September 2026
Largest Energy Storage Public Companies
Benchmark revenue and EBITDA valuation multiples for public comps like
Tesla, CATL, LG Energy Solution, Vistra and LG Chem.
 | Tesla is a vertically integrated battery electric vehicle automaker and developer of real world artificial intelligence software, which includes autonomous driving and humanoid robots. The company has multiple vehicles in its fleet, which include luxury and midsize sedans, crossover SUVs, a light truck, and a semi truck. Tesla also plans to begin selling a sports car and offer a robotaxi service. Global deliveries in 2025 were nearly 1.64 million vehicles. The company sells batteries for stationary storage for residential and commercial properties including utilities and solar panels and solar roofs for energy generation. Tesla also owns a fast-charging network and an auto insurance business. | $372 | -16% | $1.5T | $1.4T | 15.2x | 143.1x | ||
 | CATL, headquartered in Ningde, Fujian Province, is a global leading battery manufacturer founded in 2011. The company specializes in the development and production of lithium-ion batteries for EVs and energy storage systems. CATL is the largest EV battery manufacturer in the world and leads the industry in innovative battery technology development for higher-energy density and safety, longer battery service life and super-fast charging. CATL is also involved in the manufacturing of cathode and other related battery materials. Through its subsidiary Brunp, it works with customers to create a closed-loop battery life cycle from production, application, to recycling. | $44 | -23% | $205B | $167B | 2.6x | 10.5x | ||
 | LG Energy Solution is the third-largest battery maker for electric vehicles with about 11% global share in 2024, according to SNE Research. The EV battery segment is the largest revenue contributor, which accounted for more than 60% of total revenue in 2024. LGES also manufactures batteries for mobility, mobile phones, laptops, electrical devices, and energy storage systems. The company was spun off from LG Chem’s battery division in December 2020 and listed on the Korea Exchange in January 2022. It has global manufacturing facilities in Korea, China, Poland, and the United States. Key customers include General Motors, Tesla, Volkswagen, Hyundai, and Stellantis. | $268 | +8% | $63B | $83B | 4.8x | 24.0x | ||
| Vistra Corp. is one of the largest power producers and retail energy providers in the USA. It owns 44 gigawatts of generation capacity, including natural gas (27 GW), nuclear (6.5 GW), coal (8.7 GW), and solar and battery storage (1.4 GW). The Cogentrix acquisition will add 5.5 GW of gas generation. Vistra's retail electricity business serves 5 million customers in 20 states, including almost a third of all Texas electricity consumers. Vistra emerged from the Energy Future Holdings bankruptcy as a stand-alone entity in 2016. | $138 | -29% | $46B | $68B | 3.9x | 13.6x | ||
| LG Chem Ltd manufactures and sells a variety of chemicals, electronics, and energy storage products. The company operates through five segments, including Petrochemical, LG Energy Solution, Advanced Materials, Life Science, and Others. The Petrochemical segment produces ABS, PC, PE, PP, acrylics, alcohols, synthetic rubber, special resins, and olefins. LG Energy Solution supplies small batteries, automotive batteries, and energy-storage batteries. The Advanced Materials segment provides engineering and display materials, cathode materials, separators, and RO filters. The Life Science segment offers growth hormones, vaccines, diabetes treatments, and pesticides, while Common & Others covers corporate management, sales, and R&D activities. | $193 | -2% | $14B | $45B | 1.3x | 13.9x | ||
 | Enlight Renewable Energy Ltd develops, finances, constructs, owns, and operates utility-scale renewable energy projects. The company’s operating segments are the MENA segment, Europe segment, U.S.A segment, and Others. It generates the majority of its revenue from the Europe segment, which produces its revenue from the sale of the electricity that is produced through wind energy and solar energy in Europe. | $69 | +123% | $9.6B | $15B | 25.8x | 32.6x | ||
| Ecopro Co Ltd is engaged in the battery materials business, mainly serving the lithium-ion battery industry. The company operates through two reportable segments: Battery Materials business and Other business. The Battery Materials business segment focuses on cathode materials, the core components used in lithium-ion batteries, and also covers precursors, lithium, and recycling activities related to the cathode materials business. | $60 | +78% | $8.2B | $13B | 5.0x | 208.2x | ||
| EnerSys provides stored energy solutions for industrial applications. It also manufactures and distributes energy systems solutions and motive power batteries, specialty batteries, battery chargers, power equipment, battery accessories, and outdoor equipment enclosure solutions to customers. Energy Systems that combine enclosures, power conversion, power distribution, and energy storage are used in the telecommunication and broadband, utility industries, uninterruptible power supplies, and numerous applications requiring stored energy solutions. Its segments include Energy Systems, Motive Power, and Specialty. | $178 | +56% | $6.4B | $6.9B | 1.8x | 13.6x | ||
 | Koninklijke Vopak NV is a tank storage provider for the oil and chemical industry. The company provides storage facilities and handling services for bulk liquid products and gases, including oil, chemicals, gases, liquefied natural gas, and biofuels. It operates a network of terminals located at strategic locations along key trade routes around the world. The company organizes itself into the following six reporting segments, which are principally based on its geographical markets: Asia & Middle East, China & North Asia, Netherlands, Singapore, USA & Canada, and All other Business Units (consisting of business units Brazil, North Latin America, South Africa, and Belgium). The majority of its revenue is generated from the Netherlands. | $53 | +16% | $6B | $9.4B | 6.4x | 7.2x | ||
