October 2026
Largest Clean Technology Public Companies in the US
Benchmark revenue and EBITDA valuation multiples for public comps like
First Solar, Nextracker, Enphase Energy, SolarEdge and Sunrun.
 | First Solar designs and manufactures solar photovoltaic panels, modules, and systems for use in utility-scale development projects. The company's solar modules use cadmium telluride to convert sunlight into electricity. This is commonly called thin-film technology. First Solar is the world’s largest thin-film solar module manufacturer. It has production lines in Vietnam, Malaysia, the United States, and India. | $172 | -36% | $18B | $17B | 3.2x | 8.2x | ||
| Nextpower (and its subsidiaries) is a leading provider of intelligent, integrated solar tracker and software solutions used in utility-scale and distributed generation solar projects around the world. Nextpower's products enable solar panels in utility-scale power plants to follow the sun’s movement across the sky and optimize plant performance. Nextpower has operations in the United States, Mexico, Spain and other countries in Europe, India, Australia, the Middle East, Africa, and Brazil. | $80 | -21% | $12B | $11B | 3.1x | 14.6x | ||
| Enphase Energy is a global energy technology company. It delivers smart, easy-to-use solutions that manage solar generation, storage, and communication on one platform. The company's microinverter technology primarily serves the rooftop solar market and produces a fully integrated solar-plus-storage solution. Enphase derives a majority of revenue from the United States. | $31 | +0% | $4B | $3.7B | 2.5x | 16.2x | ||
| SolarEdge Technologies designs, develops, and sells direct current optimized inverter systems for solar photovoltaic installations. The company system consists of power optimizers, inverters, and cloud-based monitoring platform and addresses a broad range of solar market segments, from residential solar installations to commercial and small utility-scale solar installations. The company sells its products directly to solar installers, engineering, procurement, and construction firms and indirectly to solar installers through distributors and electrical equipment wholesalers. | $31 | -11% | $1.9B | $1.8B | 1.5x | (4.8x) | ||
| Sunrun is engaged in the design, development, installation, sale, ownership, and maintenance of residential solar energy systems in the United States. The company acquires customers directly and through relationships with various solar and strategic partners. The solar systems are constructed by Sunrun or by Sunrun’s partners and are owned by the company. Sunrun’s customers typically enter into 20- to 25-year agreements to utilize its solar energy system. The company also sells solar energy systems and products, such as panels and racking, and solar leads generated to customers. | $7 | -67% | $1.7B | $18B | 6.1x | 32.8x | ||
| Shoals Technologies Group is an American manufacturer of electrical balance of system (EBOS) products headquartered in Portland, Tennessee. EBOS is the power infrastructure that carries electricity safely from solar modules and batteries to the grid, and Shoals sells plug-and-play EBOS systems that reduce materials, installation labor and maintenance touchpoints on site. Its customers are the engineering, procurement and construction firms, developers and owners that build utility-scale solar, battery energy storage and, more recently, data center power systems. Shoals earns revenue from product sales made through in-house manufacturing, holds 75 patents and says about 100 GW of projects using its systems are under contract, in construction or operating. The company was founded in 1996 as a component supplier to the automotive industry and moved into solar in 2002, first supplying components to First Solar and later cable harnesses to solar EPC contractors. It listed on Nasdaq (SHLS) through an initial public offering on January 27, 2021. Brandon Moss has been chief executive since July 2023, and Dominic Bardos has been chief financial officer since October 2022. | $7 | -30% | $1.2B | $1.5B | 3.1x | 20.1x | ||
| Canadian Solar Inc is a Canadian solar technology and renewable energy company. It is a manufacturer of solar photovoltaic modules, a provider of battery energy storage solutions, and a developer of utility-scale solar power and battery energy storage projects. The company is organized in two segments: Manufacturing segment, comprising CS PowerTech, which focuses on manufacturing and sales of solar products, battery energy storage products, and other power technology products for the U.S. market and CSI Solar, which serves all other world-wide markets; and Recurrent Energy segment, which focuses on solar power and battery storage project development, asset sales, power services, and electricity revenue from its operating portfolio. It derives maximum revenue from Manufacturing segment. | $10 | -54% | $650M | $8.6B | 1.5x | 15.8x | ||
