The Most Innovative Renewable Energy Companies in 2023
Renewable energy startups lead the way in the development of innovative solutions which are supposed to offset carbon emissions and provide clean, cheap energy for humanity. Solar energy solutions, for example, could work in tandem with hydro, pumped hydro, wind energy, and other forms of clean energy sources to provide for much of the world, while geothermal and biogas energy could both produce electricity and heat that we can later use to heat our homes.
However, as with any other technology, it takes more than a simple introduction of the technology to the market to ensure that it gets widely used. All new energy technologies need millions, if not even billions, in investments just to research the technology and build the first models. Once a technology is deemed viable in today’s economy, we can speak of disruptive technologies.
These technologies are so economically viable and can penetrate the markets so easily, that they can push out older, less efficient technologies. Solar farms placed on top of vineyards in Spain and France, for example, can push out the need for electricity coming from elsewhere. In the same way that digital cameras pushed out Kodak from the market, green energy sources will push out fossil fuels.
However, we have become so dependent on fossil fuels that we do not even notice it anymore. Pushing this out may prove to be a long battle. However, as renewable energy startups, more efficient solutions, and incentives given by financial institutions support the reduction of environmental impact, solutions specifically designed to use renewable electricity and other forms of energy will become the technology of the future.
What is an Energy Technology Company?
In light of this, and to meet the IPCC goals for 2025, it is necessary to reduce the consumption of CO2 and to provide the market with more sustainable energy. This is where energy tech companies come into play. An energy technology company is a company that uses different energy solutions to:
- Reduce energy use,
- Increase the energy efficiency of different technologies,
- Reduce the environmental impact of different parts of any industry,
- Ensure that more renewable energy can be used in the production process,
- Work on improving energy systems,
- Work on implementing renewable energy into existing systems,
- Develop renewable energy storage systems, and
- Work on improving existing technologies, such as manufacturing processes and technologies per se.
These companies can also improve an existing business model, by finding legal ways to include RECs – Renewable Energy Credits into the financial makeup of a company. Being eco-friendly, after all, does not mean simply sticking solar panels on the roof. It can also be invested in green solutions such as building more sustainable buildings, or even purchasing green electricity.
Most Promising Renewable Energy Startups Today!
The field of green energy is very lucrative. It enables high profits, but these come at high risk. This is why we see so many energy companies failing. It is necessary to understand that the field of renewables is highly volatile as well, with often unpredictable results. The energy crisis of 2021-2022 would have likely caused a spark in interest in renewables. In reality, it was mostly the private sector investing more, while governments ended up with less money to invest in solar panels and other renewable energy solutions – because of energy subsidies they had to pay out.
With this in mind, it is clear that not all renewable energy startups will make it to the year-10 mark. However, being mindful of these companies and knowing which are more likely to succeed is a must when it comes to investing into their shares or purchasing their technologies. Here are some of the biggest renewable energy:
- Battery Resources,
- Blue Elephant Energy,
- BlueSky Energy,
- Carbo Culture,
- Celtic Renewables,
- Cherry Street Energy,
- Common Energy,
- DST Innovations,
- EH Group,
- Energy Materials,
- Enernet Global,
- Freyr Energy,
- Global Energy Generation,
- Hydrogen One,
- Liquid Wind,
- Moment Energy,
- Next Energy Technologies,
- Peak Clean Energy,
- Proton Technologies,
- Purpose Energy,
- Rebel Energy,
- Renewable Properties,
- Serengeti Energy, and
- Siqens Gmbh.
Aqua Green is based in Denmark. It uses biowaste and converts it into renewable energy. The company also reduces the amount of waste that goes into landfills.
Battery Resources (now Ascend Elements) is a renewable energy company based in Massachusetts. The company has created technology where hydropower is used to recycle lithium-ion batteries. This way, the process is streamlined and demands less energy to run.
Bennemann is an English company. It develops technologies that enable the use of biomethane as a source of renewable energy. The company also provides solutions for biomethane storage and offers more grid stability by doing so.
Blue Elephant Energy
Blue Elephant Energy is another energy company based in Germany. This startup purchases energy production facilities. So far, it has enough generation capacity to provide energy to over 1.1 million German households.
BlueSky Energy is a renewable-energy startup based in Austria. The company manufactures saltwater-based storage systems that store renewable energy. The company also strives to secure more funding but considering that Austria gets 80% of its energy from renewables as it is, this is more of a challenge, as the public does not see the issue as urgent as it may be.
A Finland-based company, Carbo Culture is a fast-growing company. It uses biomass as feedstock for its charcoal production process. The entire process is carbon-negative, and the company aims to capture a gigaton of CO2 emissions by 2030.
Celtic Renewables is a company that uses byproducts from whiskey to form renewable biofuels. Their product is called biobutanol and it can be poured into the gas tank of any car without the need for any adjustment to the car’s engine. The process is very low-carbon, uses bacterial fermentation, and can be run with very little energy.