| Canmax Technologies Co Ltd is engaged in Research and development, production and sales of new energy lithium battery materials products, anti-static ultra-clean technology products and medical equipment products. | $7 | +104% | $5.9B | $6.9B | 6.1x | 42.4x | ||
| Sunwoda Electronic Co Ltd is engaged in research and development, design, production, and sales of lithium-ion battery modules. The company's Li-ion battery product covers Li-ion batteries for mobile phones, digital cameras, laptops, netbooks, electronic paper books, power-driven tools, industrial mobile lighting, and medical equipment. | $3 | -33% | $5.9B | $9.5B | 1.0x | 24.4x | ||
 | Enagas SA is a Spanish utility company involved in the transport, storage, and regasification of natural gas. Its segment include operations into Infrastructure activity, Technical system management, and Non-regulated activities businesses. | $19 | +22% | $5B | $7.2B | 6.6x | 8.6x | ||
 | Aegis Logistics Ltd. is an oil, gas, and petrochemical logistics company based out of India. It operates a network of bulk liquid handling terminals, liquefied petroleum gas (LPG) terminals, filling plants, pipelines, and gas stations to deliver products and services. Clients consist mainly of Indian industrial companies and retail customers that utilize gas stations. The majority of revenue is derived from gas terminal operations. Gas logistics encompasses complete supply chain management and delivers both pressurized and refrigerated cargoes to several ports on the coastline of India, including its own LPG terminals. Terminals include tank farm installations and are connected by pipelines at various sites. The pipelines handle exportation and importation of various products. | $14 | +58% | $4.8B | $5B | 5.8x | 31.9x | ||
| Beijing HyperStrong Technology Co Ltd is engaged in research and development, production and sales of electrochemical energy storage systems. It is a ESS integrator and service provider. Its product include HyperBlock III, HyperBlock II, HyperCube Pro, HyperBox, etc. | $23 | -49% | $4.2B | $4B | 2.3x | 21.8x | ||
| Headquartered in Changzhou, Jiangsu Province, CALB a leading new energy company specializing in the development, production, sales, and market application of lithium-ion batteries, battery management systems and related integrated products, and lithium battery materials. The company’s products mainly include electric vehicle batteries and energy storage system products. Established in 2015 via a spinoff from its parent company, which was ultimately controlled by Aviation Industry Corporation of China, CALB has become one of the leading EV battery companies. With 4% market share in 2024 in terms of installed capacity, CALB ranked fourth among global EV battery companies and third in China with 7% market share. | $2 | -- | $3.9B | $12B | 1.9x | 10.6x | ||
 | Gibson Energy Inc is an oil infrastructure company engaged in the storage, optimization, processing, and gathering of liquids and refined products, as well as waterborne vessel loading. The company's reportable segments are: Infrastructure and Marketing. The majority of its revenue is generated from the Marketing segment, which is involved in the purchasing, selling, storing, and optimizing of hydrocarbon products (such as crude oil, natural gas liquids, road asphalt, etc.) and marketing its refined products. The Marketing segment sources the majority of its hydrocarbon products from Western Canada as well as the Permian Basin and markets those products throughout Canada and the United States. Geographically, the company generates maximum revenue from Canada. | $22 | +17% | $3.8B | $5.9B | ||||
| L & F Co Ltd is engaged in the manufacturing and distribution of electronic components. The company is organized into two business segments: Battery Material Business and Electronic Material Business. Its key products include cathode active material of secondary battery, Ink for display, heat resistant material, Ag-paste. | $84 | +59% | $3.3B | $4.4B | ||||
 | Versigent PLC designs and manufactures low- and high-voltage electrical architectures. Its products include signal, power, and data distribution systems used in sectors such as automotive, commercial vehicles, agriculture, and energy storage. The company operates engineering and manufacturing facilities across multiple regions and serves customers through an international network. | $47 | -- | $3.3B | $5.4B | ||||
| QuantumScape Corporation is an American company that researches and develops solid-state rechargeable lithium metal batteries for use in electric cars. It was founded in 2010 and is headquartered in San Jose, California, employs around 850 people. Major investors include Volkswagen Group and Bill Gates. | $5 | -57% | $3B | $2.2B | ||||
 | Voltronic Power Technology Corp is a Taiwan-based company that manufactures and distributes uninterruptible power supplies (UPSs), photovoltaic products, and electronic materials. Its products includes UPS, PV Inverter, Energy Storage System, Variable Frequency Drive, and EV Charger. Geographically, it operates in Taiwan, China and Vietnam, of which it derives maximum revenue from Taiwan. | $28 | -9% | $2.4B | $2.2B | ||||
 | SMA Solar Technology AG produces, develops, and sells systems and solutions for the efficient and sustainable generation, storage and use of solar energy. Its products include PV and battery inverters, monitoring systems for PV systems, charging solutions for electric vehicles as well as energy management systems, and digital services for the future energy supply. The company operates through the following segments; Home Solutions, Commercial & Industrial Solutions, and Large Scale & Project Solutions. The Large Scale & Project Solutions segment, which derives key revenue for the company, offers products, systems and solutions for industrial solar, storage and hydrogen projects as well as for the conversion of utility grids to a higher proportion of renewable energy. | $64 | +155% | $2.2B | $2.1B | ||||
