While deals to renewable energy startups have fluctuated over the years, the push for these technologies has become global, with the share of deals outside the United States reaching 41% in 2016, compared to 34% in 2015, and less than 30% in the years prior.
We analyzed equity deals since 2015 to renewable energy companies outside the US. Thirty countries have seen equity funding to a private renewable energy startup in that time frame. Below, we mapped those countries by distribution of type of renewable energy deal.
Our analysis includes residential, commercial, and utility-scale renewable projects, as well as renewable-powered consumer products. It includes only equity deals and convertible notes, and excludes debt.
Key takeaways:
Asia: Since 2015, India has emerged as the leading country for renewable deals outside the US, accounting for nearly 8% of global deal share. India received 21 deals to solar and wind companies, and 2 deals in bio-energy. More recently, ReNew Power received $200M from Japan-based JERA. The country now operates the world’s largest solar power plant.
Solar deals dominated in the rest of Asia, including Saudi Arabia, Taiwan, and Japan. Additionally, Singapore raised funds for ocean/hydro, Thailand raised funds for wind, and Israel raised funds for wind, ocean/hydro energy, and solar.
Africa: Solar deals went to countries like Tanzania, Kenya, and Nigeria, mainly for off-grid solar solutions that allow small businesses and families to generate electricity without connecting to a regional utility provider. Tanzania-based Off-Grid Electric raised $25M in Series C in Q4’15 and an additional $10M in Series D in Q3’16. M-KOPA Solar in Kenya raised 3 deals since 2015, amounting to over $29M in equity funds.
Europe: The UK and Germany dominated in Europe, receiving 4.6% of global deal share each. UK-based wind energy company Lekela Power raised $250M from the Overseas Private Investment Corporation in Q3’16. The top round in Germany was an $85M Series D round raised by energy storage startup Sonnen, from investors including GE Ventures and Envision Energy.
Companies in France raised deals mainly in in the solar and wind sector, with the exception of Glowee, a seed-stage synthetic biology startup using bioluminescence in bacteria for lighting solutions. Glowee, which falls into our “other” category, is not categorized on our map.
North America: Canada received over 3% of global deal share to startups working on a mix of renewable energy solutions, including ocean/hydro, solar, wind, and fuel cell technologies. To name a few, Black Rock Tidal Power raised an $8M growth equity round in Q4’15 from Envirotek and Inerjys Ventures. Bio-energy startup Enerkem raised $38M in a Series F round in Q3’15 from investors including Cycle Capital, Rho Ventures, and Braemar Energy Ventures. Morgan Solar raised $10M in Series C from ArcTern Ventures.
Additionally, Mexico raised 3 solar deals during this period.
South America: Japan-based trading company Sumitomo took a minority stake in Brazil-based sugar and ethanol manufacturer Cosan Biomassa. The two companies joined forces for a bio-fuel venture catering to the European and Asian energy markets.
Australia: Startups Redback Technologies and Evergen raised funds for intelligent energy monitoring and storage solutions. Both are seed-stage companies, with backing from investors like Energy Australia, CSIRO, and AMP Capital Investors.
The table below highlights 92 companies outside the United States that have raised equity funds since 2015.
