Learn From the Best: Top 25 Cleantech Companies Raising Funds

Top 25 Cleantech Companies Raising Funds

1. Brimstone

Cement production is responsible for 7.5% of carbon emissions — this is what inspired Caltech alum Cody Finke and Hugo Leandri to develop a zero-carbon version of ordinary portland cement (OPC) at Brimstone. Their clean technology uses calcium silicate rock instead of limestone, which severely reduces CO2 without compromising its quality.

This cleantech was recently selected to negotiate funding from the US Department of Energy (DOE) to build a first-of-a-kind plant that would produce up to 140,000 metric tons per year of industry-standard OPC while avoiding 120,000 metric tons of carbon dioxide emissions annually. This is set to revolutionize the construction industry and infrastructure in key areas of the US.

2. Twelve

This California-based sustainable fuel company takes its name from carbon 12, the most abundant form of carbon dioxide. Twelve is on a mission to transform the aviation industry with its sustainable aviation gasoline (SAF), the E-Jet fuel, which it creates by capturing and breaking down CO2 and water into various chemicals.

Founded in 2015, Twelve’s cleantech innovation has recently surged to prominence with companies like BCG, Alaska Airlines, Shopify, and Microsoft buying its product or investing in it. It recently opened a commercial-scale facility in Washington state set to begin production soon.

3. Helion

Helion is quickly becoming one of the most prominent fusion energy companies in the world — the company secured a whopping $2.2 billion in series E funding in 2021. By fusing certain atoms together, Helion’s tokamak technology aims to create electricity that emits little to no carbon dioxide and uses a negligible amount of natural resources to create massive baseload power.

Although no commercial or experimental fusion reactor has managed to generate power for the grid yet, this Sam Altman-backed startup is way ahead of its competitors in terms of its commercial-scale facility. If achieved, fusion could be a top contender among clean technologies to address electricity demand globally with very little impact on the environment.

4. BYD

This Chinese electric vehicle (EV) company won’t stop making headlines despite its market facing a significant downturn in 2024. In 2022, BYD surpassed Tesla as the best-selling EV company by capturing 20% of the global market. The company has managed to do this by selling cheaper cars than Tesla, its biggest competitor, which boasts a market value seven times higher than the Chinese carmaker.

And the company isn’t slowing down. It recently announced it’s investing one billion in a new facility in Turkey, further cementing its presence in the Middle East and looking to service the European market.

5. nZero

As technology advances alongside climate change warnings, nZero is taking matters into its own hands with research into climate accountability. This cleantech optimizes sustainability technology to track things like carbon emissions and ROI of investments so companies and governments can quantify their environmental footprint and act on it.

The cleantech community is targeting sectors like the real estate industry and government agencies to track and analyze their carbon emissions down to the hour, helping them make fact-based decisions to adopt net-zero practices.

6. Bloom Energy

This cleantech company was founded in 2001 by pioneering hydrogen fuel cell scientists working in the aerospace industry since the 1960s. Now, the time is right for Bloom Energy’s proprietary electrolyzer, which turns hydrogen into sustainable gasoline, to thrive in an industry ready to decarbonize.

The green company’s cleantech innovation has helped land recent partnerships with Shell, aiming to build an electrolyzer for the energy giant to leverage cleaner energy-generation, and CoreWeave, powering its AI data centers with sustainable energy solutions.

7. Atomo Coffee

Did you have coffee this morning? You could have an even more sustainable one — at least according to Atomo Coffee. This company aims to make the beloved beverage from alternatives outside coffee beans, like date seeds, sunflower seed extract and pea protein, reducing carbon emissions by 83% and farmland use by 70%.

With deforestation concerns on the rise, and coffee plantations being the sixth largest culprit, beanless coffee could be a more sustainable option. What differs from this and other coffee alternatives is Atomo aims to replicate the same punchy taste of coffee and also deliver a caffeine boost, while other companies go for a decaf approach.

8. Enphase Energy

Although solar panels are nothing new, Enphase’s technology has turned into an unrivaled market leader in the last decade — and rightfully so. The cleantech pioneered microinverters in 2006, which handle solar panel electricity conversion from a single panel as opposed to an entire solar panel system. This method differs from traditional inverters, which attach to an entire system and function at the level of the lowest performing panel.

Microinverters became a game-changer concept that has kept Enphase on top thanks to their adaptability, durability, and efficiency, which allows people to get the most of their panels in different directions and shading. Plus, the panels are connected to a mobile app that tracks performance and looks out for improvements — talk about innovative clean technologies.