| Rockpoint Gas Storage Inc independent operator of natural gas storage facilities in North America. The business has a single reportable segment, natural gas storage. | $16 | -- | $2.2B | $3.4B | ||||
 | Liontown Ltd is a battery minerals provider focused on supplying minerals used in energy and industrial applications. It holds two lithium deposits in Western Australia and seeks to expand its portfolio through exploration, partnerships, and acquisitions. The company also considers participating in downstream activities where having control of mineral deposits may offer operational advantages. | $1 | -2% | $2B | $2B | ||||
| GoodWe Technologies Co Ltd is engaged in Research and development, production and sales of new energy power supply equipment such as solar energy and energy storage. | $8 | -10% | $2B | $2B | ||||
| Ola Electric Mobility Ltd is a pure EV player in India and is building vertically integrated technology and manufacturing capabilities for EVs and EV components, including cells. The company manufactures EVs and certain core EV components like battery packs, motors and vehicle frames at the Ola Futurefactory. Its business focuses on capturing the opportunity arising out of electrification of mobility in India and it also seeks opportunities to export its EVs in select international markets in the future. | $0 | -38% | $1.7B | $1.9B | ||||
| ADI Global Distribution Inc is a specialty distributor of professionally installed low-voltage products, including security and audio-visual (AV) solutions, serving commercial and residential markets through an omnichannel go-to-market platform. It sells to professional installers, dealers, and integrators. The company's product portfolio includes products from third-party suppliers across low-voltage categories, as well as products and services offered under its own brands. Its customer base includes independent contractors, systems integrators, and low-voltage specialists serving business, institutional, and residential end users. | $20 | -- | $1.5B | $2.6B | ||||
| Amprius Technologies Inc is engaged in the production of silicon anodes for high-energy-density lithium-ion batteries. The company develops, manufactures and markets lithium-ion batteries for mobility applications, including the aviation, electric vehicle (EV) and light electric vehicle (LEV) industries. The company's batteries are used for existing and emerging aviation applications, including unmanned aerial systems, such as drones and high-altitude pseudo satellites. | $10 | -3% | $1.4B | $1.4B | ||||
 | Emerald Horizon AG develops technologies for decarbonizing the energy supply under the SMRX brand-ranging from hybrid energy storage systems to next-generation modular reactors. The company aims to provide safe, scalable, and globally deployable baseload energy, free from the drawbacks of conventional nuclear technology. Its technologies under development include ADES, an accelerator-driven thorium-based nuclear power system, and CALstore, a molten-salt thermal energy storage system. The company also develops the DUALstore PLUS system, which combines energy storage technologies with an AI-based multicontrol unit. | $1,260 | -- | $1.3B | $1.3B | ||||
| FuelCell Energy Inc is a clean energy technology company engaged in the development, design, production, and servicing of high temperature fuel cells for clean electric power generation. The Company provides proprietary molten carbonate fuel cell systems that generate electricity electrochemically with ultra low emissions and high efficiency, and operates as a solutions provider managing the design, manufacturing, installation, and maintenance of its systems under long term power purchase, service, and engineering procurement agreements. The Company serves utilities, data centers, and commercial and industrial customers, and operates in the United States, South Korea, Europe, and Canada, with maximum revenue generated from the United States. | $16 | +111% | $1.3B | $906M | ||||
| Camel Group Co Ltd is engaged in the research and development, production, sale, and recycling of lead acid batteries. It produces various types of batteries, including flooded automobile battery, AGM battery, flooded traction battery, lithium-ion battery, and pure lead battery. Its products are widely used in automobiles, agricultural vehicles, ships, forklifts, and various special purposes. | $1 | -32% | $1.3B | $1.2B | ||||
| Sinopec Kantons Holdings Ltd is a company that operates in the storage, logistics, and trading industry. It provides crude oil and oil product terminals, ancillary facilities, and logistics services including storage, transportation, and terminal services. The company has two main segments: the crude oil jetty and storage services segment and the vessel chartering and logistics services segment. The company generates the majority of its revenue from the crude oil jetty and storage services segment, which caters to crude oil transportation, unloading, storage, and other jetty services for oil tankers in the PRC, Europe, and the Middle East. Geographically, the company generates all of its revenue from the PRC. | $0 | -18% | $1.2B | $876M | ||||
| Eos Energy Enterprises Inc designs develop, manufactures, and markets zinc-based energy storage solutions for utility-scale, microgrid, and commercial & industrial (C&I) applications. The solutions are used in the utility sector, the renewable energy sector, and the industrial sector. It's flagship product Eos Znyth is a stationary battery energy storage system. | $3 | -72% | $1.2B | $2.2B | ||||
| Fluence Energy Inc provides intelligent energy storage and optimization software for renewables and storage. Its energy storage solutions and operational services support a more resilient grid and help unlock the potential of renewable portfolios. The company’s offerings include energy storage solutions, recurring operational and maintenance services, and Software-as-a-Service (SaaS) products designed to meet customer business needs, performance requirements, in-house capabilities, and risk profiles. Its service plans offer varying levels of training, maintenance, guarantees, warranties, and support for active system management. The company operates in the Americas, APAC and EMEA, with the majority of revenue coming from the Americas. | $8 | -27% | $1.1B | $1.2B | ||||
