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Top 12 Energy Storage Startups in 2024

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Think Energy Storage is boring and everything’s been done before?

Think again.

If you’re in the Energy Storage industry or are interested in starting a company in this space, this article dives into 12 of the hottest fast-growing Energy Storage startups.


12 Energy Storage Startups

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1) Hydrostor

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
  • State: Ontario
  • City: Toronto
  • Started in: 2010
  • Founders: Cameron Lewis, Curtis VanWalleghem
  • Number of employees: 11-50
  • Funding: $37,000,000
  • Funding rounds: 4
  • Number of investors: 10 (ArcTern Ventures, Sustainable Development Technology Canada, Ontario Centres of Excellence, Ontario, Amplify Capital)

You can find their website here.

2) Peak Power Inc

Peak Power Inc

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

Details of the startup:

  • Country: Canada
  • State: Ontario
  • City: Toronto
  • Started in: 2015
  • Founders: Benson Pei Sen Hu, Derek Lim Soo, Matthew Sachs
  • Number of employees: 11-50
  • Funding: $25,074,753
  • Funding rounds: 8
  • Number of investors: 12 (BDC Capital, FedDev, Sustainable Development Technology Canada, Sensata Technologies, Ontario Centres of Excellence)

You can find their website here.

3) Evergen

Evergen

Smarter energy is made possible with Evergen software.

Details of the startup:

  • Country: Australia
  • State: New South Wales
  • City: Newcastle-AUS
  • Started in: 2015
  • Founders: Ben Hutt, Nick McGrath
  • Number of employees: 51-100
  • Funding: $11,809,467
  • Funding rounds: 3
  • Number of investors: 5 (Artesian VC, CSIRO, AMP Capital Investors, Providence Asset Group, Artesian Clean Energy Seed Fund)

You can find their website here.

4) Hydrogenious Technologies

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
  • State: Bayern
  • City: Erlangen
  • Started in: 2013
  • Founders: Daniel Teichmann, Eberhardt Schlücker, Peter Wasserscheid, Wolfgang Arlt
  • Number of employees: 11-50
  • Funding: € 17,000,000
  • Funding rounds: 3
  • Number of investors: 5 (Covestro, Mitsubishi Corporation, Vopak, Anglo American Platinum, AP Ventures)

You can find their website here.

5) GBatteries

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
  • State: Ontario
  • City: Ottawa
  • Started in: 2013
  • Founders: Alex Tkachenko, Kostya Khomutov, Nick Sherstyuk, Tim Sherstyuk
  • Number of employees: 11-50
  • Funding: $3,916,485
  • Funding rounds: 6
  • Number of investors: 13 (Creative Destruction Lab (CDL), FundersClub, Y Combinator, Plug and Play Tech Center, Sustainable Development Technology Canada)

You can find their website here.

6) ION Energy

ION Energy

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

Details of the startup:

  • Country: India
  • State: Maharashtra
  • City: Mumbai
  • Started in: 2017
  • Founders: Akhil Aryan, Akhil Aryan, Alexandre Collet
  • Number of employees: 11-50
  • Funding: $1,041,000
  • Funding rounds: 3
  • Number of investors: 5 (Astarc Ventures, Aakrit Vaish, Tessellate Ventures, Sushill Jiwarajka, Swapan Rajdev)

You can find their website here.

7) Grinntech

Grinntech

Lithium Battery Packs for Automotive and Stationary Use

Details of the startup:

  • Country: India
  • State: Tamil Nadu
  • City: Chennai
  • Started in: 2013
  • Founders: Nikhilesh Mishra, Puneet Jain
  • Number of employees: 11-50
  • Funding: $2,000,000
  • Funding rounds: 1
  • Number of investors: 5 (Lakshmi Narayanan, 23 High Networth Individuals (HNIs), UCAL Fuel Systems, KS Manian, V Sumantran)

You can find their website here.

8) ESS

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
  • State: Oregon
  • City: Wilsonville
  • Started in: 2011
  • Founders: Craig Evans, Julia Song
  • Number of employees: 11-50
  • Funding: $47,005,727
  • Funding rounds: 8
  • Number of investors: 16 (BASF Venture Capital, Sand Hill Angels, BASF, Wilson Sonsini Goodrich & Rosati, Portland Seed Fund)

You can find their website here.

9) Microvast

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
  • State: Texas
  • City: Stafford
  • Started in: 2006
  • Founders: Diaokun Xiao, Xiang LI, Yang Wu
  • Number of employees: 101-250
  • Funding: $450,000,000
  • Funding rounds: 2
  • Number of investors: 4 (CITIC Securities, CDH Investments, IFC Venture Capital Group, The National Venture Capital Association)

You can find their website here.

10) Enevate

Enevate

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

Details of the startup:

  • Country: United States
  • State: California
  • City: Irvine
  • Started in: 2005
  • Founders: Benjamin Park
  • Number of employees: 51-100
  • Funding: $192,600,000
  • Funding rounds: 7
  • Number of investors: 11 (Lenovo, Fidelity Management and Research Company, Threshold, Samsung Ventures, LG Chem)

You can find their website here.

11) Form Energy

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
  • State: Massachusetts
  • City: Somerville
  • Started in: 2017
  • Founders: Marco Ferrara, Mateo Jaramillo, Ted Wiley, William Woodford, Yet-Ming Chiang
  • Number of employees: 101-250
  • Funding: $125,000,000
  • Funding rounds: 3
  • Number of investors: 11 (Temasek Holdings, Coatue, Energy Impact Partners, Macquarie Capital, Prelude Ventures)

You can find their website here.

12) 24M Technologies

24M Technologies

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

Details of the startup:

  • Country: United States
  • State: Massachusetts
  • City: Cambridge-US
  • Started in: 2010
  • Founders: Throop Wilder, Yet-Ming Chiang
  • Number of employees: 11-50
  • Funding: $94,632,000
  • Funding rounds: 3
  • Number of investors: 8 (CRV, US Department of Energy, ITOCHU Corporation, Fujifilm, Kyocera)

You can find their website here.

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