9. BluSmart

Think of BluSmart as the sustainable version of Uber, founded in India in 2019. This EV ride-hailing service has grown at a compound annual rate of 300% in the past three years, capitalizing on the increasing popularity of independent ride-hailing as opposed to traditional cabs.

The India-focused company recently expanded its services to Dubai and plans to do so in Abu Dhabi later this year. And, because you shouldn’t put all your eggs in one basket, BluSmart is also growing its EV charging stations with a $25 million investment from Swiss impact fund ResponsAbility.

10. AMP

AMP, headquartered in Colorado, is helping material recovery facilities (MRFs) sort their trash in the most intelligent way possible: through AI and automation. The company’s Smart Sortation solution identified 75 billion objects in 2022 alone, reducing headcount at facilities and time spent sorting items manually. The company offers five different clean technologies, from robotic arms to vision sortation, for businesses to integrate exactly what they need.

But for those who need it all, AMP’s next bet is a fully managed MRF referred to as Sortation-as-a-Service, where companies only supply waste and pick it up at the end of the waste management process.

11. NotCo

This Chilean foodtech meets cleantech unicorn has been making waves in recent years by making healthier and more environmentally friendly plant-based products with rich taste — from milk to burger patties and mayonnaise. They’ve already captured top investors like Tiger Global, General Catalyst, and Bezos Expeditions, and expanded to all of North America and four South American countries. Their tasty and texture-rich food comes from unlikely plant combinations that go beyond what typical plant-based brands do.

Now, NotCo is setting its sights on AI to develop even better food through Giuseppe, its proprietary AI assistant that specializes in plant-based food combinations to find better-tasting animal food replacements.

12. CarbonCure

This cleantech is building a sustainable future by encapsulating carbon emissions in one of the most enduring materials out there. It captures carbon dioxide and injects it into several kinds of fresh concrete. As a result, the concrete becomes mineralized, completely eliminating carbon dioxide from the atmosphere with no chance of re-releasing it. This solution doesn’t impact the strength or performance of concrete and cuts producers 3% to 5% of emissions.

CarbonCure has been backed by Bill Gates and partnered with giants like McDonald’s, and can be found in producers located all over the US, Central America, and some parts of Europe, the Middle East, and East Asia.

13. e-Zinc

e-Zinc is a Canadian long-duration storage company using zinc to prolong the life of renewable energy sources. It was founded in 2012 by renowned electrochemist, Dr. Gregory X. Zhang. As the world undergoes an energy transition, renewables need to gain more ground to meet rising electricity demands, even when the sun isn’t shining or the wind isn’t blowing — this is the issue e-Zinc wants to tackle. So, when nature isn’t delivering, storing renewable energy in long-duration containers will solve intermittency.

Zinc is the widely available and easily recyclable material that powers the company, making for a sustainable, affordable, and accessible solution for the operational gaps that often stall the progress of renewables.

14. Li-Cycle

At a time when lithium-ion batteries are the center of attention for all the wrong reasons — environmental and health concerns, and unethical sourcing — Li-Cycle is coming in to mitigate the technology’s harmful effects. The company aims to recycle these batteries as safely and efficiently as possible so they can be fully reused, reducing waste and the need to produce more units.

Li-Cycle is doing this with its patented Spoke technology that recycles batteries without dismantling them or discharging them, allowing for a second life that is just as powerful. These spokes are already operating in several cities worldwide, including Ontario, New York, Arizona, and Germany, among others.

15. Airly

This Polish cleantech startup with offices in London is on a mission to help communities, governments, individuals, and a diverse range of industries track air quality with affordable sensors and set goals based on understanding this data. Airly raised $5.5 million in Series A funding in 2022, and has since developed its software and AI capabilities to give stakeholders actionable insights and automate repetitive tasks regarding air quality control.

16. GoParity

GoParity is a Portuguese crowdlending platform for impact funds, connecting people with social and environmental projects they can invest in. The company has an average annual interest rate of 5.25% and an average time to maturity of 3.6 years. This profitable premise led the company to close a successful funding round in 2022 and expand to Spain and explore the Latin American market.

The app’s user-friendly interface, environmental focus, and ease to begin investing — with as little as €5 ($5.50) — have made it a fan-favorite for those interested in the fintech and clean technology industries.

17. EnerVenue

EnerVenue is a cleantech startup innovating in the energy storage field by replacing lithium-ion batteries with nickel-hydrogen ones. These batteries are commonly used in spacecraft as they withstand extreme temperatures and store energy for long periods of time. The latest company news revealed it was expecting to close a $515 million fundraising round.