| T1 Energy Inc is an energy solutions provider building an integrated U.S. supply chain for solar and batteries. The group manufactures and sells photovoltaic (PV) solar modules in the United States for U.S. customers. | $4 | +74% | $1.1B | $1.9B | ||||
| Henan Yicheng New Energy Co Ltd is engaged in the production of solar crustal wafer cutting blade, recycling of waste mortar, solar power station construction, production and sales of negative electrode materials, and production and sales of monocrystalline silicon cells. | $1 | -30% | $1B | $1.6B | ||||
 | Jadranski Naftovod DD is mainly engaged in oil transportation activities and storage of oil and refinery products. The company operates the JANAF system which is an international crude oil transportation system consists of crude oil handling terminals and pipelines in Sisak, Gola, Virje, Sotin and Slavonski Brod and the accompanying pumping and metering stations. It also involved in the reloading and storage of crude oil and oil products as well as provision of engineering and technical advisory services. | $889 | -6% | $896M | $828M | ||||
| ADS-TEC Energy PLC produces, develops, and markets battery-buffered EV charging systems infrastructure, battery storage systems, and cloud-based services that enable the customer to control and manage the system. ADSE generates revenue mainly through the sale of its products, services, and Big-LinX. Geographically, it derives a majority of its revenue from Germany. | $11 | -10% | $813M | $814M | ||||
| Energy Vault Holdings Inc is a grid-scale energy storage company that is driving a faster transition to renewable power by solving the intermittence issues that are inherent to the prevalent sources of renewable energy, solar and wind. Geographical presence in United States, China and Other. Majority of its revenue comes from U.S. | $4 | +53% | $800M | $977M | ||||
| Hyliion Holdings Corp provides solutions that enable clean, flexible, and affordable electricity production. The Company focuses on delivering distributed power generators that can operate on various fuel sources to future-proof against an ever-changing energy economy. It is initially targeting the commercial and waste management industries with a locally deployable generator that can offer prime power as well as energy arbitrage opportunities. In addition to stationary power solutions, it focuses on mobile applications, including vehicles and marine technologies. | $4 | +115% | $754M | $693M | ||||
 | West Indies Petroleum Terminal Ltd is engaged in the purchase and distribution of petroleum products. This includes the distribution of fuel in Jamaica and the Caribbean; sale of marine lubricants mainly to sea going vessels; and bunker trading in Jamaican waters. WIP is headquarters in Kingston, Jamaica. It generates revenue from the storage and delivery of fuel products on behalf of its customers for a fee. | $0 | -- | $674M | $653M | ||||
| Factorial Energy Inc is an American solid-state battery innovator backed by In-Q-Tel - the not-for-profit strategic investor for the U.S. national security community and America's allies - and Mercedes-Benz, Stellantis, Hyundai, and Kia. Through its proprietary FEST and Solstice platforms, engineered for scalable manufacturing, it delivers industry performance across defense, space, and energy storage applications. Mercedes-Benz's real-world road testing in a lightly modified test vehicle achieved over 1,200 km of range on a single charge, while Stellantis-lab testing verified 77 Ah cells demonstrating high energy density, fast-charging, and robust use for energy and power performance across temperature extremes. | $6 | -- | $672M | $567M | ||||
| Enovix Corp is engaged in designing, developing, manufacturing, and commercializing Lithium-ion, or Li-ion, battery cells. It uses BreakFlow and Encapsulation technologies to manufacture high capacity and resilient batteries. The company's product portfolio comprises power disc batteries, flexible lithium-ion polymer batteries, superior lithium-ion polymer batteries, active silicon lithium-ion cells, and others. Geographically, the company generates maximum revenue from its customers in South Korea, followed by Switzerland, the United States, Norway, Taiwan, and other regions. | $3 | -72% | $630M | $694M | ||||
 | Kempower Corp designs, manufactures and commercializes charging solutions and services for electric vehicles and machines. Geographically, it derives a majority of its revenue from Rest of Europe regions and it also has a presence in Nordics, North America and Rest of the World. Its charging solutions include Kempower Power Unit; Kempower Movable Charger; Kempower Station Charger; Kempower ChargEye for Depots; Kempower ChargEye for CPOs and others. | $11 | -35% | $605M | $607M | ||||
| Veken Technology Co Ltd is engaged in the manufacturing and sales of lithium-ion batteries. Its products portfolio includes 3C Digital battery and Power battery. The company products cover ares such as passenger car, special vehicle, household appliances, and energy storage batteries. It is also used in smartphones, tablets, notebook, and computers. | $1 | +15% | $596M | $547M | ||||
| Matthews International Corp is a provider of memorialization products, industrial technologies and brand solutions. The company's segments are Memorialization, Industrial Technologies and Brand Solutions. The memorialization offerings include bronze and granite memorials, caskets, and cremation-related products and equipment for cemeteries and funeral homes. Its Industrial Technologies segment designs, manufactures, services, and sells custom energy storage systems and product identification and warehouse automation solutions. The Brand Solutions segment provides brand management, pre-media, printing plates and cylinders, imaging, digital asset management, merchandising displays, and marketing and design services. The majority of revenue is generated by Memorialization. | $19 | -22% | $591M | $1.2B | ||||
