energy startups to seek public funds fairly quickly, sometimes even while the business is still at conceptual stages—mostly through unconventional methods such as special purpose acquisition company (SPAC) deals and over-the-counter (OTC) listings. 

Renewables: NextGen Solar, Wind, Hydro

?

Disruptors

?
Funding in USD Millions
Heliogen
Public - Market cap USD 378.3 mn
SolarWindow Technologies
Public - Market cap USD 163.3 mn
Zola Electric
316
BBOXX
198
Oxford PV
152
Ubiquitous Energy
75
Natel Energy
66
NEXT Energy
35
Insolight
20
Watchlist
?
Sunroof

Renewables: NextGen Bioenergy and Sustainable Fuels

?

Disruptors

?
Funding in USD Millions
Anaergia
Public - Market cap USD 333.7 mn
Blue Sphere
Public - Market cap USD 33.6 k
Enerkem
871
LanzaTech
310
Twelve
199
Synthetic Genomics
175
Carbon Engineering
110
Woodland Biofuels
33
Prometheus Fuels
0
Watchlist
?
NewCO2Fuels

Renewables: Third-generation

?

Disruptors

?
Funding in USD Millions
Minesto
Public - Market cap USD 214.2 mn
Ocean Power Technologies
Public - Market cap USD 31.7 mn
Commonwealth Fusion Systems
1999
TAE Technologies
917
General Fusion
322
Zap Energy
203
Tokamak Energy
162
Net Power
150
First Light Fusion
107
Eavor
68
Dandelion Energy
65
Ocean Renewable Power Company
43
AW-Energy
31
Watchlist
?
Quaise
TerraCOH

Stationary Energy Storage

?

Disruptors

?
Funding in USD Millions
ESS
Public - Market cap USD 2.3 bn
Azelio
Public - Market cap USD 72.3 mn
EOS Energy Storage
Public - Market cap USD 69.6 mn
Fluence
Public - Market cap Unknown
Energy Vault
Public - Market cap Unknown
Form Energy
369
Hydrostor
322
Ambri
211
24M Technologies
95
Malta
87
Natron Energy
50
Moixa
22
Quidnet Energy
18
Moxion Power
13
Watchlist
?
TerraCOH

Energy Storage: Non-stationary

?

Disruptors

?
Funding in USD Millions
QuantumScape
Public - Market cap USD 3.7 bn
Romeo Power
Public - Market cap USD 68.5 mn
SES
Public - Market cap Unknown
Northvolt
6040
Sila Nanotechnologies
880
Group14 Technologies
442
Factorial Energy
240
StoreDot
190
Nanotech Energy
95
Ionic Materials
65
NAWATechnologies
48
Nanoramic Laboratories
39
Addionics
34
Gridtential Energy
30
Nyobolt
24
Advano
24
InoBat
17

Energy Optimization and Management Software

?

Disruptors

?
Funding in USD Millions
Stem
Public - Market cap USD 1.1 bn
Fluence
Public - Market cap Unknown
Arcadia
371
AutoGrid
161
Origami Energy
80
Twaice
72
Innowatts
24
Moixa
22
DEPsys
19
ConnectDER
18
WeaveGrid
15
ION Energy
5
Habitat Energy
Unknown

Heliogen

Heliogen focuses on generating electricity and heat using an array of computer-controlled mirrors (heliostats) that collect and concentrate sunlight to generate ultra-high temperatures of around 1,000 °C. 

Heliogen offers three solutions: 1) HelioHeat uses the company's solar concentration technology in heat-intensive industrial applications such as production of cement, lime, and steel, etc. to reduce the use of fossil fuels to generate heat; 2) HelioPower combines solar concentration with supercritical CO2 turbines to generate electricity to power industrial facilities, data centers, and mining operations; 3) HelioFuel uses solar concentration to produce renewable-hydrogen. 

As of January 2021, Heliogen has yet to commercialize its technology, but it successfully operates a demonstration site in California. In November 2020, Heliogen received a grant of USD 39 million from the US Department of Energy to develop a supercritical carbon dioxide power cycle that operates using Heliogen’s concentrated solar thermal energy.

In October 2021, Heliogen partnered with Woodside Energy, a wholly-owned subsidiary of the leading Australian energy producer Woodside Petroleum, to develop a five-megawatt concentrated solar demonstration facility in California. Construction of the facility is expected to begin in 2022. In May 2022, the project received USD 50 million funding from Woodside.

Heliogen’s most recent funding event was in June 2021 when it raised USD 83 million from investors including ArcelorMittal (a Luxembourg-based multinational steel manufacturer), Edison International, Prime Movers Lab, Ocgrow Ventures, A.T. Gekko, and 8090 Partners to accelerate the global deployment of its technology.

In December 2021, Heliogen was listed on NYSE through a special purpose acquisition company (SPAC) merger. The company received USD 188 million from the transaction and expects to use the proceeds to scale heliostat manufacturing and R&D activities.

Segment:
Renewables: NextGen Solar, Wind, Hydro
Total funding:
USD 332.6 million
Competitors:
Oxford PV, Insolight, Sunroof
Disruptor Funding History

Renewables: NextGen Solar, Wind, Hydro:

Heliogen
SolarWindow Technologies
Zola Electric
BBOXX
Oxford PV
Ubiquitous Energy
Natel Energy
NEXT Energy
Insolight
Sunroof

Renewables: NextGen Bioenergy and Sustainable Fuels:

Anaergia
Blue Sphere
Enerkem
LanzaTech
Twelve
Synthetic Genomics
Carbon Engineering
Woodland Biofuels
Prometheus Fuels
NewCO2Fuels

Renewables: Third-generation:

Minesto
Ocean Power Technologies
Commonwealth Fusion Systems
TAE Technologies
General Fusion
Zap Energy
Tokamak Energy
Net Power
First Light Fusion
Eavor
Dandelion Energy
Ocean Renewable Power Company
AW-Energy
Quaise

Competitive Analysis


Filter by a segment or companies of your choice
Renewables: NextGen Solar, Wind, Hydro

Incumbents


Oil and gas majors moving toward next-gen climate tech 

Oil and gas and other fossil fuel energy companies are increasingly adopting ClimateTech to meet their sustainability commitments. While these initiatives are still mostly conventional renewable energy generation projects such as solar and wind, some companies, especially oil and gas supermajors, are also gradually exploring next-generation ClimateTech solutions such as bioenergy and sustainable fuels. 

Non-stationary energy storage and energy optimization and management software segments are also home to a considerable amount of incumbent companies. Diversified electronics companies such as LG, Panasonic, and Samsung dominate the EV battery industry while Tesla and Volkswagen have announced plans to move battery production in-house. 

Top smart meter companies such as Landis+Gyr and Itron complement their smart metering solutions with legacy energy optimization and management software. Diversified technology companies like General Electric and Cisco also provide similar solutions globally.  

Renewables: NextGen Solar, Wind, Hydro
Renewables: NextGen Bioenergy and Sustainable Fuels
Renewables: Third-generation
Stationary Energy Storage
Energy Storage: Non-stationary
Energy Optimization and Management Software
In House Development
M&A
Partnership
Investment

Notable Investors


No investor data is available

Funding data are powered by Crunchbase
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