| Array Technologies Inc manufacturer of ground-mounting systems used in solar energy projects. The company's segments include: the Array legacy operating segment (Array Legacy Operations) and the STI Operations operating segment (STI Operations). It derives maximum revenue from the Array legacy operating segment. Its product is an integrated system of steel supports, electric motors, gearboxes, and electronic controllers referred to as a single-axis tracker that moves solar panels throughout the day to maintain an optimal orientation to the sun, which increases their energy production. Geographically, the company's operations are in the United States, Australia, Spain, Brazil, and the rest of the world, with the United States deriving the majority of the revenue. | $3 | -62% | $503M | $1.4B | 1.1x | 43.1x | ||
| Tigo Energy Inc designs solar power conversion and storage products that provide customers with more choice and flexibility. Its mission is to deliver smart hardware and software solutions that enhance safety, increase energy yield, and lower operating costs of residential, commercial, and utility-scale solar systems. Geographically the company generates revenue from EMEA, Americas, and APAC. | $1 | -58% | $63M | $52M | 0.5x | 5.2x | ||
| Hadron Energy Inc is a nuclear technology company focused on developing factory-fabricated, transportable 10 megawatt-electric (MWe) micro-modular reactors (MMRs) to meet the growing demand for clean, reliable, and affordable power. The company aims to deliver scalable, carbon-free energy solutions that can be rapidly deployed to power a variety of industries, including data centers, industrial facilities, remote communities, government installations and more. The market segments for its proprietary reactor, Hadron Halos, are Data Centers, Industrial Facilities and Heavy Manufacturing, Remote Communities and Critical Infrastructure, and Utilities and Distributed Energy. | Nuclear+2 | $1 | -- | $47M | $25M | - | (0.4x) | |
| Stem Inc is a provider of energy storage systems. The company bundles third-party hardware with its proprietary Athena software to provide customers a turnkey solution. Stem sells its solutions to commercial and industrial customers as well as independent power producers and renewable developers. Its solutions help customers maximize renewable energy generation and help build a cleaner and more resilient grid. The Company operates as one operating segment that is focused exclusively on technology services that transform the way energy is distributed and consumed. | $3 | -83% | $33M | $323M | 2.1x | 48.2x | ||
| Spruce Power Holding Corp is an owner and operator of distributed solar energy assets across the United States (the U.S.), offering subscription-based services to home solar assets and customer contracts, making renewable energy more accessible to everyone. The Company's customers are homeowners and the Company's core solar service offerings generate revenues through, the sale of electricity generated by its home solar energy systems to homeowners, third-party contracts to sell solar renewable energy credits (SRECs) generated by the solar energy systems for fixed prices and the servicing of those agreements for other institutional owners of home solar energy systems. | $1 | -51% | $26M | $651M | 5.8x | 18.7x | ||
| FTC Solar Inc is a provider of solar tracker systems, supported by proprietary software and value-added engineering services. The company's Solar tracker systems move solar panels throughout the day to maintain an optimal orientation relative to the sun, thereby increasing the amount of solar energy produced at a solar installation. It focuses on providing differentiated products, software, and services that maximize energy generation. The company has launched a new mounting solution to support the installation and use of U.S.-manufactured thin-film modules by project owners. The only segment the company is engaged in is the Manufacturing and Servicing of Solar tracker systems. | $2 | -82% | $26M | $40M | 0.4x | (0.6x) | ||
| SolarMax Technology Inc is an integrated solar and renewable energy company. It operates in two segments namely the United States and China. The United States business includes the sale and installation of photovoltaic and battery backup systems. China operations consist of operating and maintaining solar farm projects and identifying and procuring solar farm projects for resale to third parties. Some of its products are LG Solar Panels, QCELL Solar Panels, Panasonic Solar Panels, and others. The company generates a majority of its revenue from the Solar energy systems. | $5 | +357% | $22M | $55M | 0.6x | (11.0x) | ||
| Sky Quarry Inc is a development-stage oil-producing and refining company. The company, along with its subsidiaries, is engaged in deploying technologies to facilitate the recycling of waste asphalt shingles and the remediation of oil-saturated soils. The recycling and production of oil from asphalt shingles is expected to reduce the dependence on landfills for the disposal of waste and to also reduce dependence on foreign and domestic virgin crude oil extraction for industrial uses. The company has one reportable segment: refined crude oil. The company refines crude oil to produce several key products, including Diesel, Liquid Asphalt, Vacuum Gas Oil (VGO), and Naphtha, each with distinct industrial applications. | $2 | -- | $20M | $25M | 2.0x | (3.3x) | ||
