December 19, 2022
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When talking about innovation in the energy storage economy, big incumbents like Tesla’s battery day are often top of mind.
However, many new businesses like battery storage startups and those tackling grid storage companies are getting started and funded all the time.
Here is our list of 15 energy storage startups that received venture capital funding in 2022 and are worth keeping an eye on in 2023.
Headquarters: San Diego, California, United States
Founders: Amardeep Jenkins, Ashutosh Dutt, Rebecca Wolkoff, Rebecca Wolkoff
Year founded: 2019
Latest funding: $6,000,000 (Seed)
Total funding: $6,796,000
Investors: Tech Coast Angels, Los Angeles Cleantech Incubator, Aligned Climate Capital, San Diego Angel Conference
What they do: ChargeNet Stations's software platform makes it seamless for Quick Serve Restaurants (QSR) to offer customers an opportunity to eat great food and charge their EV, while reducing the QSR's operating costs.
Headquarters: Tualatin, Oregon, United States
Founders: Dan Sisson, Tim Hysell
Year founded: 2015
Latest funding: $54,000,000 (Series D)
Total funding: $132,687,213
Investors: Senator Investment Group, Helios Climate Ventures, OGCI Climate Investments, Standard Investments, Japan Energy Fund
What they do: ZincFive is an intelligent energy storage and delivery solutions company providing nickel-zinc battery based UPS solutions for mission-critical applications in data centers, intelligent transportation, motive power, and other industries. With 74 patents awarded and 29 patents pending, ZincFive leverages nickel-zinc chemistry within our solutions to provide high power density and performance simultaneous with superior safety and environmental advantages.
Headquarters: Seattle, Washington, United States
Founders: Elliot Owen, Quincy Edmund Lee
Year founded: 2019
Latest funding: $4,000,000 (Seed)
Total funding: $4,000,000
Investors: Asymmetry Ventures, Liquid 2 Ventures, Blackhorn Ventures, REMUS Capital, Proeza Ventures
What they do: Electric Era engineers the world’s most advanced storage systems for EV fast charging stations. Their power dense storage system and load prediction platform support a smarter and faster charging experience. EE’s PowerNode™ technology acts as an energy buffer for your charging station power consumption. It quickly discharges to support increased charging demand and lowers your consumption from the grid. Because the system quickly recharges, it provides continuously operational onsite storage. That means a higher level of charging sessions per day and at a lower cost ($/kW).
Headquarters: Stockholm, Stockholms Lan, Sweden
Founders: Dr. Mylad Chamoun, Dr. Samer Nameer
Year founded: 2018
Latest funding: $1,530,000 (Seed)
Total funding: $4,440,651
Investors: European Innovation Council, Angel Investor, Vinnova, Propel Capital, Swedish Energy Agency
What they do: Enerpoly is a next-generation energy storage technology company pioneering rechargeable zinc-ion battery chemistry. By designing the batteries with safe and affordable materials that can be sustainably scaled, Enerpoly is building a world where everyone has access to clean energy.
Headquarters: Woodinville, Washington, United States
Founders: Aaron Feaver, Rick Costantino, Rick Luebbe
Year founded: 2015
Latest funding: $214,000,000 (Series C)
Total funding: $756,216,858
Investors: US Department of Energy, Porsche, Lightrock, OMERS Ventures, Vsquared Ventures
What they do: Group14 Technologies is a battery storage technology company that develops silicon-carbon composite materials for lithium-ion markets. Founded to enable the electrification of everything - from tiny medical, consumer, and commercial devices to every possible flavor and size of transportation - Group14 brings new finely-tuned performance capabilities to the era of the lithium-silicon battery. Their novel composite materials and our industrial process to make them reliably answer the cost, scale, and performance barriers that have slowed the world’s transition towards the all-electric future.
Headquarters: Coeur D'alene, Idaho, United States
Founders: Lindsay Gorrill, Paul Coombs
Year founded: 2018
Latest funding: $75,000,000 (Series A)
Total funding: $75,000,000
Investors: Honeywell Venture Capital, Trog Hawley Capital, Quanta Services, Siemens Financial Services, Nidec Motor Corporation
What they do: Kore Power manufactures energy storage, electric vehicles, microgrids, utilities, and e-mobility systems for the clean energy industries. The company was founded in 2018 and is headquartered in Coeur d'Alene, Idaho.
Headquarters: Westborough, Massachusetts, United States
Founders: Diran Apelian, Eric Gratz, Yan Wang
Year founded: 2015
Latest funding: $200,000,000 (Series C)
Total funding: $921,876,705
Investors: National Science Foundation, Fifth Wall, US Department of Energy, Lithium Americas, MassVentures
What they do: Ascend Elements manufactures sustainable battery materials using elements from discarded lithium-ion batteries. It uses hydro process recycling and direct recycling that takes old cathode material down to the atomic level to create new cathode materials. It also helps clients to have maximum return on assets to economically drive recycling and low-cost battery materials. The patented Hydro-to-Cathode™ direct precursor synthesis technology produces new cathode materials from spent lithium-ion cells more efficiently than traditional methods, resulting in reduced cost, improved performance, and lowered GHG emissions.
