The solar energy sector is attracting major investment across the world, from North America to the Middle East and Africa. Companies like UAE-based Masdar and US-based Arevon have secured funding in the billions, with $3.3B and $3.5B respectively.
The industry includes established players and newer companies like Serentica Renewables, which was founded in 2022 and has raised $1.9B. Other startups are targeting specific needs, such as SunCulture's focus on agriculture in Kenya.
Below is our list of 100 Solar startups worth keeping an eye on.
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Get the Sheet for $50Masdar develops and operates a global portfolio of renewable energy projects, focusing on solar, wind, energy storage, and geothermal technologies. They play a key role in commercializing and deploying clean energy solutions on a global scale.
| Headquarters | Abu Dhabi, Abu Dhabi, United Arab Emirates |
| Year Founded | 2006 |
| Founders | H.E. Sultan Al Jaber |
| Funding Amount | $3.3B |
| Startup Size | Large Team (251-1,000) |
| Last Funding Status | Debt Financing |
| Top Investors | European Investment Bank, European Bank for Reconstruction and Development, International Finance Corporation, Asian Development Bank, Asian Infrastructure Investment Bank |
EcoFlow Tech develops a line of eco-friendly portable power stations for personal and professional use, from outdoor trips to home backup. Their products are known for their high-capacity batteries and solar charging capabilities, offering a clean energy alternative to traditional gas generators.
| Headquarters | San Francisco, California, United States |
| Year Founded | 2016 |
| Founders | Eli Harris, Fan Zheng, Hannah Sieber, Lei Wang |
| Funding Amount | $114.4M |
| Startup Size | Major Organization (1,001-5,000) |
| Last Funding Status | Product Crowdfunding |
| Top Investors | HSG, CICC, GL Ventures LLC, Delian Capital, Guoxin Fund |
SunCulture develops solar-powered irrigation systems and water pumps designed for smallholder farmers. Their technology provides a clean and affordable alternative to expensive, fuel-based pumps, helping farmers increase their crop yields and income.
| Headquarters | Nairobi, Nairobi Area, Kenya |
| Year Founded | 2013 |
| Founders | Charles Nichols, Samir Ibrahim |
| Funding Amount | $69.8M |
| Startup Size | Large Team (251-1,000) |
| Last Funding Status | Venture Round |
| Top Investors | African Development Bank, Acumen, Partners Group, Nithio Holdings, WaterEquity |
Nexamp develops and manages community solar projects, making clean energy accessible to individuals and businesses. Their platform connects subscribers to local solar farms, helping them reduce electricity costs and their carbon footprint.
| Headquarters | Boston, Massachusetts, United States |
| Year Founded | 2007 |
| Founders | William Thompson |
| Funding Amount | $2.4B |
| Startup Size | Large Team (251-1,000) |
| Last Funding Status | Debt Financing |
| Top Investors | Generate Capital, Macquarie Asset Management, Mitsubishi UFJ Financial Group, Manulife Investment Management, Nomura |
Serentica Renewables provides decarbonization solutions for energy-intensive industries using renewable sources. They specialize in developing projects that combine solar, wind, and energy storage to deliver round-the-clock clean power.
| Headquarters | Gurgaon, Haryana, India |
| Year Founded | 2022 |
| Founders | — |
| Funding Amount | $1.9B |
| Startup Size | Mid-Size Team (51-250) |
| Last Funding Status | Debt Financing |
| Top Investors | Societe Generale, MUFG Bank, Kohlberg Kravis Roberts, Yes Bank, Rabobank |
Arevon develops, finances, and operates utility-scale solar and energy storage projects across the United States. They manage the entire lifecycle of these renewable energy assets, from initial construction to providing clean power for utilities, businesses, and communities.
| Headquarters | Scottsdale, Arizona, United States |
| Year Founded | 2017 |
| Founders | — |
| Funding Amount | $3.5B |
| Startup Size | Large Team (251-1,000) |
| Last Funding Status | Undisclosed |
| Top Investors | CIBC, Wells Fargo, Royal Bank of Canada, National Bank of Canada, Commerzbank |
Aspen Power develops, finances, and operates distributed solar and energy storage projects throughout the U.S. Their platform provides commercial, industrial, and community solar solutions to accelerate the nation's transition to clean energy.
| Headquarters | Dallas, Texas, United States |
| Year Founded | 2020 |
| Founders | Jackson Lehr, Jorge Vargas, Kelly Smith, Scott Delaney |
| Funding Amount | $867M |
| Startup Size | Mid-Size Team (51-250) |
| Last Funding Status | Undisclosed |
| Top Investors | JP Morgan Chase, JP Morgan, Monarch Private Capital, Energy Impact Partners, First Citizens Bank |
Madison Energy Infrastructure develops and operates distributed clean energy projects for commercial, industrial, and public sector partners. Their platform manages the full project lifecycle, from initial development and financing through to long-term ownership and operation.
| Headquarters | New York, New York, United States |
| Year Founded | 2019 |
| Founders | Richard Walsh, Steven Cunningham |
| Funding Amount | $1.5B |
| Startup Size | Mid-Size Team (51-250) |
| Last Funding Status | Debt Financing |
| Top Investors | Stonepeak, Societe Generale, BNP Paribas, KeyBank, Lloyd's |
Leap built a marketplace that connects distributed energy resources, such as smart thermostats and electric vehicles, to wholesale energy markets. Their platform allows these devices to respond to grid needs, creating a new revenue stream for their owners while enhancing grid stability.
| Headquarters | San Francisco, California, United States |
| Year Founded | 2017 |
| Founders | Remco van den Elzen, Thomas Folker |
| Funding Amount | $60.1M |
| Startup Size | Mid-Size Team (51-250) |
| Last Funding Status | Series B |
| Top Investors | FJ Labs, Union Square Ventures, Powerhouse Ventures, Elemental Impact, National Grid Partners (NGP) |
Nexus Renewable Power develops, finances, and operates solar and energy storage assets. They oversee the entire project lifecycle, from initial investment to integrating the finished assets with the power grid.
| Headquarters | Plano, Texas, United States |
| Year Founded | 2016 |
| Founders | — |
| Funding Amount | $320M |
| Startup Size | Founding Team (1-10) |
| Last Funding Status | Undisclosed |
| Top Investors | Goldman Sachs, BadCarbon |
90 Additional Solar Startups Worth Following
The top 10 are just a small part of a much bigger picture. Together, the companies on this list have raised tens of billions of dollars to build everything from new hardware to large-scale energy projects.
You'll find a mix of companies, from those just getting started to others that have been around for decades. Below is a look at 90 more startups that are shaping the solar industry.