| Companies | Country | Category | Total Funding ($M) | Select Investors |
|---|---|---|---|---|
| Redback Technologies | Australia | Energy Storage | $7.15 | Energy Australia |
| Evergen | Australia | Energy Storage | $2.82 | CSIRO, AMP Capital Investors |
| Wakati | Belgium | Solar | $0.05 | Food-X |
| Storm Holding 4 | Belgium | Wind | $12.46 | TINC Comm |
| Cosan Biomassa | Brazil | Bio-energy | NA | Sumitomo |
| Black Rock Tidal Power | Canada | Tidal/wave | $11.43 | Envirotek, Inerjys Ventures |
| Enerkem | Canada | Bio-energy | $389.13 | Cycle Capital, Rho Ventures, Waste Management, Fonds de Solidarite FTQ, Westly Group, FondAction CSN, Braemar Energy Ventures |
| Instream Energy Systems | Canada | Fuel Cell | $3.54 | NA |
| Pan American Hydro Corp | Canada | Tidal/wave | $0.08 | NA |
| XTidal | Canada | Tidal/wave | NA | Innovacorp |
| Dingbot | Canada | Solar | $0.02 | Innovacorp |
| Morgan Solar | Canada | Solar | $50.10 | ArcTern Ventures |
| QD Solar | Canada | Solar | $4.46 | KAUST Innovation Fund, MaRS Innovation, DSM Venturing |
| Tespack | Finland | Solar | $0.25 | Startupbootcamp Smart City & Living |
| SunPartner Technologies | France | Solar | $29.79 | D’Ieteren, LAC International, NTT DoCoMo Ventures |
| Solairedirect | France | Solar | $429.30 | KGAL, Capital Stage, BlackRock, HSH Nordbank |
| IDEOL | France | Wind | $27.80 | Paca Investment, Demeter Partners |
| NewWind R&D | France | Wind | $1.24 | Initiative Armor, Credit Mutuel, WiSEED, Credit Agricole Corporate and Investment Bank |
| Imeon Energy | France | Solar | $1.80 | Pleiade Venture, Ouest Croissance, Bretagne Jeunes |
| Glowee | France | Other/Hybrid | $0.68 | WiSEED |
| DZ-4 | Germany | Solar | NA | EnBW New Ventures |
| Elcomax | Germany | Fuel Cell | $13.12 | Emerald Technology Ventures, Kleiner Perkins Caufield & Byers |
| Younicos | Germany | Energy Storage | $50.00 | Grupo Ecos, First Solar |
| EEW Energy from Waste | Germany | Bio-energy | NA | EQT Partners |
| sonnen | Germany | Energy Storage | $99.13 | INVEN Capital, GE Ventures, Envision Energy |
| NexWafe | Germany | Solar | $8.74 | Fraunhofer Venture |
| Mobisol | Germany | Solar | $15.53 | Investec Asset Mangement, Dutch Government, Deutsche Investitions- und Entwicklungsgesellschaft, International Finance Corporation |
| Heliatek | Germany | Solar | $138.93 | High-Tech Grunderfonds, BASF Venture Capital, Wellington Partners, CEE Group, Engie New Ventures, AQTON, Innogy Venture Capital, BNP Paribas, E-Capital, TUDAG |
| Aquakin | Germany | Tidal/wave | NA | Wuppermann |
| ReNew Power Ventures | India | Other/Hybrid | $1,380.00 | Asian Development Bank, Abu Dhabi Investment Authority, Global Environment Fund Management, Goldman Sachs |
| Welspun Renewables Energy | India | Wind | $802.40 | GE Capital |
| Fourth Partner Energy | India | Solar | $2.00 | Seed Capital Assistance Facility, INFUSE Ventures, Chennai Angels |
| Amplus Energy Solutions | India | Solar | $150.00 | I Squared Capital |
| Simpa Networks | India | Solar | $21.21 | Village Capital |
| Zynergy | India | Solar | NA | Kohli Ventures |
| Greenlight Planet | India | Solar | $19.00 | Global Partnerships, Eight Roads Ventures, Deutsche Bank |
| Ostro Energy | India | Wind | $230.00 | Actis Capital |
| Urjas | India | Bio-energy | $0.10 | Manish Gupta, Aniruddha Malpani |
| Ecozen Solutions | India | Solar | $1.00 | Omnivore Partners |
| Green Power Systems | India | Bio-energy | NA | i2india Venture Factory |
| SunTerrace Energy | India | Solar | NA | Sunergy Investors |
| kWatt Solutions | India | Solar | $0.50 | NA |
| Applied Solar Technologies | India | Solar | $85.60 | Australian Future Fund, Capricorn Investment Group, International Finance Corporation, Bessemer Venture Partners |
| Oizom | India | Solar | $0.03 | SparkLabs |