| Solid Power Inc is engaged in solid-state battery technology and manufacturing processes. Its core technology is a sulfide-based solid electrolyte material, which replaces the liquid or gel electrolyte used in traditional lithium-ion battery cells. Its commercialization plan is to manufacture and sell electrolytes to Tier 1 battery manufacturers and automotive original equipment manufacturers (OEMs) that choose to produce its battery cells. | $2 | -28% | $545M | $310M | ||||
 | Hexagon Composites ASA is a supplier of clean energy technology for gas storage, distribution, fuel systems, and drivetrains. Its operating segments are Hexagon Agility & CNG LDV, Hexagon Purus, Hexagon Digital Wave, and Hexagon Ragasco LPG. Hexagon Agility & CNG LDV segment offers natural gas fuel systems and delivery solutions for the mobility market. Hexagon Purus is a provider of technology needed for zero-emission mobility. The Hexagon Digital Wave segment offers cylinder testing and monitoring technology. Hexagon Ragasco LPG segment is a manufacturer of composite LPG cylinders. It operates through Europe, North America, Southeast Asia, the Middle East, and Norway geographic regions. | $1 | +23% | $436M | $558M | ||||
| FTAI Infrastructure Inc is engaged in five segments; Railroad segment includes five freight railroads and one switching company that provide rail service to certain manufacturing and production facilities, the Jefferson Terminal segment consists of a multi-modal crude oil and refined products terminal and other related assets. Repauno segment consists of a 1,630-acre deep-water port located along the Delaware River with an underground storage cavern, a new multipurpose dock, a rail-to-ship transloading system, and multiple industrial development opportunities. Power and Gas segment is comprised of an equity method investment in Long Ridge, and Sustainability and Energy Transition segment is comprised of Aleon/Gladieux, Clean Planet, and CarbonFree. | $3 | -28% | $369M | $4.2B | ||||
| American Battery Technology Co is an integrated critical battery minerals company that develops technologies for both primary battery minerals manufacturing and lithium-ion battery recycling. It operates battery recycling facilities that process materials from electric vehicle batteries, stationary battery energy storage systems, and consumer electronics. Additionally, the company advances lithium production projects using proprietary technology to produce battery-grade lithium hydroxide. It generates revenue mainly from its recycling operations and is expanding capacity with strategic partnerships and government grants. The company’s activities focus on creating a closed-loop battery materials supply chain to support sustainable manufacturing in the United States. | $2 | -53% | $322M | $273M | ||||
| Electrovaya Inc is a technology-focused lithium-ion battery company engaged in designing, developing and manufacturing battery cells, modules and systems based on its proprietary Infinity Battery Technology, which provides high safety performance, long cycle life and durability. The Company supplies low-voltage and high-voltage battery systems for industrial and transportation markets, including material-handling equipment, robotic vehicles, electric buses and trucks, and energy-storage installations, and its products are suitable for mission-critical applications. it maintains an expanding intellectual-property portfolio, develops next-generation solid-state and hybrid solid-state battery technologies, and sells its products through OEM relationships, dealer networks and direct sales. | $6 | +13% | $314M | $342M | ||||
| Alfen NV is engaged in the business of developing, producing, and selling various products, systems, and services related to the electricity grid. The company's business segments are Smart Grid Solutions, Energy Storage Systems, and EV Charging Equipment. Geographically, the company derives maximum revenue from the Netherlands, followed by Belgium and Finland. | $14 | +24% | $306M | $299M | ||||
| Microvast Holdings Inc is a technology innovator that designs, develops, and manufactures lithium-ion battery solutions. It is renowned for its cutting-edge cell technology and its vertical integration capabilities which extends from core battery chemistry to battery packs. | $1 | -82% | $265M | $330M | ||||
| SES AI Corp is a developer and manufacturer of high-performance, AI-enhanced Lithium-Metal (Li-Metal) and Lithium-ion (Li-ion) rechargeable battery technologies for electric vehicles (EVs), Urban Air Mobility (UAM), drones, robotics, Battery Energy Storage Systems (BESS) and other applications. It includes Software and Hardware products that are EV, UAM, Drone, Molecular Universe, and Avatar. | $1 | -68% | $198M | $43M | ||||
 | Entech SA specializes in the design and manufacture of renewable energy such as solar and wind conversion and storage systems. In addition, the company builds and commissions ground-level and rooftop photovoltaic power stations. | $11 | +7% | $167M | $177M | ||||
| Leclanche SA is a Switzerland-based company. It operates through three segments. Stationery Business, which is the key revenue driver, sells customized systems to both electricity generation markets and transmission and distribution markets. E-Mobility Business Unisells customized systems in mass marine, road, and rail transportation. Specialty Battery Business develops and delivers both turn-key customized solutions and off-the-shelf solutions incorporating battery storage and/or charging solutions utilizing both in-house and third-party technologies for civil, military, medical, and industrial machinery markets. Geographically, it exports its products to the Netherlands, Canada, the USA, Switzerland, Norway, Netherlands, Canada, France, Germany, and others. | $0 | -59% | $163M | $210M | ||||
