January 2023
Innovation in the Energy Market
Exploring Innovative Technologies Within the Energy Sector That Make Practices More Sustainable
Length: 15 minutes
This report features technology trends and cutting-edge companies that contribute to making the energy industry more sustainable. In addition, Valuer's original data aims to provide organizations with the necessary insights for gaining a competitive advantage in the market.
What can you find in this report:
- An overview of 10 energy-related sub-industries;
- Technology trends and developments in the energy industry;
- Innovative companies that develop cutting-edge and sustainable energy solutions.
How we made this publication:
- We utilized our Industry tool to explore different sub-sectors;
- We used the Technology tool to find trending technologies;
- Using the tool for finding innovative companies, we selected the ones we think are very innovative and promising.
From Valuer:
Average funding of the Energy companies:
$128,153,423
Most common company size of the Energy companies:
11-50 employees
Average year of inception of the Energy companies:
2011
From Valuer
Number of sustainable energy companies by year
Number of sustainable energy companies by year
In this report, you will find an overview of the proliferating technologies and trends across the energy sector underpinning the net zero transition. The report aims to highlight innovative energy trading, storage, and clean energy approaches that showcase feasible decarbonization potential.
A fraction of the report is dedicated to prevalent technologies indicating significant traction, scalability, and feasibility to make an impact on a broader level. Each technology is complemented with a valuation in three key metrics based on Valuer’s database estimations.
Furthermore, the report includes a selection of trends and innovative practices that introduce fossil fuel alternatives, platforms for peer-based energy trading, and tools for efficient energy utilization. Some adoptions feature hydrogen technologies, battery-based storage systems, and grid optimization technologies poised to deliver a sustainable energy economy, climate protection, and resource conservation.
Each trend highlights a company profile operating in the respective field that has introduced workflows, methodologies, services, or products aimed toward a net zero energy production and consumption.
Technologies Disrupting the Industry
Biofuels
Biofuels are a non-toxic and biodegradable alternative to fossil fuels produced by processing biomass, such as plant, wood, or animal waste. As such, they provide benefits in improved energy efficiency, substantial reduction of carbon emissions, as well as reduction of foreign oil dependency, among others. Biofuels can be produced and utilized in three different forms: liquid in the forms of ethanol and biodiesel; gaseous in the form of biogas; or solid in the form of wood chips and pellets.
From Valuer:
Average year of inception of the Biofuels companies:
2011
Average funding of the Biofuels companies:
$19,748,933
Maximum funding of the Biofuels companies:
$179,800,000
Company highlight
Celtic Renewables
Celtic Renewables is a CleanTech company developing a low-carbon technology for converting residual biomaterials into valuable renewable chemicals, clean biofuel, and various commercial and environmentally valuable commodities. The company’s patented process sources low-value residuals from alcoholic manufacturing processes such as draff and pot ale and converts them into high-value products such as acetone, butanol, and ethanol – catering them to the food, health, cosmetics, hygiene, and biofuel industries. Celtic Renewables was founded in 2012 in Edinburgh (Scotland) and employs 37 professionals, with its production facility being located in Caledon Green, Grangemouth, Scotland.
Year of inception:2012
Company stage:Established
Fundings:36,200,000 USD
Biomass Energy
Biomass energy, or bioenergy, is a renewable organic resource derived from wood and agriculture waste, organic municipal solid waste, landfill gas, and animal waste. Direct combustion, bacterial decay, or anaerobic digestion encompass some of the methods to release the energy stored in biomass. Biomass energy can also be harnessed by converting it to a gas or liquid fuel through gasification and pyrolysis.
From Valuer:
Average year of inception of the Biomass companies:
2011
Average funding of the Biomass companies:
$7,933,575
Maximum funding of the Biomass companies:
$32,300,000
Company highlight
Standard Biocarbon
Standard Biocarbon is a materials development company that manufactures clean, source-verified biochar from sawmill residuals. The company offers a variety of custom biochar blends manufactured from hardwood and softwood sources, providing its customers with post-processing, custom bagging, and screening services. Standard Biocarbon targets the farming, remediation, landscaping, composite materials, and cement manufacturing sectors. The company was established in 2020 and currently operates with a team of nine professionals out of its headquarters in Portland (ME), United States.
Year of inception:2020
Company stage:Unspecified
Fundings:2,800,000 USD
Geothermal Energy
Geothermal energy is a renewable energy source derived from thermal energy within the crust of our planet that originates from its evolution and the radioactive decay of materials. Geothermal energy generates electricity by utilizing a geothermal heat pump system. Geothermal power plants can be divided into (1) dry steam, which uses underground steam to drive a turbine; (2) flash, which extracts deep high-pressure water into cooler low-pressure water; and (3) binary, where a secondary fluid passes water to vaporize it and thus propel a turbine.
