This article provides an overview of our report on the Energy & Environment startup scene in partnership with the Smart City Expo World Congress, highlighting the top performers by showcasing rankings of cities, countries, startups, unicorns, and exits within the industry.
Of the 119 ranked countries in the StartupBlink Index, only 34 have enough startup activity to be included, and just 28.5% of cities show any presence. At the city level, this narrows further, with only 16.1%—or 212 cities—having the necessary activity to rank in the industry.
In this industry, Europe leads with twice the share of funding compared to its overall startup funding share. Europe also has more countries in the top 10 for Energy & Environment funding than in overall funding. For more insights, download the full report below.
Startup Ecosystem Analysis
In this section, we highlight the countries and cities leading in the Energy & Environment startup industry, focusing on the top 10 countries and cities in industry rankings. The full report includes the list of 25 cities and 15 countries ranked for Energy & Environment industry.
Top 10 Countries for the Energy & Environment Startups
- The United States still leads in Energy & Environment but with less dominance than in other sectors, holding a score only 2.6 times higher than Canada’s (compared to a 3.8 times lead in general rankings).
- Canada ranks above the UK in Energy & Environment with a score 1.25 times higher. Canada has four cities in the top 30, whereas the UK has only London. In general rankings, each has only one top-30 city.
- The United Kingdom drops slightly in rank, with London being its only major city presence in Energy & Environment.
- Ireland shows a strong focus on Energy & Environment, ranking 4th and leading the EU, outperforming Sweden, Germany, and France in this sector. Ireland’s improvement in rank is substantial, up 13 spots from the general rankings.
- Israel is just below Ireland with a very close score, suggesting possible movement in next year’s ranking. Israel is the only country from the Middle East in the top 15.
- Germany improved from 9th to 7th in the Energy & Environment ranking, closing its score gap with Sweden, from 26% last year to 11.5% this year.
- Sweden holds a steady position, close to Germany in score, indicating a competitive balance between these two countries in the sector.
- Norway’s ranking is notably higher in Energy & Environment than in general rankings, highlighting a unique national focus in this field.
- Australia is the sole representative of the Asia Pacific region in the top 10, holding a strong presence in Energy & Environment.
- France is steady in rank, although trailing behind Germany and Sweden within Europe in this sector.
Top 10 Cities for the Energy & Environment Startups
- The US has a stronger showing in Energy & Environment, with 13 cities in the top 25, compared to only 10 in the general rankings.
- Europe has twice as many cities in the top 25 for Energy & Environment than in the general rankings, reflecting a strong focus on this sector.
- San Francisco’s lead is narrower in Energy & Environment, with a score 1.8 times higher than the next U.S. city, compared to a 2.8 times gap in general rankings.
- Boston ranks 2nd, above cities like New York and Los Angeles, which are ahead of it in general rankings, showing a specialized focus on Energy & Environment.
- London leads Europe in this sector, though with a smaller score lead (1.9 times higher) than in general rankings (2.3 times).
- Berlin ranks above Paris in Energy & Environment (7th vs. 16th), while Paris ranks higher in the general ecosystem (10th vs. 13th).
- Stockholm joins the top 10, ranking 16 spots higher in this sector than in the general rankings, making it the top overperformer among the top 10 cities.
- Tel Aviv is the only Middle Eastern city in the top 25, though it dropped slightly in rank for Energy & Environment from 6th in 2023 to 11th in 2024.
- In addition to Toronto and Vancouver, Kingston ranks 38th and is the top-performing small city (under 500,000 residents) in this sector, with all three Canadian cities surpassing their positions in the general rankings.
Top Startups in Energy & Environment Industry
In this section, we analyze top entities in the Energy & Environment industry using the SB Score, a proprietary, quarterly-updated algorithm by StartupBlink. This score considers total investment, employee count, and website traffic, with data from Semrush and Crunchbase.
In the StartupBlink Global Startup Map, there are more than 5,000 Energy & Environment startups, representing 2.9% of all startups in the database, making the industry one of the 10th industries out of 11 industries in terms of its share of the industry. In the full report, you can see the list of top 10 startups with their scores.
- Octopus Energy SB Score:781
Location: London, United Kingdom
A tech-driven, clean energy provider focused on making affordable, green energy accessible globally through innovative tariffs and renewable projects.
2. Air Up SB Score: 617
Location: Munich, Germany
A hydration company revolutionizing flavor by infusing scent into water bottles, enhancing taste perception without added sugars or artificial ingredients.
3. Arcadia SB Score:617
Location: Washington, United States
A platform connecting homes to clean energy by enabling access to renewable energy sources, such as community solar, regardless of location or provider.
4. C’s Techno SB Score:611
Location: Nagoya, Japan
Specializes in advanced technology solutions, including AI and robotics, to streamline manufacturing processes and enhance productivity.