Headquarters: Itzehoe, Schleswig-Holstein, Germany
Founders: Leopold König, Torge Thönnessen
Year founded: 2013
Latest funding: $62,979,430 (Series A)
Total funding: $62,979,431
Investors: High-Tech Grunderfonds, 468 Capital, Porsche, Vsquared Ventures, Porsche Ventures
What they do: Custom Cells energy storage can be optimized to chemical, battery and battery module level, so that large performance benefits are achieved. The startup’s energy storage battery or intermediates are manufactured from prototype to series Zellbautechnologie unique and completely customized to the customer's application. Due to the close link with R & D and material suppliers Custom Cells may at any time access to the latest energy storage technologies.
Headquarters: Richmond, California, United States
Founders: Alex Meek, Alex Smith, Jed Mickle, Paul Huelskamp
Year founded: 2020
Latest funding: $100,000,000 (Series B)
Total funding: $113,225,000
Investors: Y Combinator, Energy Impact Partners, Rocketship.vc, Marubeni, Liquid 2 Ventures
What they do: Moxion Power develops zero-emission generators and off-road equipment to support industries. Moxion Power offers temporary mobile power units which run on electric power for charging and coupled with automatic swapping functionality, enabling clients from the construction industry, events and entertainment, utilities, EV fleet operators, and government agencies to get their temporary energy needs met in an eco-friendly manner.
Headquarters: Waltham, Massachusetts, United States
Founders: Fred Hu, Luhan Ye, William Fitzhugh, Xin Li
Year founded: 2021
Latest funding: $5,150,000 (Seed)
Total funding: $5,150,000
Investors: MassVentures, Primavera Capital Group, Rhapsody Venture Partners
What they do: Adden Energy is a developer of stable, lithium-metal, solid-state batteries. With demonstrated charge times as low as 3 minutes and capacity retention for over 10,000 cycles in a lab-scale cell, Adden Energy develops cutting-edge technologies to enable mass adoption of EVs around the world and contribute greatly to a cleaner future.
Headquarters: Durham, North Carolina, United States
Founders: Josh Prueher
Year founded: 2009
Latest funding: $100,000,000 (Series C)
Total funding: $275,500,000
Investors: Apollo, Vitol, Caterpillar Ventures, Altira Group, GVenture Technology
What they do: FlexGen develops software and power electronics for energy storage products, reducing electricity costs, and improving performance and reliability for power consumers worldwide. It loves energy storage and working with the most innovative and promising battery and capacitor companies in the world, opening the door for their technologies to utility, consumer, and industrial power systems.
Headquarters: Milpitas, California, United States
Founders: Alan Lin, Dawei Liu, Hui Du, Sumin Zhu
Year founded: 2017
Latest funding: $15,000,000 (Series A)
Total funding: $17,900,000
Investors: US Department of Energy, Hanwha Solutions
What they do: Ampcera Inc. is a U.S.-based innovator in the development and commercialization of solid-state electrolyte materials for high performance lithium batteries. Through collaborations with major automotive OEMs, consumer electronics companies, battery makers and industrial manufacturers, Ampcera is focused on scaling its low-cost and high-performance solid-state electrolyte materials and advanced manufacturing technology for solid-state batteries to achieve higher energy and power density, ultra-fast charging, and superior safety.
Headquarters: Helsinki, Southern Finland, Finland
Founders: Olli Nuutila
Year founded: 2021
Latest funding: $2,594,251 (Seed)
Total funding: $2,594,252
Investors: Superhero Capital
What they do: The Cactos smart energy storage system secures critical power supply locally and allows for efficient utilisation of renewable energy globally.
Headquarters: Sunnyvale, California, United States
Founders: Andrew Ponec, David Bierman, Justin Briggs
Year founded: 2017
Latest funding: $50,000,000 (Series A)
Total funding: $51,459,779
Investors: National Science Foundation, Creative Destruction Lab (CDL), Fifty Years, Lowercarbon Capital, Breakthrough Energy Ventures
What they do: Antora Energy delivers zero-carbon industrial heat and power to heavy industries that are more reliable than fossil fuels. Antora’s thermal energy storage soaks up excess solar and wind electricity and uses it to heat blocks of carbon so they glow like inside a toaster.
Headquarters: Sollentuna, Stockholms Lan, Sweden
Founders: Björn Lind, Erik Martinson, Nolan Gray
Year founded: 2014
Latest funding: $106,000,000 (Series B)
Total funding: $118,464,376
Investors: Altor, Angel Investor, D-Ax Corporate Venture Capital
What they do: In short, Svea Solar is digitalising energy. Svea supplies green energy and installs solar systems, car chargers, and batteries -- all of these devices can be connected to the Svea App where you can get an overview of everything working together. The app saves the homeowner money on their monthly energy through it's optimisation features.
Many companies, from solar to zero-emission generator to solid-state battery technology, are on the rise.
These 15 startups are likely to make waves in 2023 and beyond, and we are excited to follow their journeys.
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