Although the size of these nickel-hydrogen batteries can’t fit inside a car to service the EV market, the clean technology device can definitely fit in any energy storage facility, like that of renewable energy companies wanting to store surplus — this is EnerVenue’s current target market.

18. Loam Bio

Crop soil isn’t spared when it comes to creating greenhouse gas emissions. From over-fertilizing them to natural processes the soil undergoes, it contributes to releasing gasses into the atmosphere. Australian agritech Loam knows about this and has developed new technologies with microbes to help soil capture carbon dioxide, the CarbonBuilder. Once the soil captures CO2, it naturally converts it into stable soil carbon, which builds healthier, more productive soil for agriculture without artificial or modified seeds.

The company last raised a $73 million Series B funding round in 2023, looking to expand its business operations in Australia, followed by the US and Brazil.

19. Nth Cycle

While many cleantech companies are using sustainable technologies for producing batteries to tackle harmful energy generation, only a few are addressing challenges in the supply chain and safe recycling of these products. Most batteries are currently recycled overseas, particularly in China, meaning any sustainable benefits from this process are counteracted by transportation emissions.

Nth Cycle is gathering efforts to remove the middleman by allowing companies to recycle rare metals used in electric batteries so mining, transporting, and producing more batteries isn’t a top priority, but rather safely recycling and reusing them. The company recently announced a $44 million Series B round backed by players like Caterpillar.

20. Calyxia

Calyxia is a leading French cleantech fighting the microplastics and microcapsules that have infiltrated rivers, food, and even our bodies. The company has developed technology to produce microplastics with more sustainable practices, like biodegradable materials that don’t leave a harmful footprint.

Calyxia is already aiming to be profitable by 2026, having secured a $31 million Series B funding round very recently to begin deploying its products to plastic manufacturers.

21. Aerones

This Latvian Y Combinator-backed company, founded in 2015, addresses the costly maintenance of wind turbines worldwide. Aerones is already supporting 50% of the world’s wind power capacity with its robotics solutions, which span repairing, cleaning, applying anti-freeze, and inspecting robots.

The company just secured $30 million in growth capital to continue the global expansion of its clean technology service to serve a sustainable future with robots and technologies that are 40% more efficient than standard services.

22. Qotto

Qotto is directly addressing the underserved electricity needs in sub-Saharan Africa, more specifically rural Burkina Faso and Benin, with independent solar kits. The company also distributes TVs alongside its kits and is looking to deliver internet access via hotspots as well. Their panels are set to work for 10 years and their LED lamps for over three years, offering immediate technical support within 48 hours, even in remote locations.

The company’s growth was further propelled after it secured an $8 million Series A funding round in late 2023.

23. Amogy

The commercial transportation industry accounts for nearly 10% of carbon emissions, and Amogy wants to challenge this notion by 2050. The company wants to join the mix in the global energy transition by producing and delivering portable ammonia-based gas, which creates five times more energy density than most renewable options.

The company, founded in 2020, is already partnering with major shipping businesses to create a cleantech alliance that decarbonizes operations, making it a top contender to lead the gasoline industry within the coming decades.

24. Wingcopter

This German startup initially served customers in the rural districts of Rehbach and Würzberg, delivering non-perishable goods with sustainability and speed through delivery bikes and drones. However, it’s now expanding to Japan aided by $44 million in funding from the European Investment Bank.

Wingcopter has partnered with the likes of Vodafone to power its drones with connectivity in remote areas and REWE Group to offer grocery products in Germany.

25. Boston Metal

Steel giants have been around since the dawn of industrialization, amping up pollution from steelmaking. Thankfully, cleantech Boston Metal has found a way to continue manufacturing it in a more sustainable way: by removing coal from the equation. The company recently opened its facilities in Brazil, showcasing how its patented molten oxide electrolysis (MOE) technology uses renewable energy resources and produces no CO2.

The company secured a $262 million Series C funding round in 2023 and has been tapped by the US Department of Energy to open a facility in West Virginia to produce critical metals for the aerospace and nuclear industries with its technologies.

Charging Ahead with Cleantech Insurance

These thriving startups prove the cleantech sector is pulling through in the midst of a market downturn. This is encouraging news as cleantech innovators are becoming increasingly essential to decarbonizing and building more sustainable technologies and industries. As a measure of cleantech growth, founders and stakeholders in the sector must also consider protecting their assets against the myriad of risks associated with hardware production, handling staff, and expanding in such a promising field. For this, cleantech insurance has your back.