15 Biggest Green Tech Companies in the World
In this article, we will talk about 15 biggest green tech companies in the world. We will also cover some interesting insights on the latest trends in green technology. If you want to skip our detailed analysis, head straight to 5 Biggest Green Tech Companies in the World.
How Important Is Green Energy Investment?
The financialization of green energy has proven to be an undeniable success, with both China and the U.S. emerging as global leaders in attracting capital to fuel the energy sector's transformation. China, in particular, has been remarkably successful, with a staggering $546 billion in green energy investments in 2022, while the U.S. trailed behind with $141 billion.
Moreover, renewable energy has undergone a remarkable transformation. Once deemed costly and risky, heavily subsidized, it has become more affordable than certain traditional fossil fuel sources. Developments in mitigating intermittency issues and energy storage have played an equally pivotal role in this transformation and have raised the possibility that renewables could become the primary electricity source in the next 20-30 years.
The Latest Trends in Green Technology
The eco-friendly solutions like electric vehicles and solar power which once considered niche or unconventional, have now gained mainstream acceptance as part of the collective effort to combat climate change. The Climate Tech 2020 Report, published by PwC, highlighted a massive shift in investment trends. In 2013, venture capital investments in decarbonization solutions amounted to $418 million, but this figure soared to an impressive $16.1 billion in 2019. Subsequently, the momentum continued, with an exceptional $87.5 billion invested in climate tech between July 2020 and July 2021, as reported in the Climate Tech 2021 Report.
Corporations have undergone an equally pertinent evolution in their corporate responsibility initiatives, placing a much stronger emphasis on sustainability. For instance, Alphabet Inc (NASDAQ:GOOG) has taken notable steps to address climate change which is also evident in the eco-routing feature of Google Maps, that has already resulted in a reduction of over 500,000 metric tons of greenhouse gas emissions.
Similarly, Apple Inc (NASDAQ:AAPL) has made pertinent contributions in reducing its carbon footprint in its operations and is actively working towards a carbon-neutral goal by the year 2030. Apple Inc (NASDAQ:AAPL) also encourages its suppliers to adopt clean energy practices. Through their Power for Impact program, Apple Inc (NASDAQ:AAPL) is dedicated to facilitating access to clean energy for communities worldwide. Apple Inc (NASDAQ:AAPL) is considered one of the greenest tech companies.
Moreover, green hydrogen is emerging as a leading force in the clean energy transition and has gained a significant traction and recognition as the energy of the future. In 2023, numerous major green hydrogen projects are set to reach final investment decisions or commence construction, which signifies a shift from theoretical discussions to large-scale reality.
The momentum behind green hydrogen is further amplified by a surge of government subsidy schemes worldwide. The US hydrogen tax credits alone offer up to $3 per kilogram of green hydrogen to producers and promise substantial support. Additionally, the EU and UK Contracts for Difference subsidy programs and Germany's H2Global scheme will also provide financial assistance for clean hydrogen imports.
Digital technology, particularly Artificial Internet of Things (AIoT), also plays a crucial role in accelerating the transition to green hydrogen. The World Economic Forum suggests that AIoT-enabled solutions can cut capital and operating expenses by up to 25%, expediting the commercial viability of green hydrogen by four to seven years. As investments rise and government backing strengthens, the future of green hydrogen is undoubtedly promising.
Clean Energy Projects in the US
In August 2022, the US enacted the Inflation Reduction Act of 2022 to curb inflation, reduce the budget deficit, and invest in domestic clean energy production. According to a report by Climate Power, Georgia ranks second in the U.S. for new private-sector clean energy projects since the Inflation Reduction Act's passage, with 22 projects and 16,678 expected jobs. Michigan leads with 24 projects, while Kansas expects 20,600 jobs. The law has been praised for boosting green energy investments and driving development. However, Governor Brian Kemp criticized the law for having little impact on EV and battery manufacturing expansion.
Ikonoklast Fotografie/Shutterstock.com
Our Methodology
To list the biggest green tech companies in the world, we targeted pure play companies in green technologies and made a list of 20 such companies. Out of those, the 15 companies with highest annual revenue in 2022 were selected and have been ranked in ascending order of high revenue. We acquired data from the income statements of these companies. They are all public green tech companies.
Here is a list of the Largest Green Tech Companies in the World
15. Ormat Technologies, Inc (NYSE:ORA)
Annual Revenue: $734.16M
Ormat Technologies, Inc (NYSE:ORA) is based in Reno, Nevada, and specializes in providing alternative and renewable geothermal energy technology. With over 190 power plants constructed and 3,200 MW installed, it owns and operates 933 MW of geothermal and recovered energy-based power plants as of January 2021. Ormat Technologies, Inc (NYSE:ORA)’s global presence includes supply of over 1000 turbochargers and products like turbines, generators, and heat exchangers.