 | Redelfi SpA operates as an industrial ESG management company. It specializes in the deployment of technological solutions related to the digital and ecological transition. The company's different business units are; Green which is engaged in the installation of renewable energy infrastructures (solar, wind, and hydroelectric), solar parks, mini hydroelectric power plants, energy storage parks, etc; MarTech which is oriented towards product and process innovation related to the IT market; and GreenTech which is engaged in the development of digital solutions (blockchain, crypto-currencies, etc.) for environmental projects such as reduction of CO2 emissions, fight against climate change, reforestation, etc. | $13 | +40% | $152M | $195M | ||||
| Pie Co Ltd provides integrated inspection solutions from the developing inspection SW algorithms to the manufacturing technological capabilities specializing in machine vision (2D, 3D) and NDT (Ultrasonic, etc.). It include various industrial areas such as display, secondary battery, and semiconductor. The company solution includes Industrial Inspection and Manufacturing Intelligence. | $4 | -37% | $138M | $136M | ||||
 | Invinity Energy Systems PLC operates in the manufacturing of vanadium flow battery systems and their related installation and other services. Its vanadium flow batteries are a form of heavy-duty, stationary energy storage, used in high-utilization applications such as being coupled with industrial-scale solar generation for distributed, low-carbon energy projects. The company's flow battery systems are ideal for commercial and industrial sites, grid network infrastructure projects, and off-grid applications, either standalone or alongside renewable energy such as solar PV. It generates the majority of its revenue from the sale of Battery systems and associated control systems. | $0 | -- | $136M | $125M | ||||
| Helios Solar AG is a solar PV solutions group focusing on the development and construction of rooftop and ground-mounted PV systems, with a regional emphasis on Malaysia and Southeast Asia. The company provides integrated products, engineering solutions, and advisory services across the renewable energy value chain, covering early-stage feasibility through long-term operations and maintenance. It serves residential producing-consumers, commercial and industrial facility owners, public institutions, and developers of small utility-scale assets. Its revenue is generated from turnkey EPCC contracts (fixed-price or unit-rate), project development fees, and operation and maintenance(O&M) service agreements as well as renewable energy (RE) advisory service agreements. | $4 | -- | $135M | $134M | ||||
| NeoVolta Inc is engaged in designing, manufacturing and sale of high end Energy Storage System which can store and use solar energy via batteries and an inverter at a residential site. Its market place includes solar industry, installers, new construction homebuilders, home remodelers and homeowners. | $2 | -51% | $129M | $116M | ||||
| Iondrive Ltd is a strategically well positioned mineral exploration and battery technology commercialization company. The mineral exploration business includes one hundred percent interest in a substantial portfolio of REE, Li and precious metals exploration projects in South Korea. | $0 | +196% | $115M | $110M | ||||
| CBAK Energy Technology Inc is engaged in the manufacture, commercialization, and distribution of a variety of standard and customized lithium and sodium high-power rechargeable batteries. The batteries are used in light electric vehicles, electric vehicles, energy storage devices, and other high-power applications. The company has two operating segments: CBAK, which derives maximum revenue, and includes the manufacturing, commercialization, and distribution of various standard and customized lithium-ion rechargeable batteries; and the Hitrans segment, which includes the development and manufacturing of NCM precursor and cathode materials. Geographically, the company derives its key revenue from Mainland China, followed by Europe and other regions. | $1 | +40% | $111M | $150M | ||||
 | Yigit Aku Malzemeleri Nakliyat Turizm Insaat Sanayi ve Ticaret is a company engaged in manufacturing, importing, exporting, purchasing, and selling all kinds of accumulators. The main product groups produced and sold by the company are categorized under batteries, and charging units groups consisting of industrial and starter batteries. In addition, the company produces plastic products and machinery for use in its production and to offer final products to its customers. | $0 | -- | $105M | $92M | ||||
| Lucent Inc is a collaborative platform for energy storage solutions. Its design technologies harness nanomaterial properties and enhanced capabilities to provide nanoscale building blocks for creating energy storage solutions that far exceed conventional materials. Through its subsidiary, the company also participates in the mineral exploration industry and holds interests in graphite and gold mining assets such as the El Mundo and the La Reyna projects in Mexico. | $5 | -2% | $89M | $89M | ||||
| Voltatron AG, formerly Voltabox AG is a provider of energy generation and storage solutions OEM. private and commercial customers. It is engaged in the development, manufacturing, and distribution of high-performance rechargeable battery systems with integrated battery management systems based on Lithium-Ion technology for a wide range of applications such as in public transportation vehicles, commercial and industrial vehicles as well as intralogistics. The operating segment are Volta mobil and Volta Store. | $4 | -40% | $86M | $84M | ||||
| Wallbox NV is a smart electric vehicle charging and energy management company. It creates a smart charging system combining technology design that manages the communication between the user, vehicle, grid, building, and charger. The company designs, manufactures, and distributes faster, simpler EV charging solutions for residential, business, and public use. Its smart charging product portfolio includes Level 2 alternating current chargers for home and business applications and direct current fast chargers for public applications. The company has three reportable operating segments; Europe, Middle East and Asia (EMEA), its key revenue-generating segment, North America, and Asia-Pacific. | $3 | -36% | $69M | $291M | ||||