5. EnergyX SB Score: 595
Location: Fort Lauderdale, United States
Focused on lithium extraction and refining technologies, aiming to make sustainable battery materials more affordable and efficient.
Top Unicorns in the Energy & Environment Industry
In the StartupBlink Global Unicorn Map, there are 19 Energy & Environment unicorns, representing 1.53% of all unicorns, making the industry smallest in terms of its share of the unicorns, together with Foodtech. In the full report, you can see the list of top 10 unicorns with their scores.
- Enpal SB Score: 704
Location: Berlin, Germany
Provides affordable, AI-powered solar systems that connect homes to a virtual power plant, promoting green energy access across Germany.
Valuation: US$ 2B
2. NorthVolt SB Score: 678
Location: Stockholm, Sweden
Produces sustainable lithium-ion batteries with a focus on recycling for the European EV and energy markets.
Valuation: US$ 12B
3. EcoFlow SB Score: 646
Location: San Francisco, United States
Develops portable, eco-friendly power solutions, including backup batteries and solar generators.
Valuation: US$ 1B
4. Redwood Materials SB Score: 593
Location: Carson City, United States
Specializes on recycling e-waste to recover materials for sustainable battery production.
Valuation: US$ 5B
5. Huasun Energy SB Score: 561
Location: Xuancheng, China
Manufactures high-efficiency solar cells and modules, driving innovation in photovoltaic technology.
Valuation: US$ 1B
Top Exits in the Energy & Environment Industry
In the StartupBlink Global Exit Map, there are 26 Energy & Environment exits, representing 2.7% of all unicorns, making the industry 10th in terms of its share of the exits, above Foodtech which has 24 exits. Exits do not have an SB Score, as they no longer hold startup status, but are still ranked using the same parameters. In the full report, you can see the list of top 10 startup exits.
Location: San Jose, United States
Develops advanced solid-state lithium-metal batteries, enabling longer-lasting and faster-charging EVs with enhanced safety
Location: Pittsburg, United States
Specializes in renewable natural gas production, converting landfill gas into a sustainable energy source.
3. LanzaTech
Location: Skokie, United States
Uses innovative biotech to convert carbon emissions into valuable chemicals and sustainable fuels.
4. Vivint Solar
Location: Lehi, United States
Provides solar energy solutions for homeowners, offering solar panel installation and financing options.
5. Wallbox
Location: Barcelona, Spain
Designs smart charging solutions for electric vehicles, supporting efficient home and commercial EV charging.
Funding Analysis
As we reveal the locations and startups winning in the Energy & Environment startup scene, the report also analyzes the funding in the industry, diving deep into the funding across regions, YoY trends in funding and the top 10 countries receiving funding in the Energy & Environment.
- Energy & Environment funding shows greater resilience than overall funding, with a slightly less sharp decline in recent years. By September 2024, overall funding dropped by 70.29%, while Energy & Environment funding declined by 63.72%.
- Europe’s share of Energy & Environment funding is twice its share of overall funding, showcasing the region’s dedication in the industry.
- Six European countries make the top 10 in Energy & Environment funding, outpacing their general startup funding positions. Sweden, Ireland, and The Netherlands show strong overperformance in Energy & Environment compared to their overall startup funding.
Highlights from the Energy & Environment Startup Scene
To sum up, the Energy & Environment industry has yet to become a major sector in terms of its share of startups, unicorns, funding, or the number of ranked cities. However, we observe some interesting trends in this industry, such as:
- Europe is much more dominant in this sector, with more top-ranking countries and cities than in general startup ecosystem rankings. The region’s share of Energy & Environment funding is also larger.
- Funding in Energy & Environment has been more stable than overall funding, highlighting sustained investor interest in green innovation.
- Ireland stands out in the Energy & Environment sector, ranking 4th globally and leading within the EU, showcasing the power of specializing in specific industries.
- The US leads in Energy & Environment, but with a narrower margin—its score is only 2.6 times higher than Canada’s, compared to a 3.8 times gap in general rankings.
- Cities like Boston and Stockholm outperform their general ranks, showcasing a specialized focus in Energy & Environment, with Stockholm’s jump of 16 spots making it a notable overperformer in Europe.
For full insights on top locations, startups and analysis on the funding in the Energy & Environment industry, download the report.
About Our Partner: Smart City Expo World Congress
Smart City Expo World Congress (Barcelona, November 5-7) is the world’s biggest and most influential event for cities and urban innovation. Since its first edition in 2011, the SCEWC helps cities and territories become better places to live in by bringing them together and approaching the latest market-ready urban solutions.
Together with its co-located events Tomorrow.Mobility, Tomorrow.Building, and Tomorrow.Blue Economy World Congress, this year’s edition will welcome over 25,000 professional visitors from more than 130 countries around the globe, 1,100+ exhibitors, 600+ speakers and representatives from 850+ cities.
