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Public Comps and Valuation Multiples for Energy Storage

Benchmark revenue and EBITDA valuation multiples for public comps like
Tesla, CATL, LG Energy Solution, Vistra and LG Chem.

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Energy Storage

Viewing 50 of 73 companies with full data

Company	Market Cap	Enterprise Value	LTM Revenue	EV/LTM Revenue	EV/LTM EBITDA
Tesla	$1.6T	$1.6T	$98B	15.9x	106.7x
CATL	$294B	$252B	$71B	3.5x	15.0x
LG Energy Solution	$65B	$78B	$18B	4.4x	22.6x
Vistra	$47B	$69B	$20B	3.5x	10.8x
LG Chem	$19B	$34B	$33B	1.0x	7.4x
Enlight Renewable Energy	$12B	$16B	—	—	—
Ecopro	$12B	$13B	—	—	—
Canmax Technologies	$11B	$12B	$2B	7.0x	26.9x
Chart Industries	$10B	$13B	$4B	3.1x	13.3x
EnerSys	$9B	$9B	$4B	2.5x	15.4x
Sunwoda Electronic Co	$7B	$9B	$10B	0.8x	11.4x
Beijing HyperStrong Tech	$7B	$6B	$3B	2.3x	24.0x
Royal Vopak	$6B	$9B	$2B	6.1x	7.2x
Liontown	$5B	$6B	$505M	11.2x	30.2x
Enagas	$5B	$7B	$1B	6.9x	9.6x
QuantumScape	$5B	$4B	$21K	194800.7x	(16.2x)
GoodWe Technologies	$4B	$4B	$2B	2.7x	37.4x
Gibson Energy	$4B	$6B	$8B	0.7x	12.6x
Versigent	$3B	$5B	$9B	0.6x	5.5x
Rockpoint Gas Storage	$3B	$4B	$462M	8.9x	10.7x
Fluence Energy	$3B	$3B	$3B	0.9x	66.3x
Eos Energy Enterprises	$3B	$3B	$186M	15.6x	(11.8x)
SMA Solar Technology	$3B	$2B	$2B	1.3x	121.9x
Aegis Logistics	$2B	$2B	$819M	2.9x	18.2x
Amprius	$2B	$2B	$95M	24.5x	(1185.9x)
Voltronic Power	$2B	$2B	$657M	2.8x	12.4x
Camel Group Co	$2B	$2B	$2B	0.6x	7.3x
T1 Energy	$2B	$2B	$822M	2.6x	(179.1x)
Ola Electric	$2B	$1B	$259M	5.8x	(18.0x)
Enovix	$1B	$1B	$35M	38.3x	(15.1x)
Henan Yicheng New Energy	$1B	$2B	—	—	—
Sinopec Kantons Holdings	$1B	$794M	—	—	—
FuelCell Energy	$1B	$1B	$161M	6.5x	(17.3x)
Veken Technology Co	$1B	$1B	—	—	—
Energy Vault	$1B	$1B	$222M	5.2x	(51.0x)
JANAF	$972M	$931M	—	—	—
Kempower	$837M	$820M	$323M	2.5x	85.7x
Matthews International	$827M	$1B	$1B	1.2x	7.9x
WIP Terminal	$777M	$777M	—	—	—
ADS-TEC Energy	$691M	$757M	$32M	24.0x	—
Solid Power	$648M	$400M	$14M	28.5x	(5.3x)
FTAI Infrastructure	$548M	$6B	$600M	9.2x	17.4x
Electrovaya	$475M	$482M	$76M	6.3x	41.4x
Microvast	$473M	$673M	$434M	1.6x	12.6x
American Battery Tech	$428M	$390M	$18M	21.9x	—
SES AI	$417M	$247M	$25M	9.7x	(3.7x)
Alfen	$344M	$368M	$519M	0.7x	12.4x
Hexagon Composites	$290M	$454M	$322M	1.4x	26.2x
Leclanche	$185M	$233M	—	—	—
Entech	$168M	$178M	$113M	1.6x	21.4x
Redelfi	$155M		—
PIE	$143M		—
NOVONIX	$142M		$6M
Lucent	$119M		—
NeoVolta	$109M		$18M
Voltatron	$98M		$38M
Path2 Hydrogen	$86M		—
Gogoro	$80M		$286M
Stem	$78M		$158M
CBAK	$70M		$242M
Enapter	$50M		$33M
Wallbox	$49M		$180M
Friwo	$47M		—
Monbat	$46M		—
Bimergen Energy	$25M		$6M
Stardust Power	$24M		—
Dragonfly Energy	$24M		$58M
Fabrica Nacional de Acumuladores Etna	$10M		—
Upergy	$9M		$50M
Hopium	$3M		—
Proton Motor Power	$2M		—
Elong Power Holding	$1M		—
Petrolera Del Conosur	$263K		—