October 2026
Largest Energy Storage Public Companies in Germany
Benchmark revenue and EBITDA valuation multiples for public comps like
SMA Solar Technology, ADS-TEC Energy, Helios Solar, Voltatron and Friwo.
 | 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. | $68 | +126% | $2.4B | $2.2B | 1.3x | (29.1x) | ||
| 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. The company generates revenue mainly through the sale of its products, services, and Big-LinX. Geographically, it derives a majority of its revenue from Germany. | $10 | -14% | $739M | $755M | 21.4x | (255.9x) | ||
| 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 | 264.1x | - | ||
| 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 | -19% | $85M | $83M | 12.6x | (21.3x) | ||
| 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 | -39% | $34M | $40M | 0.5x | 10.6x | ||
| 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 | -44% | $33M | $69M | 2.8x | (3.2x) | ||
| Path2 Hydrogen AG is focused on advancing the hydrogen infrastructure economy. It involves in liquefaction, transfer and storage of hydrogen and equipment. | $0 | -77% | $30M | $56M | 136.2x | (3.9x) | ||
| Median | $4 | -29% | $85M | $83M | 12.6x | (12.6x) |
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