From Valuer:
Average year of inception of the Geothermal Energy companies:
2012
Average funding of the Geothermal Energy companies:
$65,148,837
Maximum funding of the Geothermal Energy companies:
$840,300,000
Company highlight
Fervo Energy
Fervo Energy is a developer of geothermal energy solutions based on the Modern Organic Rankine Cycle. The company pairs this technology with comprehensive subsurface monitoring using fiber optic cables to convert geothermal energy into electricity without emitting carbon or other pollutants. Fervo Energy markets its technology as clean, reliable, scalable, and cost-effective. Established in 2017, the company employs 40 professionals operating from the HQs in Houston (Texas) and an additional office in Berkeley (California).
Year of inception:2017
Company stage:Growth/Expansion
Fundings:177,000,000 USD
Energy Storage
Energy storage encompasses the capture of energy produced at one time for use within another. This is done through numerous forms of chemical storage of electrical energy, including automotive (EV) batteries, structural batteries, and electronic device batteries, among others. Depending on their construction, batteries can be built with materials such as cobalt-free lithium-ion, lithium-silicon, and lithium-sulfur, as well as other types.
From Valuer:
Average year of inception of the Energy Storage companies:
2015
Average funding of the Energy Storage companies:
$29,833,971
Maximum funding of the Energy Storage companies:
$432,000,000
Company highlight
Form Energy
Form Energy is a US-based company offering an energy storage system whose core technology was developed at MIT. The storage system for renewable electric grids is used to expand the availability of electricity generated from wind and solar power without requiring new equipment. Its iron-air battery can store electricity for 100 hours at system costs comparable with legacy power plants. The company was established in 2017, operating from its headquarters in Somerville (Massachusetts), with a team of more than 300 members. To date, the company has secured over $800 million in funding, raised across six funding rounds.
Year of inception:2017
Company stage:Growth/Expansion
Fundings:818,800,000 USD
Energy Management
Energy management refers to the technology and processes that lead to monitoring, controlling, and conserving energy in different processes across multiple applications. These include both residential buildings, as well as organizations and industries. It utilizes data collection and analysis to provide energy use optimization within numerous applications, achieving financial savings, climate protection, and resource conservation, among other benefits.
From Valuer:
Average year of inception of the Energy Management companies:
2012
Average funding of the Energy Management companies:
$18,940,318
Maximum funding of the Energy Management companies:
$140,000,000
Company highlight
Quimera Energy Efficiency
Quimera Energy Efficiency provides energy efficiency solutions that aim to decrease energy demand and reduce operational costs within the hospitality sector. Their offering is built upon artificial intelligence and machine learning technology that learns the buildings’ energy spending and adjusts their profiles to achieve the most optimal energy efficiency. As such, it saves them energy, achieves reduced operational costs, and improves their carbon footprint. Quimera’s portfolio encompasses several solutions and services, including a cloud-based energy monitoring platform, intelligent HVAC automation software, and control enhancement tools. Since its inception in 2015, the company has acquired a global customer base, including hotel chains such as Marriott, Hyatt, and Accor. It is based in London, with additional offices in Miami, Barcelona, Dubai, and Shanghai.
Year of inception:2015
Company stage:Growth/Expansion
Fundings:4,600,000 USD
Energy Efficiency
Energy efficiency refers to the reduction of energy used to perform the same task or produce the same result, often achieved via the transition to renewable energy sources. As such, it provides numerous benefits, including bolstering the reliability and resilience of the energy grid, minimizing the environmental impact, and conserving natural resources, among others.
From Valuer:
Average year of inception of the Energy Efficiency companies:
2013
Average funding of the Energy Efficiency companies:
$70,409,020
Maximum funding of the Energy Efficiency companies:
$1,700,000,000
Company highlight
Moduly
Moduly has developed a smart energy storage platform that aims to solve the challenges that arise between electric utilities and their customers. Its product is a virtual partner for utility-scale power providers that allow consumers to monitor power use and manage their electricity consumption. By using Moduly's software, consumers can reduce their consumption and produce their own clean energy, thereby lessening the overconsumption problem and CO2 emissions. The company was established in 2019 in Montreal, and after completing the TechStars Energy Accelerator, it established an office in Birmingham, Alabama. Currently, its team consists of nine professionals operating from its two offices.