| Steelite Capella Wind | India | Wind | $62.50 | Millennium Energy Corporation |
| Ezon Energy | India | Solar | $21.00 | Natori Nohisa |
| ThinkPhi | India | Solar | NA | Nimmagadda Prasad |
| Zolt Energy | India | Solar | NA | NA |
| SITAC RE | India | Wind | $168.50 | EDF Energies Nouvelles |
| Terra Solar | Ireland | Solar | $2.73 | Electricity Supply Board |
| Eco Wave Power | Israel | Tidal/wave | $2.00 | Pirveli Ventures |
| Sol Chip | Israel | Solar | $6.00 | Dowell Property Holdings |
| Pentalum Technologies | Israel | Wind | $22.50 | Draper Fisher Jurvetson |
| Utilight | Israel | Solar | $7.40 | SCI Advanced Technology Fund |
| 40South Energy | Italy | Tidal/wave | $2.40 | Invitalia Ventures, Enel Green Power |
| Digital Grid | Japan | Solar | $11.57 | Japan International Cooperation Agency |
| M-KOPA Solar | Kenya | Solar | $61.80 | Generation Investment Management |
| PowerGen Renewable Energy | Kenya | Solar | $4.50 | Billy Harbet, AHL Venture Partners, DOB Equity, Marc Beuls |
| Enlight | Mexico | Solar | NA | ALL Venture Partners |
| Kessel Solar | Mexico | Solar | $0.03 | Kickstart Accelerator |
| Masar | Netherlands | Solar | $0.02 | Rockstart Accelerator |
| SolarFreezer | Netherlands | Solar | NA | VolkerWessels, Twente Technology Fund |
| BigSolar | Netherlands | Solar | $3.30 | Amsterdam Klimaat & Energiefonds, Stichting DOEN |
| Solease | Netherlands | Solar | $0.65 | CF Capital Management |
| Lumos Global | Nigeria | Solar | $90.00 | VLTCM, Pembani Remgro Infrastructure Fund, ICV |
| Otovo | Norway | Solar | $2.70 | Agder Energi Venture AS |
| WindPlus | Portugal | Wind | NA | Chiyoda, Mitsubishi Corporation, Engie New Ventures, Repsol Energy Ventures, EDP Ventures |
| NOMADD Desert Solar Solutions | Saudi Arabia | Solar | $1.20 | KAUST Innovation Fund |
| Oolu | Senegal | Solar | $0.12 | Y Combinator |
| Nexif | Singapore | Tidal/wave | NA | Denham Capital |
| Adwen | Spain | Wind | NA | Gamesa, Areva |
| Solkompaniet | Sweden | Solar | $1.20 | NA |
| Exeger | Sweden | Solar | $5.40 | Fortum |
| Minesto | Sweden | Tidal/wave | $3.68 | KIC InnoEnergy |
| Sol Voltaics | Sweden | Solar | $40.12 | Riyadh Valley Company, Umoe, Foundation Asset Management, Nano Future Invest, Industrifonden |
| g2e glass2energy SA | Switzerland | Solar | NA | Swisscom Ventures |
| Flisom | Switzerland | Solar | $10.60 | Tata Group |
| Sinogreenergy | Taiwan | Solar | NA | Cathay Financial Holding |
| Off-Grid Electric | Tanzania, United Republic of | Solar | $73.00 | Serious Change Fund, DBL Partners, Omidyar Network, Vulcan Capital |
| WRP Energy | Thailand | Wind | NA | Superblock |
| GAMA Enerji | Turkey | Tidal/wave | NA | Tenaga Nasional Berhad |
| SolarGaps | Ukraine | Solar | $0.24 | Roman Kravchenko |
| Oxford Photovoltaics | United Kingdom | Solar | $37.08 | Longwall Venture Partners, MTI Partners, Parkwalk Advisors, University of Oxford |
| Hamsin Wind | United Kingdom | Wind | $13.91 | Scottish Equity Partners |
| Celtic Renewables | United Kingdom | Bio-energy | $20.05 | Scottish Enterprise |
| Scotrenewables Tidal Power | United Kingdom | Tidal/wave | $36.67 | Total New Energies, Scottish Enterprise, Bonheur, Ganger Rolf, DP Energy, Harland and Wolff, Scotmarine, ABB Technology Ventures |
| PulsiV Solar | United Kingdom | Solar | $0.76 | Frontier IP Group |
| BBOXX | United Kingdom | Solar | $24.90 | MacKinnon, Bennett & Co., Bamboo Finance, DOEN Foundation |
| Urban Wind | United Kingdom | Wind | $45.53 | Zouk Capital |
| Powervault | United Kingdom | Energy Storage | $1.32 | Future matters, London Co-Investment Fund |
| Kite Power Solutions | United Kingdom | Wind | $7.74 | Schlumberger Technology Investments, E.ON Venture Partners, Shell Technology Ventures |
| Lekela Power | United Kingdom | Wind | $427.50 | Overseas Private Investment Corporation |
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