You may also like:
With climate change becoming a pressing issue, there’s a dire need for sustainable solutions.
Certain ventures are trying to fill these gaps to create a cleaner future with climate-friendly technology.
By 2033, the climate tech market size is expected to reach $182.5 billion.
Every year, several new companies are joining this ever-expanding sector.
We’ve gathered 20 of the fastest-growing climate tech startups to keep an eye on in 2024.
1. Jackery
5-year search growth: 770%
Search growth status: Exploding
Year founded: 2012
Location: Fremont, CA
Funding: Undisclosed
What they do: Jackery is a climate tech startup that provides portable and rechargeable power stations and solar panels for outdoor and emergency use. Their products offer clean, renewable energy solutions that reduce the reliance on traditional fossil fuel-powered generators. With a focus on sustainability and innovation, Jackery aims to enable people to live off-grid and reduce their carbon footprint while enjoying the great outdoors.
2. Northvolt
5-year search growth: 554%
Search growth status: Exploding
Year founded: 2016
Location: Stockholm, Sweden
Funding: $13.8B (Debt Financing)
What they do: Northvolt is a manufacturer of sustainable lithium-ion batteries. The company manufactures its products by recovering and recycling used-up batteries. Since its launch, Northvolt has grown into a team of more than 1,400 employees.
3. Aurora Solar
5-year search growth: 123%
Search growth status: Exploding
Year founded: 2013
Location: San Francisco, CA
Funding: $523.5M (Series D)
What they do: A SaaS company, Aurora Solar offers remote shade analysis for solar designs. Through aerial imagery, they help solar energy companies determine the financial returns of their designs and create sales proposals. According to their website, over 40,000 solar projects are made using Aurora’s platform every week.
4. Rad Power Bikes
5-year search growth: 144%
Search growth status: Regular
Year founded: 2007
Location: Seattle, WA
Funding: $329.3M (Series D)
What they do: Rad Power Bikes manufactures and sells e-bikes and related accessories. Through their electric bikes, the company hopes to revolutionize the future of transport. Between 2019 and 2020, Rad Power Bike almost tripled its sales revenue.
5. AMP (Formerly AMP Robotics)
5-year search growth: 279%
Search growth status: Regular
Year founded: 2014
Location: Louisville, CO
Funding: $175.1M (Series C)
What they do: AMP is a tech startup that’s created an AI-powered robotic system that can recycle waste. The technology they’re using can reportedly identify recyclable materials with an accuracy rate of 99%. This year, AMP Robotics made it to the CNBC Disruptor 50 list.
6. Form Energy
5-year search growth: 146%
Search growth status: Regular
Year founded: 2017
Location: Somerville, MA
Funding: $965.8M (Grant)
What they do: Form Energy develops and commercializes a low-cost renewable energy storage system. Their batteries are designed to store solar and wind energy for extended periods of time. According to their website, the startup’s battery technology will enable the global electricity system to run on 100% renewable energy.
After securing a $30 million grant from the California Energy Commission in December, the startup is looking to raise an additional $500 million to develop long-duration multi-day batteries.
7. Space Forge
5-year search growth: 53%
Search growth status: Regular
Year founded: 2018
Location: Bristol, UK
Funding: $21M (Grant)
What they do: Space Forge is a climate tech startup that aims to leverage space technology to solve sustainability challenges on Earth. They focus on developing technologies that enable in-space manufacturing and resource utilization, which can reduce the need for resource-intensive launches and enable more sustainable space activities. With their technology, Space Forge aims to enable a more sustainable and resilient future, both on Earth and in space.
8. ZeroAvia
5-year search growth: 2,200%
Search growth status: Peaked
Year founded: 2017
Location: Hollister, CA
Funding: $260M (Grant)
What they do: ZeroAvia offers a zero-emission hydrogen powertrain for airplanes. Their goal is to make aviation more sustainable by cutting down on costs and CO2 emissions. According to their website, a 100,000+ unit demand for their powertrain is expected over the next 10 years.
9. Universal Hydrogen
5-year search growth: 208%
Search growth status: Regular
Year founded: 2020
Location: Hawthorne, CA
Funding: $82.5M (Corporate Round)
What they do: Universal Hydrogen is a cleantech company that’s working on developing an infrastructure for hydrogen-powered aviation. The startup’s goal is to make carbon-free aviation more accessible. So far, Universal Hydrogen has received investments from Airbus Ventures and JetBlue Technologies Ventures.
10. Pachama
5-year search growth: 50%
Search growth status: Regular
Year founded: 2018
Location: San Francisco, CA
Funding: $88.3M (Series B)
What they do: A cleantech company, Pachama offers a marketplace where organizations can purchase carbon credits. They employ AI and machine learning to identify and verify forest projects for carbon offsetting. More than 1,000 companies currently purchase carbon credits from Pachama’s marketplace.
