What are the top energy storage startups by revenue today?

The ranking of top startups in the energy storage market by revenue

Below is a table ranking the startups of this market by their current revenue scale. You can find our methodology at the end of this page.

If you want a deeper understanding of the market and its current dynamics, get our report on the energy storage market.

Why are energy storage startups making so much money now?

Energy storage startups are making much more money because battery storage has become a large-scale electricity business, with 108 GW of new capacity installed worldwide in 2025, 40% more than in 2024, according to the International Energy Agency (IEA).

The change in demand is substantial. Global battery storage capacity additions are now eleven times higher than in 2021. Around 80% of new installations in 2025 were utility-scale projects, while China accounted for approximately 60% of worldwide additions.

The technology mix has also become more standardized. Lithium-iron-phosphate (LFP) batteries accounted for around 90% of new deployments, compared with less than half five years earlier. Their relatively low cost and ability to handle frequent charging cycles make them particularly attractive for stationary storage.

This growth has created several different opportunities. Hithium and HyperStrong are benefiting from demand for large battery systems, while EcoFlow and Hello Tech Energy sell portable and residential storage products. Enpal has built a large household energy business around solar installations, batteries and heat pumps.

Companies across these categories are already generating substantial revenue. Energy storage has moved well beyond the stage where commercial success is measured mainly through pilot projects and announced manufacturing capacity.

Which energy storage startups have the highest revenue today?

Hithium holds the first position in our energy storage startup ranking, with CNY 12.9B in FY2024 revenue, followed by HyperStrong with CNY 11.6B in FY2025 and EcoFlow with $1.5B in 2024 annual revenue.

The top five also include Sigenergy and Enpal, while Growatt, Hello Tech Energy, SolaX Power, PowerOak and RelyEZ complete the top ten. The ranking covers several business models, from battery manufacturing and grid-scale integration to portable power and household energy systems.

The figures below retain their original currencies, reporting periods and metric types. Some represent storage-specific revenue, while others cover broader company activities. We also retain the selected historical reporting periods rather than replacing them with newer, less comparable measurements.

Rank	Startup	Revenue	Metric and period
1	Hithium	CNY 12.9B	FY2024 revenue
2	HyperStrong	CNY 11.6B	FY2025 revenue
3	EcoFlow	$1.5B	2024 annual revenue
4	Sigenergy	CNY 9B	FY2025 revenue
5	Enpal	>€1.1B	2025 annual revenue
6	Growatt	CNY 5.23B	FY2025 revenue
7	Hello Tech Energy	CNY 4.14B	FY2025 revenue
8	SolaX Power	CNY 4.08B	FY2025 revenue
9	PowerOak / BLUETTI	CNY 2.17B	FY2024 revenue
10	RelyEZ	CNY 1.87B	FY2025 revenue
11	Energy Vault	$204M	FY2025 revenue
12	Zenobē Energy	£145M	FY2025 revenue
13	Gogoro	$149M	FY2025 battery-swapping service revenue
14	FENECON	~€131M	FY2025 revenue
15	Polarium	SEK 896M	FY2025 revenue
16	Amprius Technologies	$73M	FY2025 revenue
17	ZincFive	$65M	FY2025 revenue
18	GivEnergy	£50.3M	FY2024 revenue
19	myenergi	£43.9M	FY2025 revenue
20	TESVOLT	€46.2M	FY2024 revenue
21	GridBeyond	$47.9M	2024 estimated revenue
22	Battery Smart	INR 3.58B	FY2026 revenue
23	Skeleton Technologies	€29.2M	FY2025 revenue
24	SES AI	$21M	FY2025 revenue
25	Solid Power	$17.9M	FY2025 revenue
26	BeePlanet Factory	€5.06M	FY2024 revenue

How much revenue does Hithium make?

Hithium generated CNY 12.9B in FY2024 revenue, according to the audited financial information in its Hong Kong IPO application, giving it the first position in our energy storage startup ranking.

The company focuses on lithium-ion battery cells and systems designed specifically for stationary energy storage. That specialization gives its revenue a relatively direct connection to the market we are studying.

Its subsequent shipment figures also show how quickly the business has expanded. Hithium announced that cumulative shipments passed 100 GWh in August 2025, then reported reaching 200 GWh in October 2026. The company doubled its cumulative shipments in roughly fourteen months.