| Beam Global is a clean-technology innovation company. It develop, design, engineer, manufacture, and sell high-quality, renewably energized infrastructure products for electric vehicle ( EV ) charging, infrastructure for Smart Cities (the interconnected physical and digital elements within a city that utilize technology to enhance efficiency, sustainability, and quality of life for residents), energy security and disaster preparedness and energy-dense battery solutions in safe, compact and form-factors. Additionally, the company manufactures structures with electronic integration such as streetlighting, cell towers and energy infrastructure products as well as power electronics including invertors, charge controllers, power supplies and LED lighting. | $1 | -64% | $20M | $21M | ||||
| Karbon-X Corp provides investors with access to certified carbon credits, which are essential for individuals and corporations seeking to meet their carbon-neutral and net-zero carbon objectives. The company has started acquiring verified carbon credits from various vendors and plans to resell these credits to both industries and the general public. Additionally, the company is funding projects aimed at generating its own carbon credits. Once these projects are verified, the resultant carbon credits will be available for sale on its proprietary app platform. | $0 | -- | $19M | $26M | ||||
| Zeo Energy Corp is a vertically integrated provider of residential solar energy systems, other energy-efficient equipment, and related services currently serving customers in Florida, Texas, Arkansas, and Missouri. Its primary business activity is selling and installing residential solar energy systems that homeowners use to supplement the amount of usable electricity required to power their homes. | $0 | -85% | $12M | $43M | ||||
| NextNRG Inc is engaged in developing an integrated ecosystem that combines solar energy generation, battery storage, smart microgrids, wireless electric vehicle (EV) charging, and on-demand fuel delivery. The company is also focused on combining renewable energy innovation with mobile fueling expertise to build a sustainable energy ecosystem that bridges traditional fuel needs with AI-powered clean energy solutions. | $1 | -72% | $9M | $29M | ||||
| Go Green Global Technologies Corp provides proprietary disruptive technology for use in the water and fuel use industries of both commercial and consumer segments. It provides solutions by utilizing the proprietary and patented Sonical process for non-chemical water treatment and fuel combustion applications, including industrial, automotive, transportation, maritime and railway industries. The company also has a fuel treatment product that reduces fuel consumption and emissions in vehicles and industrial boilers. The company is a pioneer and leader in the emerging Pulsed Power technology sector. Since its inception, the company has focused on technologies that provides a cleaner and more efficient planet. | $0 | -- | $4M | $4M | ||||
| Acadia Energy Corp develops microgrid solutions called Sustainability Hubs for local communities. Acadia Energy has developed a software platform called InSite which manages the power generated and stored on the microgrid as well as the renewable attributes associated with renewable energy. A new software overlay is being engineered to accommodate the new NYC Law 97, which will have AI recognition capabilities. | $0 | -58% | $1M | $2M | ||||
| Next-ChemX Corp owns a Novel Membrane-Based Ion Extraction Technology called NCX technology, that economically extracts ions from solutions that are in very low concentrations. The company's extraction technology allows a continuous transfer without high pressure, temperature, or electrolysis as it mimics biological processes found in nature. The company is developing commercial pilot plant systems in its laboratory for a wide range of extraction applications that it intends to market Internationally. | $0 | -- | $285K | $3M | ||||
| Geosolar Technologies Inc plans to install natural energy systems, referred to as the GeoSolar Plus System, in newly built and existing residences as well as green new apartments and commercial buildings. The GSP System is based on combining solar power, geothermal ground-sourced energy, and other clean energy technologies into one fully integrated system. The GSP system is designed to significantly reduce energy consumption and associated carbon emissions and improve the atmospheric and indoor air quality in residences. | $0 | -- | $13K | $3M | ||||
| Maxeon Solar Technologies Ltd is engaged in the manufacturing and marketing of premium solar technology. It owns and operates solar cell and panel manufacturing facilities located in Malaysia, Mexico, and the Philippines. The company's primary products are the Maxeon line of interdigitated back contact (IBC) solar cells and panels, and the Performance line (formerly, P-Series) of shingled solar cells and panels. the Maxeon line of solar panels are the highest-efficiency solar panels on the market with an aesthetically pleasing design, and the Performance line of solar panels offers a high-value and cost-effective solution. It is targeted at residential and small-scale commercial customers across the globe. The company derives its revenue from the United States, Italy, and Rest of world. | $0 | -100% | $0K | $308M | ||||
| Median | $1 | -58% | $26M | $54M | 1.5x | (0.4x) |
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