Cherry Street Energy
Cherry Street Energy works with large companies and corporations and comes up with renewable energy projects that are supposed to decarbonize their production processes. The company designs and installs its solar installments on its own. Cherry Street Energy offers installation for free and offers consultation and analytic services for companies that would like to be more competitive in a quickly-decarbonizing world.
Common Energy is based in NYC. The company offers connections to renewable energy sources to all those who would like to reduce their carbon footprint. The company also offers consultations and has so far connected over 100,000 US households to renewables.
DST Innovations is based in the United Kingdom. The company researches sources of renewables. It does so for industrial and commercial use. It develops solutions that are supposed to reduce initial costs and so far has 14 patents in the field of renewables.
EH Group has patented technology that enables direct hydrogen conversion to electricity. This should help provide more hydrogen solutions to the market and make this green tech more available to a wider portion of the market. EH Group is based in Switzerland.
Energy Materials is based in New York. The company aims to produce Perovskite solar panels good enough for the market. Currently, it has 14 patents and aims to produce long-lasting solar panels.
Enernet Global is a NY-based startup that operates wind, solar and other forms of renewables. The company designs and establishes microgrids. As decentralized energy grids, they rely on multiple renewable sources to provide comfortable access to energy with significantly lower CO2 emissions. They currently operate projects in:
- Sub-Saharan Africa,
- The Philippines,
- Australia, and
- The Caribbean.
Enpal was founded in 2017 and has since experienced stable growth. The company produces solar panels and provides solar energy installation on demand. So far, Enpal has finished more than 19,000 solar projects.
A Swedish company, Epishine, has decided to tackle a very specific problem. They have developed a type of solar panel that can harvest very low amounts of light. The panel can reduce the environmental impact of batteries and power low-voltage devices around your home.
Freyr Energy is an India-based energy company. It deals with solar energy solutions. The company offers tracking services as well so that their customers can see total and current energy production and get a better idea of how and what they can do to improve their energy efficiency.
Global Power Generation
Global Power Generation does exactly what its name says it does. The company produces renewable energy on more than 100,000 acres. All their renewable energy comes from wind and solar capacities, and they operate worldwide,
Ireland-based GridBeyond was founded in 2007. GridBeyond offers grid management systems. This way, more than one energy source can be integrated into the grid. This makes the grid more resilient but imposes more complex management tasks since smaller grids are more difficult to keep stable and prevent outages.
Hydrogen One is a Washington-based company that produces green hydrogen. The hydrogen they produce can store enough energy to power industrial and commercial projects. The company does so with carbon emissions.
Inti-Tech is a great example of a company that ensures higher electricity production without dealing with power generation itself. Their power solution are robots that can clean large arrays of solar panels. This way, they reduce energy losses, which can be as high as 45%. This company produces robots and other semi-autonomous autonomous solutions for dry and semi-dry regions.
Khepra is a California-based company. It provides solutions for converting plastic waste into renewable energy. The company can have a significant impact on the state of renewables, as well as divert significant amounts of plastic from landfills.
Liquid Wind is another Swedish company on our list. Liquid Wind produces liquid fuels. In doing so, the company produces hydrogen, which is then mixed with water and CO2. The result is a carbon-free fuel.
Moment Energy is a Canadian energy company. Moment Energy aims to give a new life to the wave of EV (Electric Vehicle) batteries that are about to flood the recycling market. The thing is that a lot of EV owners replace their vehicles or at least their battery packs as soon as the reduction in mileage or performance is apparent. Since there is still a lot of battery life remaining in these batteries, they can be used to store renewable energy. A 50% degraded 100 kWh Tesla battery, for example, can power an average American household for 40 hours.
Next Energy Technologies
Next Energy Technologies is a California-based startup. The company produces windows that double as solar panels. Then, the energy is used to power homes and small businesses.
Peak Clean Energy
Peak Clean Energy is an energy company that designs solar and wind renewable energy systems for rural regions in the US. The company works with the landscape and utilizes the energy sources that are locally available. This provides for greener, more sustainable energy generation. Peak Clean Energy remains the owner and the operator of the energy generation capacities, ensuring long-term operation and timely maintenance.
Piclo is an English company. It deals with software solutions that can help streamline renewable energy production and offer a more stable market for the energy exchange. So far, they have managed to transfer more than 10 GWh of electricity.
Proton Technologies is a new player in the field of hydrogen production. The company aims to produce net-zero hydrogen (green hydrogen) and to store all the CO2 that may be released in the ground. The technology has already proven to be viable and the economy of scale is applicable. The technology has the potential to decarbonize blue and brown hydrogen production, bringing a cleaner fuel and energy storage option to the market.
