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Which companies are rising stars in renewables in 2024?

Tamarindo looks at the most interesting companies that have been founded in the last five years in the wind, solar, energy storage and power-to-X sectors. These firms are doing big deals now and primed for growth in the years ahead.

RICHARD HEAP

March 11, 2024

When we talk about success in the renewable energy sector, it is tempting to think of the ‘best’ renewable energy companies as those with the longest track records and largest portfolios. We certainly recognise the important contributions of those firms.

However, at Tamarindo, we also like to celebrate newer companies that are ‘rising stars’ in this industry.

In this list, we recognise 15 such companies that have been set up in the last five years and which we believe are having a notable impact on the renewables and cleantech world. Our criteria for including companies are:

  • Founded in 2019 or later
  • Active in renewable energy and related cleantech sectors
  • Can be completely new or a subsidiary of a larger entity
  • Have concluded notable deals or activity in the last two years

Renewable energy aficionados will recognise some of the individuals working for the firms on this list. Some have extensive track records at major players and helped to establish renewable energy as the important force it is today in the global energy mix.

And now, by bringing their expertise to a newer and potentially more agile firm, they can keep finding the novel ideas and technologies that will drive this industry forward in a new phase of growth.

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Bluestar Energy Capital

Bluestar Energy Capital was founded in 2022 by a team led by renewables veteran Declan Flanagan, who previously built Lincoln Clean Energy and sold it to Ørsted. It has also set up development platforms that we could classify as rising stars in their own right: Nova Clean Energy, which is developing wind, solar and storage projects in North America; and BEA Renewables, which is doing similar in Australia.

Key figures: Declan Flanagan, founder and CEO (pictured below); Neil O’Donovan, president & COO; Jennifer Goodwillie, head of development, Nova Clean Energy

 

Corio Generation

Macquarie’s Green Investment Group set up Corio in April 2022 as an offshore wind development specialist with a 15GW project pipeline. In the last two years, Corio has doubled its pipeline to 30GW. Its largest projects include the 2GW West of Orkney in the UK; the 2GW Formosa 3 in Taiwan; and two projects totalling 3GW in the US that it is developing as part of the joint venture Attentive Energy.

Key figures: Jonathan Cole, CEO (pictured below); Alejandro de Hoz, global head of development and deputy CEO; Mark Giulianotti, head of Europe

 

Doral Renewables

Doral Renewables was founded in 2019 as a joint venture between Doral Group and Clean Air Generation, with further capital backing from Apollo Global Management. It is now developing over 40 wind and solar projects across 18 US states with headline capacity of 11GW, of which 9GW is solar; and has signed long-term power purchase agreements worth over $2bn with companies in the US.

Key figures: Nick Cohen, president and CEO (pictured below); Ed Baptista, director of development, agrivoltaics and green hydrogen; Yaki Noyman, CEO, Doral Group

 

Energy Dome

Energy Dome was set up in Milan in February 2020 to develop its proprietary carbon dioxide battery and support wind and solar power to be more dispatchable. The firm secured funding commitments totalling €60m to support the commercialisation of its technology in December 2023: €35m from Breakthrough Energy Catalyst funds and €25m venture debt financing from the European Investment Bank.

Key figures: Claudio Spadacini, founder and CEO (pictured below); Dario Rizzi, co-founder and chief technology officer; Francesco Oppici, business development manager

 

Everfuel

Danish hydrogen firm Everfuel was set up in 2019 to develop greener alternatives to fossil fuels in the industrial and transport sectors. The company is now listed in Oslo and has concluded deals in the last 12 months including a joint venture with Hy24 to develop green hydrogen infrastructure in the Nordics; attracted investment from the Japanese pair Itochu and Osaka Gas; and progressed its HySynergy 1 facility.

Key figures: Jakob Krogsgaard, CEO; Martin Skov Hansen, deputy CEO; Uffe Borup, chief technology officer (pictured below)

 

Galileo Green Energy

European developer Galileo Green Energy was founded in 2020 and now has more than 10GW of onshore wind, offshore wind, solar and storage projects in its pipeline. The company ended 2023 with a bang as it announced a joint venture with Ireland’s Empower Renewables to develop projects in northern Europe; and set up a 300MW partnership to develop onshore wind farms in Italy with Hope Group.

Key figure: Ingmar Wilhelm, CEO; Katy Hogg, chief operating officer (pictured below); Olivier Renon, chief development officer

 

Gazelle Wind Power

Set up in 2020, Gazelle Wind Power provides technology and engineering services to the offshore wind sector. The company unveiled the third generation of its floating offshore wind platform technology in April 2023, which is said was lighter, cheaper and more environmentally friendly than its predecessor. The company also offers engineering services to support the front-end design of offshore wind projects.