Year of inception:2019
Company stage:Seed
Fundings:250,000 USD
Electrical Grid
An electrical grid is an interconnected network of synchronized power providers and consumers intended to deliver electricity from its generation to the final consumer. An electrical grid consists of (1) power stations that generate electricity, (2) substations that transform the electric current and transmit it via power lines, (3) a distribution network that delivers energy to the end-user, and (4) grid energy storage typically achieved via pumped-storage hydroelectric power.
From Valuer:
Average year of inception of the Electrical Grid companies:
2012
Average funding of the Electrical Grid companies:
$15,903,336
Maximum funding of the Electrical Grid companies:
$315,500,000
Company highlight
Camus Energy
Camus Energy offers a software solution for electric utilities to monitor, forecast, and manage local grid conditions. Their flagship product, the Camus platform, is a next-generation utility software for grid management that provides system-wide visibility and advanced controls over the grid. With it, the company targets community and investor-owned utilities and generation and transmission energy providers and enables them to optimize and transform their services, providing them numerous benefits such as prediction of peak demand forecast and voltage monitoring and alerts, among others. The company was founded in 2019, operating with a team of 37 members from the premises in San Francisco, California. To date, the company has raised over $19 million in funding.
Year of inception:2019
Company stage:Growth/Expansion
Fundings:19,000,000 USD
Renewable Energy
Renewable energy, clean energy, or green energy refers to any energy generated from natural sources that can be replenished during a human lifecycle, such as solar, wind, hydro, and geothermal. The generation and use of renewable energy create substantially lower emissions compared to the burning of fossil fuels, as well as having the advantage of being more cost-effective.
From Valuer:
Average year of inception of the Renewable Energy companies:
2012
Average funding of the Renewable Energy companies:
$125,903,508
Maximum funding of the Renewable Energy companies:
$1,700,000,000
Company highlight
Kitepower
Kitepower is developing an airborne wind energy system (AWES) using high-performance kites. The company’s flagship product, Kitepower Falcon, entails 90% fewer resources with the potential to yield twice the efficiency compared to conventional wind turbines with equivalent power output. Kitepower was established in 2016 as a spin-off from the Delft University of Technology’s airborne wind energy research group. Shortly after its inception, Kitepower began collaborating with the Dutch Ministry of Defence and has been supported by the tech incubator YES!Delft. Kitepower’s team comprises over 20 members operating from the premises in Delft, The Netherlands.
Year of inception:2016
Company stage:Product/Prototype
Fundings:3,174,032 USD
Nuclear Energy
Nuclear power refers to the utilization of nuclear reactors with the goal to produce electricity. It uses uranium fuel and nuclear reactions such as nuclear fission, nuclear fusion, and nuclear decay, to produce electrical energy. Coupled with the benefit of being a low-carbon source of energy, nuclear energy is nearly one-third of the world’s carbon-free electricity, being a crucial point in meeting climate change goals.
From Valuer:
Average year of inception of the Nuclear Energy companies:
2013
Average funding of the Nuclear Energy companies:
$254,526,831
Maximum funding of the Nuclear Energy companies:
$7,100,000,000
Company highlight
Seaborg Technologies
Seaborg Technologies is developing a novel nuclear reactor technology poised to deliver affordable and sustainable energy in abundance. Its flagship offering, dubbed Compact Molten Salt Reactor, has been envisioned to serve as a complementary asset to other sustainable energy sources, such as wind and solar, supporting them on windless, cloudy days. The company was established in 2015 with a vision to introduce a nuclear, inexpensive, sustainable technology that can out-compete fossil fuels and disrupt energy markets. The Seaborg team encompasses over 120 employees, operating from the HQs in Copenhagen (Denmark) and an additional office in Singapore and South Korea.
Year of inception:2015
Company stage:Product/Prototype
Fundings:25,700,000 USD
Solar Energy
Solar power is a type of renewable energy that can be produced with the conversion of energy from sunlight into electricity, through photovoltaics (PV), concentrated solar power (CSP), or a combination of the two.
From Valuer:
Average year of inception of the Solar Energy companies:
2012
Average funding of the Solar Energy companies:
$13,858,342
Maximum funding of the Solar Energy companies:
$125,000,000
Company highlight
Norwegian Crystals
Norwegian Crystals specializes in manufacturing high-quality and cost-effective monocrystalline silicon products that are utilized within the solar industry. These include bricks, wafers, and ignots, all of which go downstream and serve as substrates for solar cells, and together become solar modules. Additionally, the company utilizes hydropower and naturally cold cooling water to produce these silicon products, enabling a low-energy strategy and reducing their CO2 footprint substantially. Norwegian Crystals was established in 2020 and operate its manufacturing facility in Glomfjord, Northern Norway.
Year of inception:2020
Company stage:Growth
Fundings:N/A