11. BluSmart
5-year search growth: 433%
Search growth status: Exploding
Year founded: 2019
Location: Gurugram, India
Funding: $511.3M (Series B)
What they do: BluSmart is an India-based all-electric ride-hailing company. Today, the mobility service operates a fleet of 7,500 EVs, and the plan is to increase that number to 13,000 by March 2025. Beyond their ride-hailing services, BluSmart also manages a network of 4,400 EV chargers at 36 EV charging superhubs.
In May 2024, the company raised $25 million in Series B funding at a valuation of $250 million.
12. GreyParrot
5-year search growth: -2%
Search growth status: Peaked
Year founded: 2019
Location: London, UK
Funding: $30.8M (Corporate Round)
What they do: An AI company, GreyParrot offers waste analysis technology. Their computer vision-powered robotics systems are designed to identify, sort, and recover waste at scale. The startup has been backed by many leading accelerators and VC firms, including the Plug and Play Tech Center, Creative Destruction Lab, and Candy Ventures.
13. nZero
5-year search growth: 4,100%
Search growth status: Regular
Year founded: 2016
Location: Reno, Nevada
Funding: $16M (Series A)
What they do: nZero is a real-time carbon management and accounting platform that allows organizations to track, manage, and reduce carbon emissions. The platform leverages AI and machine learning to collect first-party data and generate predictive analytics for users. Since the company started, they’ve collected more than 1 billion data points.
14. FreeWire Technologies
5-year search growth: 300%
Search growth status: Peaked
Year founded: 2014
Location: Oakland, CA
Funding: $259.4M (Series Unknown)
What they do: FreeWire Technologies develops and sells a range of EV charging solutions. Specifically, they offer stationary charging stations, portable charging units (called “Mobi EV”), and clean power generators (called “Mobi Gen”). The company claims that its solutions can provide 10-20x more power outputs than other charging units.
15. Aclima
5-year search growth: 43%
Search growth status: Peaked
Year founded: 2007
Location: San Francisco, CA
Funding: $64M (Series B)
What they do: Aclima offers a software solution that helps governments and enterprises track greenhouse emissions and air quality. The platform is designed to visualize crucial air quality data and provide insights, which could help protect public health. As of now, more than 100 local governments use Aclima to measure and analyze air quality.
16. Skeleton Technologies
5-year search growth: -8%
Search growth status: Peaked
Year founded: 2009
Location: Tallinn, Estonia
Funding: $341.3M (Series E)
What they do: An ultracapacitor manufacturer, Skeleton Technologies caters to a wide range of verticals. Their product line includes cells, modules, and systems. In 2019, Skeleton Technologies recorded 3x revenue growth with over 100 million euros in orders.
17. Carbon Engineering
5-year search growth: -5%
Search growth status: Regular
Year founded: 2009
Location: Squamish, Canada
Funding: $110.4M (Corporate Round)
What they do: A clean energy company, Carbon Engineering is on a mission to reduce emitted carbon dioxide from the atmosphere. They use “direct air capture” (DAC) technology to catch CO2 from the air to convert into fuel. In 2017, Carbon Engineering successfully converted captured CO2 into liquid fuel for the first time.
18. Redwood Materials
5-year search growth: 357%
Search growth status: Peaked
Year founded: 2017
Location: Carson City, NV
Funding: $3.8B (Series D)
What they do: Redwood Materials uses technology to reuse, recycle, and remanufacture end-of-life products. Specifically, they process electric vehicles, consumer electronics, grids/storage systems, and waste produced from manufacturing processes. Redwood Materials has several customers, including Amazon and Panasonic.
19. Sylvera
5-year search growth: 2,000%
Search growth status: Regular
Year founded: 2020
Location: London, UK
Funding: $95.3M (Series B)
What they do: Sylvera is a climate tech startup that uses AI and satellite imagery to measure carbon emissions and help companies achieve their carbon reduction goals. Their platform provides accurate, real-time data on carbon emissions and enables businesses to identify and track emissions from their supply chains. With Sylvera, businesses can make more informed decisions about their carbon reduction strategies and contribute to global efforts to mitigate climate change.
20. Ekotrope
5-year search growth: 2,200%
Search growth status: Regular
Year founded: 2010
Location: Boston, MA
Funding: $4M (Series Unknown)
What they do: Ekotrope is a software company that offers a home energy rating system (HERS) platform called “RATER.” The software helps determine the overall efficiency of homes in terms of energy usage. Today, 1 in every 6 homes built in the US are analyzed with Ekotrope.
conclusion
That wraps up our list of the fastest-growing climate tech startups for 2024.
Though these ventures differ a lot in terms of what they do, they’re all working towards preserving the global climate, whether by helping to decrease our carbon footprint, improving waste management, or creating energy-efficient solutions.
The potential success of these innovative startups certainly gives hope for a brighter future.