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Largest Clean Technology Public Companies in the US
Benchmark revenue and EBITDA valuation multiples for public comps like
First Solar, Nextpower, 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. | $315 | +90% | $34B | $32B | 6.1x | 13.5x | ||
| 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. | $152 | +176% | $23B | $22B | 6.3x | 26.2x | ||
| 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. | $68 | +72% | $9B | $9B | 5.9x | 18.1x | ||
| 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. | $73 | +259% | $4B | $4B | 3.7x | (34.6x) | ||
| 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. | $15 | +81% | $4B | $18B | 6.0x | 27.2x | ||
| Shoals Technologies Group is a provider of electrical balance of system solutions for solar energy projects, primarily in the United States. EBOS encompasses components that are necessary to carry electric current produced by solar panels to an inverter. The products are sold principally to engineering, procurement, and construction firms that build solar energy projects. | $13 | +201% | $2B | $2B | 5.0x | 23.7x | ||
| 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. | $9 | +54% | $1B | $2B | 1.9x | 13.0x | ||
| 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.. It operates through two business segments CSI Solar and Recurrent Energy segment. The CSI Solar segment focused on solar modules and battery energy storage manufacturing and products. Its Recurrent segment focused on utility-scale solar power and battery energy storage project development and operation. Key revenue is generated from CSI Solar segment. | $19 | +76% | $1B | $8B | 1.4x | 12.9x | ||
| 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. | $4 | +184% | $272M | $263M | 2.5x | 23.9x | ||
| 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 | -75% | $109M | $134M | 1.6x | (7.9x) | ||
| 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. | $5 | +20% | $87M | $105M | 1.0x | (4.3x) | ||
| 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. | $9 | +47% | $82M | $375M | 2.4x | 1.8x | ||
| 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. | $3 | +41% | $52M | $675M | 6.0x | 12.2x | ||
| Beam Global produces sustainable technology for electric vehicle (EV) charging, outdoor media, and energy security, without the construction, disruption, and costs of grid-tied solutions. Its products are founded upon its patented EV ARC and Solar Treelines and include BeamTrak patented solar tracking, and ARC Technology energy storage, along with EV charging, outdoor media, and disaster preparedness packages. From start to finish, the company develops, patents, designs, engineers, and manufactures renewably energized products that help the environment, empower communities, and keep people moving. | $1 | -2% | $32M | $31M | 1.1x | (2.7x) | ||
| 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. | $1 | -70% | $31M | $30M | 0.4x | (2.8x) | ||
| 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. | $1 | -51% | $30M | $62M | 0.7x | (13.9x) | ||
| Optec International Inc is a provider of green technologies for continued reduction of fossil fuel usage, pollution and greenhouse gas emissions. It is engaged in the distribution of Green technologies, the OPTEC Fuel Maximizer and the OPTEC Led Solar lighting systems. The company is also involved in the distribution of Optec UV-C technology Solutions, PPE and related healthcare products. Its OPTEC Fuel Maximizer products is a patented plug-in-play aftermarket automotive device. | -- | -- | $8M | $8M | - | - | ||
| 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 | -92% | $4M | $307M | - | - | ||
| 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 | -24% | $3M | $3M | - | - | ||
| Petroteq Energy Inc is a fully integrated oil and gas company focused on the development and implementation of new proprietary technology for oil extraction. The company operated in two reportable segments being Oil Extraction and Processing Operations and Mining Operations. It generates revenue from the sale of hydrocarbon. | $0 | -- | $80K | $80K | - | - | ||
| Renovare Environmental Inc is a technology services company focused on providing cost-effective solutions that improve environmental outcomes. It provides a cost-effective path to ecological sustainability for private and public organizations. The company solutions include Food Digesters and Cloud-based Analytics. | -- | -- | $4K | $4K | - | - | ||
| Median | $5 | +51% | $87M | $307M | 2.5x | 12.6x |
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