| NOVONIX Ltd operates in the lithium-ion battery industry. The company has three operating segments namely Graphite Exploration, Battery Technology, and Battery Materials. Graphite Exploration segment is engaged in the exploration and development of high-grade flake graphite deposits. The Battery Technology segment develops battery cell testing equipment and carries out research and development in battery development. The Battery Materials segment develops and manufactures battery anode materials. The Battery Technology segment generates maximum revenue for the company. | $0 | -78% | $67M | $100M | ||||
| Gogoro Inc is focused on eliminating the barriers to electric fuel adoption to bring swappable electric power within reach of every urban rider. Its battery swapping technology compromises an interoperable platform that seamlessly integrates a comprehensive ecosystem of hardware, software, and services, which consists of Gogoro Smart Batteries, GoStations, Gogoro Network Software & Battery Management Systems, Smartscooter, and related components and kits. Geographical presence in Taiwan and Other countries, majority of its revenue comes from Tiwan. | $3 | -49% | $61M | $348M | ||||
| Ilika PLC is a pioneer in solid-state battery technology, enabling solutions for applications such as industrial Internet of Things, MedTech, electric vehicles, and consumer electronics. The group operates in two product lines: STEREAX CELLS used to power miniature medical devices and industrial IoT, and GOLIATH LARGE FORMAT CELLS targeting the automotive industry and cordless consumer appliances. The Group operates in one area of activity, namely the production, design, and development of solid state batteries. It operates in Asia, Europe, North America, and the UK. The group generates the majority of its revenue from the UK. | $0 | -- | $58M | $52M | ||||
| Ensurge Micropower ASA provides ultrathin, flexible, and safe energy storage solutions for wearable devices, connected sensors, and beyond. Its solid-state lithium battery (SSLB) technology is positioned to enable the production of powerful, lightweight, and cost-effective rechargeable batteries for diverse applications, such as in hearables, sports and fitness wearables, home and industrial connected devices, and medical wearables, among others. | $0 | -49% | $57M | $62M | ||||
| Carnegie Clean Energy Ltd is the developer of utility-scale solar, battery, wave, and hybrid energy projects. The firm is mainly engaged in CETO wave energy technology/microgrid build, own, operate, which is developing and commercializing technology for zero-emission electricity generation from ocean swell, and the production and sale of energy through the ownership of microgrids; and Solar and Battery engineering and procurement. The firm realizes a majority of its revenue from Garden Island Microgrid through electricity sales. | $0 | +79% | $56M | $57M | ||||
 | Monbat AD is a Bulgaria-based company engaged in the production and maintenance of and sale of batteries; engineering and development activity; production and trade of equipment used in battery manufacturing; domestic and foreign trade and establishment of commercial networks; specialized stores and representative offices; recycling of lead and lead containing alloys. The company's product range includes starter batteries, stationary batteries, deep cycle batteries, and leisure batteries, special batteries for military applications and locomotive batteries. Additionally, it is also involved in the production of light emitting diode (LED) lighting. The company operates geographically across Bulgaria, Serbia, Romania, Nigeria, and others. | $1 | -6% | $44M | $154M | ||||
| 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. | $4 | -74% | $43M | $334M | ||||
| Friwo AG is engaged in the communication business sector. The company's portfolio includes standard, custom power supply, and charging solutions. It sells power supply units and chargers, drivers and dimmer solutions for light-emitting diode (LED) technology, as well as accessories, from primary and secondary adapters to power cords, and protective covers for LED drivers. The company operates throughout the German region. | $4 | -48% | $37M | $43M | ||||
| Enapter AG is engaged in research and development in the field of hydrogen systems with a focus on electrolysis, project management in Renewable Energy Systems and Smart-Grid Technology, software development for Smart Grid, Smart Energy and Industry 4.0 and Internet of Things (IoT), and manufacturing and production, design, planning, trading and resale of electrolysers and similar products and related software and control systems. Specifically, the Enapter Group develops and manufactures patented electrolysers based on Anion Exchange Membrane (AEM) technology. the Group had only one reportable segment which is the design and production of hydrogen generators based on patented anion exchange membrane electrolysis (AEM electrolysis) and pursues. | $1 | -43% | $35M | $72M | ||||
| Path2 Hydrogen AG is focused on advancing the hydrogen infrastructure economy. It involves in liquefaction, transfer and storage of hydrogen and equipment. | $0 | -64% | $33M | $56M | ||||
| Lion E-Mobility AG is engaged in the field of electrical energy storage and lithium-ion battery technology. The main business activities are carried out within the subsidiary LION Smart GmbH, which develops and sells battery packs and battery management systems, and its associate TUV SUD Battery Testing GmbH, which tests and certifies storage systems for electrical energy. | $1 | -- | $27M | $27M | ||||
