Lithium-ion batteries have long been the gold standard for energy storage, powering everything from electrical devices to electric cars. As the need for batteries continues to grow, there’s an urgency to explore alternative battery materials. This article spotlights the leading energy storage companies driving innovation within the field.
Energy Storage Companies: Key Players
Northvolt
Swedish-founded Northvolt recently secured a whopping $5 billion in project financing to support the expansion of cathode production and cell manufacturing. Northvolt’s mission is to deliver green batteries with a 90% lower carbon footprint than coal. The financing marks the largest green loan raised by a climate tech company in Europe and will contribute to Northvolt’s vision of building a fully integrated circular battery production.
💸 Total funding: $15.1B including dilutive and non-dilutive financing
Redwood Materials
Redwood Materials closes the loop in the battery supply chain by using metals in EV batteries to create new components. The company was founded by former Tesla co-founder and CTO JB Straubel with the goal of building a circular supply chain by recycling batteries in electronics such as iPads and electric cars. Redwood Materials raised $1 billion in a Series D round in 2023, valuing the battery recycling startup at over $5 billion.
💸 Total funding: $3.87B
Verkor
French gigafactory startup Verkor is accelerating low-carbon battery production in Europe. Founded in 2020, Verkor recently secured a €1.3B green loan, partly thanks to President Emmanuel Macron’s push to attract electric-vehicle investments and compete with the US and China.
💸 Total funding: $4.03B
Li-Cycle
Leading the charge in lithium-ion battery recycling, Li-Cycle recovers critical materials from lithium batteries and reintroduces them into the supply chain. The company launched its first European lithium-ion battery recycling facility in 2023 in Poland and has its sights set on France and Norway next.
💸 Total funding: €1.18B
Form Energy
There’s been a lot of buzz about grid tech lately. Form Energy is at the forefront with a new class of cost-effective energy storage systems. Using iron-air batteries, Form enables a fully renewable electric grid year-round. This is no small feat and earned them a Time feature as one of the best inventions in 2023. The company has five pilot projects in the works, including 10-megawatt power storage facilities in Minnesota and Colorado.
💸 Total funding: €804M
Amprius
Amprius is a leading manufacturer of high-energy and high-density silicon-anode lithium-ion batteries. In 2022, the company went public through a merger with a blank-check firm, valuing the company $939M. Amprius recently announced that its SiMaxx™ Silicon ANode Safe Sells will extend mission time for U.S Army Soldiers, by powering their wearable battery pack.
💸 Total funding: €242M
These are just some of the companies building new technologies within the energy storage industry. For a full view of the sustainable battery landscape, access Net Zero Insights’ platform – where we offer the most comprehensive climate tech data.