Key figures: Jon Salazar, founder and CEO (pictured below); Jason Wormald, chief technical officer; Javier Cavada, chairman

 

HH2E

German green hydrogen producer HH2E was founded in 2021 to convert fossil fuel power stations to run on green hydrogen created using wind and solar power. In the last 12 months, the company has announced deals including a partnership with the Foresight Group to develop a major green hydrogen plant in Lubmin, Germany; and a partnership with H2 Mobility to produce green hydrogen for use in electric vehicles.

Key figures: Alexander Voigt, co-founder and CEO (pictured below); Andreas Schierenbeck, co-founder and board member; Ina Hahndorf, head of project coordination

 

Hydro Rein

Norwegian metals group Hydro formed Hydro Rein in 2021 to develop renewables projects to support the decarbonisation of industry. It recently agreed to buy an 80% stake in a 2.4GW of development-stage wind farms in Sweden and Norway from IOWN, which will retain 20%. This follows a partnership that Hydro Rein formed with Eolus in 2021 to co-develop projects, including the Stor-Skälsjön wind farm.

Key figures: Olivier Girardot, head (pictured below); Tor-Ove Horstad, chief commercial officer and head of Norway; Emil Brustad-Nilsen, chief transaction officer

 

NextWind

German independent power producer Nextwind was launched in 2020 to identify opportunities to profitably repower onshore wind farms in Germany. The business has secured backing from investors including Sandbrook Capital, PSP Investments, and the Investment Management Corporation of Ontario. Nextwind launched with seed funding of $100m, and secured a further $750m in 2023 to support its growth.

Key figures: Lars Meyer, co-CEO (pictured below); Werner Süss, co-CEO; Ewald Woster, chairman

 

Phelas

Phelas was set up in 2020 to develop a containerised long-duration liquid air energy storage system called Aurora, and an energy storage optimisation platform Catalyst. In May 2023, the company teamed up with Danish utility Ørsted and venture capital accelerator fund Rockstart Energy to help commercialise its technology. This follows a tech partnership it formed with Austrian utility Wien Energie in December 2022.

Key figures: Leon Haupt, co-founder and business developer (pictured below); Masoud Ghods, co-founder and chief technology officer; Pit Sippel, co-founder

 

SNOW

Renewable energy advisory SNOW was launched in 2022 by former Green Giraffe experts and offers two main services: fundraising for renewable energy projects and developers; and support on project development. The company’s deals so far have included advising Hexicon on its raise of €45m long-term development funding from Glennmont Partners last year; and it is also working on projects around the world.

Key figures: Jérôme Guillet, managing director (pictured below); Kevin Feldman, managing director; Erkan Uysal, managing director

 

SolarDuck

Founded in 2019, Dutch floating solar company SolarDuck has a growing reputation in the renewables world for partnerships to help offshore wind developers boost the value of their sites. The business is working with RWE Renewables on a project to install floating solar panels at the 800MW OranjeWind offshore wind project; and is partnering with Green Arrow Capital and New Developments on a project in Italy.

Key figures: Koen Burgers, CEO and co-founder (pictured below); Don Hoogendoorn, chief technology officer and co-founder; Harry Post, project manager and co-founder

 

Sosteneo Infrastructure Partners

Generali Group established Sosteneo Infrastructure Partners in 2022 ahead of its official launch in September 2023. The company has secured major deals including its purchase of a 49% stake in Enel’s battery storage subsidiary Enel Libra Flexsys; and is partnering with Edison, Invitalia and Sapem on an energy and steel hub in Italy. It also bought a largestorage project in the UK from Pacific Green in November.

Key figures: Umberto Tamburrino, managing partner, CEO and CIO Europe (pictured below); Ivor Frischknecht, managing partner and CIO Asia Pacific; Chris Twomey, COO and head of asset management

 

Venterra

Offshore wind services firm Venterra was founded in 2021 and has grown its offer in the last year organically and by acquisition. These includes its deal to buy offshore vibro-piling deal CAPE Holland, which concluded in October 2023; the establishment of Asia-Pacific entities in Australia, Japan, South Korea and Taiwan; and the £150m it raised from investors including BeyondNetZero and First Reserve last August.

Key figures: Philippe Kavafyan, CEO (pictured below); Tony Inglis, group development officer; Paul Doherty, executive vice president engineering

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Who did we miss? If you know of other rising star companies in the renewable energy sector that you believe are worthy of recognition, please get in touch with our team at editorial@tamarindo.global