| 1414 Degrees Ltd is engaged in developing and commercializing its silicon-based thermal energy storage technology, SiBrick to provide industrial high-temperature heat from low-cost electricity and biogas. Its other products include the SiBox thermal energy storage system which uses SiBrick technology to store renewable electricity as latent heat; and SiPHyR, an integration between a fluid reactor technology and SiBrick to produce hydrogen and solid carbon. The company is also engaged in developing its Aurora Renewable Energy Precinct, a planned renewable energy park to produce, store, and deliver electricity. | $0 | +60% | $27M | $26M | ||||
| Full Circle Lithium Corp is a lithium processor focused on lithium and battery materials reintegration to meet the demand for crucial battery-grade raw materials, utilizing proprietary technology and know-how. Full Circle is focused on three complementary battery material processing divisions: battery recycling from end-of-life lithium-ion batteries, lithium feedstock recycling from industrial and chemical feedstock, and lithium refinery from upstream feedstock. The company operates in only one reportable segment, being the manufacture and sale of a lithium-ion battery fire extinguishing agent, FCL-X. | $0 | -- | $27M | $26M | ||||
| Helios Marine AD is a Bulgarian technology company that develops sustainable solutions in the maritime industry. Its products include battery systems, electronics, and software solutions, including Helios Marine Batteries and Helios Marine Link, which are integrated for maritime applications. The company also develops electric boats that incorporate its battery and technology solutions. | $10 | -- | $25M | $27M | ||||
| Ampeak Energy Ltd is a developer, builder, owner and operator of sustainable energy projects. It considers its business as four operating segments: Project Development, Tidal, Battery Storage and Corporate. The Tidal segment focuses on the operation and further development of the flagship tidal stream project, MeyGen. Revenues from the Tidal segment are derived from MeyGen's contract to sell generation and renewable obligation certificates. The Battery Storage segment reports the income from each of its BESS projects; the operating costs associated with the Uskmouth site and the valuation of the battery storage project portfolio. The Project Development segment reports the project development costs incurred on all projects. It derives majority of revenue from Battery Storage segment. | $0 | -- | $21M | $165M | ||||
| Bimergen Energy Corp is a renewable energy project developer that enables the clean energy transition and provides critical grid stability via solutions across a range of applications through portfolio of utility-scale Battery Energy Storage System (BESS) and solar development projects. Its portfolio includes approximately 23 development-stage utility-scale BESS projects with a projected total storage capacity of around 1.965 gigawatts (GW) and approximately 13 development-stage solar energy projects expected to generate around 1.640 GW upon completion and operation. | $3 | -48% | $20M | $11M | ||||
| Dragonfly Energy Holdings Corp is a manufacturer of non-toxic deep cycle lithium-ion batteries that are designed to displace lead acid batteries in a number of different storage applications and end markets including RV, marine vessel, and solar and off-grid industries, with disruptive solid-state cell technology currently under development. The company's deep cycle lithium iron phosphate ("LFP") batteries provide numerous advantages compared to incumbent products, such as lead-acid batteries. LFP batteries are non-toxic and environmentally friendly, do not rely on scarce or controversial metals, and are a cost-effective storage solution. | $1 | -85% | $14M | $64M | ||||
 | Fabrica Nacional de Acumuladores Etna SA manufactures and markets accumulators and batteries. It is used for light vehicles, cars, vans, trucks, tractors, speedboats, heavy transport, computer stations, solar panels, and general household use. The company provides solutions to automotive, marine, golf, sustainable energy, etna express, injection services, lea supply, and distribution channels. The company products include ETNA professional, ETNA professional free maintenance, ETNA high free performance maintenance, ETNA platinum, ETNA pinky, ETNA start stop, ETNA industrial, ETNA golfcart, ETNA ecovoltaic, and ETNA ecosystem. | -- | -- | $10M | $10M | ||||
| Upergy is engaged in the business of distributing lighting products, rechargeable batteries, PMR batteries and chargers, lead batteries, and solar products. | $2 | -12% | $7M | $12M | ||||
| Stardust Power Inc is developing a lithium refinery at its Facility in Muskogee, Oklahoma, with planned capacity of producing up to 50,000 metric tons per annum of BGLC once fully operational. The company will source lithium brine feedstock from various suppliers and may make investments upstream to secure additional feedstock. The Company seeks to sell its products to electric vehicle (EV) manufacturers as the primary market, with potential applications in other areas such as battery manufacturers, the U.S. military, and original equipment manufacturers (OEMs). | $0 | -96% | $4M | $7M | ||||
| Elong Power Holding Ltd is engaged in research and development, manufacturing, sales, and service of high-power lithium-ion batteries for electric vehicles and construction machinery, as well as large-capacity, long-cycle lithium-ion batteries for energy storage systems. The company has a comprehensive product and technology system that includes battery cells, modules, system integration, and battery management system (BMS) development, based on high-power lithium-ion batteries and battery system products for long-cycle energy storage devices. Its product portfolio includes products utilizing lithium manganese oxide and lithium iron phosphate, among others, to meet the needs of high-power applications and energy storage applications in various scenarios. | $3 | -100% | $3M | $5M | ||||
| Hopium SA is specialized in the construction of high-end hydrogen powered vehicles. | $0 | -61% | $1M | $8M | ||||
| Median | $4 | -17% | $594M | $587M | 4.8x | (0.5x) |
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