Top 12 Energy Storage Startups and Companies to Watch [2023]

Have you ever wondered who is on the list of Energy Storage Companies with the highest growth rates?

You’re not alone.

There are hundreds of Energy Storage Companies found there, and keeping track of the hottest new startups can be challenging.

But don’t worry, we’ve got you covered. Here are the top 12 fast-growing Energy Storage Startups that have top-tier venture capital funding.

What are Energy Storage Startups?

Energy storage startups are businesses focused on the development of technologies related to energy storage. These startups often focus on the development of systems that store energy from renewable sources such as solar and wind power, or from other sources such as batteries. 

Energy storage systems are used to store energy for later use, or to provide backup or emergency power. These startups typically develop products and services that can help customers reduce their energy costs, increase their energy independence, and reduce their carbon footprint.

Top 12 Fastest-Growing Startups In Energy Storage

1) ESS

ESS is a prominent manufacturer of long-duration energy storage systems for C&I, utility, microgrid, and off-grid applications.

Details of the startup:

• Country: United States
• City: Wilsonville
• Started in: 2011
• Founders: Craig Evans, Julia Song
• Number of employees: 11-50
• Funding amount: $47,005,727
• Number of funding rounds: 8
• Number of investors: 16

You can find their website here.

2) Microvast

Microvast is a company that designs, develops, and manufactures high-quality charging and battery control systems for electric vehicles.

Details of the startup:

• Country: United States
• City: Stafford
• Started in: 2006
• Founders: Diaokun Xiao, Xiang LI, Yang Wu
• Number of employees: 101-250
• Funding amount: $450,000,000
• Number of funding rounds: 2
• Number of investors: 4

You can find their website here.

3) Enevate

Enevate is a rechargeable energy storage technology firm that provides revolutionary Li-ion battery capacity.

Details of the startup:

• Country: United States
• City: Irvine
• Started in: 2005
• Founders: Benjamin Park
• Number of employees: 51-100
• Funding amount: $192,600,000
• Number of funding rounds: 7
• Number of investors: 11

You can find their website here.

4) Form Energy

Form Energy is working on a low-cost battery technology that can store wind and solar energy for extended periods of time.

Details of the startup:

• Country: United States
• City: Somerville
• Started in: 2017
• Founders: Marco Ferrara, Mateo Jaramillo, Ted Wiley, William Woodford, Yet-Ming Chiang
• Number of employees: 101-250
• Funding amount: $125,000,000
• Number of funding rounds: 3
• Number of investors: 11

You can find their website here.

5) 24M Technologies

Energy storage solutions for grid and transportation applications are developed by 24M Technologies.

Details of the startup:

• Country: United States
• City: Cambridge-US
• Started in: 2010
• Founders: Throop Wilder, Yet-Ming Chiang
• Number of employees: 11-50
• Funding amount: $94,632,000
• Number of funding rounds: 3
• Number of investors: 8

You can find their website here.

6) Hydrostor

Advanced Compressed Air Energy Storage (A-CAES) is a long-duration, emission-free, cost-effective energy storage system developed by Hydrostor.

Details of the startup:

• Country: Canada
• City: Toronto
• Started in: 2010
• Founders: Cameron Lewis, Curtis VanWalleghem
• Number of employees: 11-50
• Funding amount: $37,000,000
• Number of funding rounds: 4
• Number of investors: 10

You can find their website here.

7) Peak Power Inc

Intelligent energy in smart cities is enabled by a software firm.

Details of the startup:

• Country: Canada
• City: Toronto
• Started in: 2015
• Founders: Benson Pei Sen Hu, Derek Lim Soo, Matthew Sachs
• Number of employees: 11-50
• Funding amount: $25,074,753
• Number of funding rounds: 8
• Number of investors: 12

You can find their website here.

8) ION Energy

The most advanced battery management and intelligence platform in the world.

Details of the startup:

• Country: India
• City: Mumbai
• Started in: 2017
• Founders: Akhil Aryan, Akhil Aryan, Alexandre Collet
• Number of employees: 11-50
• Funding amount: $1,041,000
• Number of funding rounds: 3
• Number of investors: 5

You can find their website here.

9) Evergen

Smarter energy is made possible with Evergen software.

Details of the startup:

• Country: Australia
• City: Newcastle-AUS
• Started in: 2015
• Founders: Ben Hutt, Nick McGrath
• Number of employees: 51-100
• Funding amount: $11,809,467
• Number of funding rounds: 3
• Number of investors: 5

You can find their website here.

10) Grinntech

Lithium Battery Packs for Automotive and Stationary Use

Details of the startup:

• Country: India
• City: Chennai
• Started in: 2013
• Founders: Nikhilesh Mishra, Puneet Jain
• Number of employees: 11-50
• Funding amount: $2,000,000
• Number of funding rounds: 1
• Number of investors: 5

You can find their website here.

11) Hydrogenious Technologies

Hydrogenious Technologies creates cutting-edge technologies for hydrogen storage in liquid organic hydrogen carriers that are both safe and efficient.

Details of the startup:

• Country: Germany
• City: Erlangen
• Started in: 2013
• Founders: Daniel Teichmann, Eberhardt Schlücker, Peter Wasserscheid, Wolfgang Arlt
• Number of employees: 11-50
• Funding amount: € 17,000,000
• Number of funding rounds: 3
• Number of investors: 5

You can find their website here.

12) GBatteries

GBatteries is a company that creates sophisticated fast charging technology and is supported by some of the world’s most prestigious investors.

Details of the startup:

• Country: Canada
• City: Ottawa
• Started in: 2013
• Founders: Alex Tkachenko, Kostya Khomutov, Nick Sherstyuk, Tim Sherstyuk
• Number of employees: 11-50
• Funding amount: $3,916,485
• Number of funding rounds: 6
• Number of investors: 13

You can find their website here.

FAQs

Is Energy Storage Business Profitable?

The profitability of energy storage businesses can vary greatly depending on the type of energy storage system, the size of the system, the cost of installation and maintenance, the size of the customer base, and the amount of energy being stored. 

In general, energy storage businesses that provide long-term storage services can be highly profitable, particularly when large customers are involved. However, businesses that provide short-term storage services may have a more limited customer base and may not be as profitable.

What Is The Average Investment In Energy Storage?

The average investment in energy storage businesses varies greatly depending on the size and scope of the project. Some smaller-scale projects may require only a few thousand dollars, while larger commercial and utility-scale projects can require millions of dollars.

 Additionally, the cost of energy storage technology continues to decrease, making it more affordable for businesses of all sizes.