Purpose Energy is a Massachusetts-based energy company. The company tackles the issue of biomass waste from the brewing industry. It uses waste to produce energy and clean water.
Rebel Energy is an English energy startup. Rebel Energy has introduced a credit system that allows English households to improve their credit score by relying more on renewable energy. The company is still testing its solution. If proven viable, it could give a boost to further renewable adoption.
Renewable Properties is another renewable energy company on our list. The company develops solar energy projects and invests in them. The company deals with utility projects, as well as smaller-scope projects, such as communal and commercial projects. Renewable properties also offer consultation, analysis, and evaluation services before the project begins and can point out specific risks and provide solutions for observed problems.
responsAbility is a unique startup in the field of renewable energy. It works in the sub-Saharan regions and aims to provide funding to small-to-mid-size energy startups. The company has noticed that there was a funding issue present in this region: all major funding institutions focused mostly on providing funding to large-scale renewable electricity projects, such as large solar farms, while smaller projects did not receive almost any funding.
Sabella is based in France. It was founded in 2008. Sabella manufactures turbines that can turn tidal energy into electricity. The company hopes to expand and has reported revenue of around US$1.2 million.
Serengeti Energy designs and develops small and mid-sized energy projects in sub-Saharan Africa. The company is an IPP – Independent Power Producer. It currently operates 69.2 MW of hydro, 27.3 MW of solar, and 3.4 MW of wind capacities. As the demand for renewable energy increases, the company is likely to continue expanding its energy production capacities.
Siqens Gmbh has managed to develop an energy-storage solution for those living in areas where the grid may not be available. Its methanol battery can convert methanol to electricity without the need for ICE – Internal Combustion Engine. This way, the battery can produce more energy, be more energy-efficient, and it can even reduce fuel costs by 70%. It can be coupled with any renewable energy source.
Criteria for Selection
AS there are thousands of renewable energy startups, there are thousands of solutions for common problems and energy challenges. However, not all of these companies will mature as a company. Different factors, such as innovation levels, sustainable practices, and fiscal stability play together to determine the future of all of the companies above. When choosing them, we went for the following three criteria.
These companies have developed innovative solutions in the field of renewable energy. This could be done either through:
- Streamlining existing production and operation protocols,
- Reducing energy use,
- Improving overall energy efficiency,
- Providing a more affordable solution for a common problem,
- Innovations in the field of funding and financing,
- Introducing disruptive solutions that can displace existing solutions,
- Finding ways to produce renewable chemicals and products, such as bioethanol and biodegradable packaging materials.
As sustainability is a hot topic, we did our share to ensure we took it into account. When it comes to sustainability, we paid attention to:
- Significant CO2 emissions reduction in the production and operations of a company,
- Significant CO2 reductions in the industry,
- Improvements in the energy efficiency of the company, for example, in a company that manufactures solar panels,
- Streaming towards a circular economy,
- Enabling easy-to-fix and recycle services,
- Possible sequestration of CO2, either during operations or through funding other startups or established business practices.
Fiscal stability is one of the most important elements in our criteria for the selection of renewable energy startups. Good fiscal practices can make or break a well-established company, and to save your money, you should always investigate these on your own. We do not provide any financial advice here, but we merely state that long-term, proven fiscal policies are a good sign of what the future of a company should look like.
Why are So Many Energy Companies Going Bust?
Many renewable energy startups go bust in the first decade of their existence. This can happen for a variety of reasons, including insufficient knowledge of the field, industry or the market itself. Renewable energy startups can also go bust because of significant sways in the market, policies, laws, funding options, or simply because the field is slow to adopt the new technology.
What is the Cheapest and Cleanest Energy Source?
Solar and wind are currently the cheapest and cleaners energy sources they are. A single kWh of energy produced with solar or wind costs less than hydro, coal or oil. Considering recent increases in energy and fuel prices, solar and wind are even cheaper when compared and promise faster payback times.
What Energy Companies are Struggling?
All renewable energy startups struggle until they can find their first several big customers and until the word is out. Needless to say, even bigger companies can go bust or struggle. Since September 2020, one of the most difficult years for any energy producer, these companies went into administration:
• Tonik Energy
• Yorkshire Energy
• Simplicity Energy
• Green Network Energy
• Hub Energy
• PfP Energy
• MoneyPlus Energy
What are the 7 Alternative Sources of Energy?
There are a total of 7 alternative sources of energy:
• Solar energy
• Wind energy
• Pumped hydro
• Tidal energy
Altogether, these energy sources represent a powerful mix that can help us remove fossil fuels from the energy makeup of our current economies.
As renewable energy is becoming more present and dominant in the energy mix in the US, many new renewable energy startups come to be every single day. These companies introduce new technologies and are an integral part of switching to renewables. As the demand for green energy rises, so does the need for more affordable, faster-to-install, and more efficient solutions.