The North American clean tech companies driving the energy transition
Published 1st July 2022
By Kamogelo Motse, Head of Research and Partnerships, Climate Council
Clean technology companies exist to create innovative products and services to reduce greenhouse gas emissions. The $122 billion dollar industry is set to be worth more than the oil industry by 2030, rising to $870 billion – if the world hastily aligns to the IEA’s Net-Zero Scenario.
Clean technology market size is set to grow by $81.65 billion between 2021-2025. This is mostly due to increase of investment in the sector as a result of government regulations put in to place to help reach net-zero emissions and the advancement of the technologies themselves. The clean technology market consists of a broad range of innovations ranging from electric vehicles, renewable generation processes, Artificial Intelligence and the Internet of Things.
The Climate Council highlighted five exciting companies in the United States and Canada that have developed innovative cleantech products in the fields of renewable energy, data, energy storage and electric vehicles.
E-Zinc is an energy storage solution company based in Canada and was founded in 2012. E-Zinc stood out from the industry by offering long duration energy storage solutions which is an alternative to lithium ion. The storage length of lithium-ion batteries is typically 2-4 hours which is not efficient, E-Zinc’s long duration energy storage solution solves this problem.
They have developed innovative electrochemical technology where electrical energy is stored within zinc metal. It is a long duration energy storage solution and has the following advantages: Recyclable/Reusable, Fire Resistant, Flexible and Scalable, Affordable, Lasts a lifetime and can operate in different temperatures.
Their investors include: Toyota Ventures, Anzu Partners, Energy Foundry, bdc, MaRS|AF, Graphite Ventures, BioIndustrial Innovation Canada, E8, Emeraude Capital, Cogito, Ramen Ventures, and Impact Assets.
Arcadia is a climate data company founded in 2014 by Kiran Bhatraju. The company was launched to help people have access to renewable energy resources. They did this through getting access to their customers electricity bills then pairing them with clean energy that suits them.
Since then, the company has now branched out into two streams: They firstly provide data on energy usage and pricing through a technology platform they have created called Arc. Arc gives its customers access to energy data and renewable energy sources. Secondly, they have developed Community solar where they connect businesses and homes to local solar farms.
Arcadia has been hailed as a “unicorn” because they are worth $1.5 billion after securing $200 million in investment, in a funding round led by J.P Morgan.
Evolectric are leading electrification and battery experts based in California. Their aim is to promote electrification and to decarbonise the transportation sector which accounts for 27% of greenhouse gas emissions.
Evolectric takes new and existing fleets and powers them with safe electrification solutions turning them into electric vehicles. They also develop battery technologies to “integrate vehicle battery hardware that is ready to enter the circular economy through second-life applications and beyond.”
Not all energy that is generated from renewable energy power plants ends up getting used so it therefore becomes wasted. It is estimated that 30% of solar and wind farm energy is wasted.
Soluna Computing therefore came up with a solution to this problem, buying this unused renewable energy from power plants and using it to power data centres. Data centres account for an estimated 2% of global greenhouse gas emissions so using renewable energy to power data centres is good for the environment and gets us closer to the goal of net-zero.
Soluna Computing is headquartered in Albany, New York and has been able to raise $100 million in total so far to develop green data centres.
Ubiquitous Energy is a solar technology company. They have created patented transparent solar technology that can be used on windows and on surfaces of different objects.
The company is headquartered in Redwood City, California and does not mess with the aesthetics of the windows and objects that it is on. “The transparent solar coating is made from light-absorbing dyes, sourced from non-toxic, earth-abundant materials, similar to the pigments found in fabrics and paints.”
Investors in this solar technology are Andersen Corporation, ENEOS, Safar Partners, Hostplus, Red Cedar Ventures, and Riverhorse Investments.
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