14. BloomEnergy Corp (NYSE:BE)
Annual Revenue: $1.20B
Bloom Energy Corp (NYSE:BE) is based in San Jose, California, and is known for manufacturing solid oxide fuel cells that generate on-site electricity. Bloom Energy Corp (NYSE:BE) was founded in 2001 and raised over $1 billion in venture capital in 2010 before going public in 2018. Benefiting from government incentives for green energy, the company has installed approximately 600 megawatts worth of fuel cells as of 2020. It is one of the most environmentally friendly tech company.
13. TPI Composites Inc (NYSE:TPIC)
Annual Revenue: $1.52B
TPI Composites Inc (NYSE:TPIC) is the largest U.S-based independent manufacturer of composite wind blades, serving global wind turbine manufacturers. With facilities in North America, Europe, and Asia, the company supports the high-growth wind energy market. TPI Composites Inc (NYSE:TPIC) manufactures wind blades and collaborates on research and development projects with organizations like the U.S. Department of Energy and RecycleWind to further advancements in the industry. It is one the biggest green tech companies in the world.
12. EDP Renováveis
Annual Revenue: $2.21B
EDP Renováveis is a renewable energy company based in Madrid, Spain. It was established in 2007 as part of Energias de Portugal (EDP Group) and operates wind and solar power plants in 13 international markets. EDPR is the world's fourth-largest wind energy generator, with 9.7 gigawatts of installed capacity. Despite challenges like state support, technology changes, and local opposition, the company has earned a reputation for reliability and strong relationships with private equity partners.
11. Sunrun, Inc (NASDAQ:RUN)
Annual Revenue: $2.32B
Sunrun Inc (NASDAQ:RUN) is a San Francisco-based American provider of residential photovoltaic systems and battery energy storage products. Sunrun Inc (NASDAQ:RUN) uses a power purchase agreement (PPA) model to install and maintain solar systems for customers, selling power at agreed rates for 20-25 years. With partnerships, they've installed 5.7 gigawatts of power for around 800,000 customers, including 990 megawatts in 2023. Owing to the growing popularity of photovoltaic systems, solar photovoltaic installers is one of the most in-demand jobs for the future.
10. Enphase Energy Inc (NASDAQ:ENPH)
Annual Revenue: $2.33B
Enphase Energy Inc (NASDAQ:EPNH) is a leading energy technology company since 2006. They produce solar micro-inverters, battery storage, and EV charging stations for residential customers worldwide, shipping over 63 million microinverters to over 145 countries. It is one of the biggest sustainable tech companies in the world.
9. First Solar Inc (NASDAQ:FSLR)
Annual Revenue: $2.62B
First Solar, Inc (NASDAQ:FSLR) is an American solar panel manufacturer and utility-scale PV power plant provider. They use rigid thin-film modules with cadmium telluride (CdTe) semiconductor. Founded in 1990, the company went public in 2006. First Solar, Inc (NASDAQ:FSLR) is based in Tempe, Arizona, and has achieved several milestones, including lowering manufacturing costs to $1 per watt in 2009. It is one of the most important companies in the world.
8. SolarEdge Technologies Inc (NASDAQ:SEDG)
Annual Revenue: $3.11B
SolarEdge Technologies Inc (NASDAQ:SEDG), was established in 2006. The company is the pioneer of the utilizing DC optimized inverter systems and commercialized Power Optimizers. These devices enable module-level maximum power point tracking (MPPT) for solar photovoltaic systems to improve energy production compared to traditional central inverters. Power optimizers are placed behind each solar panel which addresses issues of shading and weather impact. They feed energy individually to a central inverter and allow panel-level monitoring for more efficient performance tracking. SolarEdge Technologies Inc (NASDAQ:SEDG) is one of the top green tech companies in the world.
7. Daqo New Energy Corp (NYSE:DQ)
Annual Revenue: $4.61B
Daqo New Energy Corp (NYSE:DQ) is a Chinese company that manufactures monocrystalline and polysilicon used in solar photovoltaic systems. They operate a manufacturing facility in Shihezi, in the Xinjiang Province of China. Daqo New Energy Corp (NYSE:DQ) previously produced silicon wafers in Chongqing which they discontinued in 2018 and photovoltaic modules in Nanjing which they also discontinued in 2012. Daqo New Energy Corp (NYSE:DQ) is one of the most economical producers of high-purity polysilicon for the solar PV industry.
6. Vestas Wind Systems A/S
Annual Revenue: $14.49B
Vestas Wind Systems AS is a global leader in sustainable energy solutions that specializes in designing, manufacturing, installing, and servicing wind turbines worldwide. With over 166 GW of wind turbines in 88 countries, they have the largest wind power installation globally. They utilize smart data capabilities and manage over 146 GW of wind turbines under service. The company works with customers to deliver top-notch wind power solutions with a promise to provide a brighter and more sustainable future.
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Disclosure: 15 Biggest Green Tech Companies in the World is originally published on Insider Monkey.