Those figures are cumulative rather than annual shipments, but they show that Hithium continued expanding its manufacturing and delivery operations after the FY2024 financial results.

Hithium has also expanded its international manufacturing presence, including its Texas facility, and is increasingly targeting longer-duration storage applications. Its commercial position rests on manufacturing scale, international delivery and a product range dedicated to stationary storage.

Is HyperStrong almost as big as Hithium?

HyperStrong generated CNY 11.6B in FY2025 revenue, placing it second in our ranking and within CNY 1.3B of Hithium's older FY2024 figure.

The company's financial trajectory is particularly strong. Its FY2025 annual report shows revenue increasing from CNY 8.27B in 2024 to CNY 11.61B in 2025, representing growth of approximately 40.4%.

Net profit also increased, reaching approximately CNY 951M in 2025, compared with CNY 648M the previous year. That's a substantial profit for a company growing at this pace.

HyperStrong specializes in integrated energy storage systems, including battery equipment, power conversion, controls and engineering. Its annual report and corporate profile describe a business built around delivering complete storage solutions for utility-scale and commercial customers.

The company also reported cumulative deployed capacity exceeding 50 GWh in 2025. By 2026, its corporate profile reported more than 70 GWh.

Hithium and HyperStrong capture different parts of the same market: Hithium manufactures storage cells, while HyperStrong earns its revenue by delivering complete battery storage systems.

Which portable battery startups make the most money?

EcoFlow ranks third among energy storage startups, followed by Hello Tech Energy in seventh place and PowerOak / BLUETTI in ninth. Portable and residential batteries have clearly become big businesses.

EcoFlow disclosed $1.5B in 2024 annual revenue through its official partner information. Its products include portable power stations, residential backup systems, solar-compatible batteries and associated energy equipment.

Hello Tech Energy generated CNY 4.14B in FY2025 revenue, according to its annual accounts. Its business includes the Jackery brand, which sells portable power stations and solar generators. An especially useful detail in its financial reporting is that storage products generated CNY 3.22B, representing 77.76% of total revenue.

PowerOak, the company behind BLUETTI, reported approximately CNY 2.17B in FY2024 revenue in its Hong Kong IPO filing.

The three companies serve households preparing for power outages, people using portable electricity outdoors and homeowners looking to store electricity generated by solar panels.

Hello Tech's product breakdown is particularly revealing: almost four-fifths of its revenue already comes from storage products. Portable batteries have become a substantial business in their own right rather than an accessory category attached to other consumer electronics.

Is Sigenergy becoming one of the biggest energy storage startups?

Sigenergy ranks fourth with CNY 9B in FY2025 revenue, establishing it as one of the largest residential and commercial energy storage suppliers in our ranking.

The company combines battery storage, hybrid inverters, power electronics and energy management into integrated systems. Its SigenStor product range targets households and commercial customers looking for a coordinated solar, storage and electricity-management solution.

The company's FY2025 revenue figure covers a full financial year, making it a useful baseline for comparison.

Sigenergy also benefits from selling several connected components within the same installation. Customers purchasing a complete system can buy batteries, inverters and associated equipment together, allowing the company to capture more of the value of each installation.

The company's rapid expansion into international markets has helped it reach a scale that would have been difficult to achieve through a purely domestic residential storage business.

Is Enpal really an energy storage company?

Enpal ranks fifth with more than €1.1B in 2025 annual revenue, although its financial results cover a broader household energy business rather than battery storage alone.

The German company sells integrated residential energy systems, combining rooftop solar installations, batteries, heat pumps and related services. Home batteries are an important part of its offering because they allow customers to store excess solar electricity and use it later.

According to Enpal's January 2026 financial announcement, revenue at its operating subgroup increased 25% in 2025, reaching more than €1.1B compared with €890M in 2024.

The same announcement reported that the operating subgroup generated positive free cash flow for the first time over a complete financial year.

Enpal captures revenue from the entire household energy installation. Its financial scale therefore cannot be compared directly with the battery-only sales of a manufacturer such as Hithium.

Enpal still belongs in an energy storage startup ranking because batteries are a central part of its integrated offering, but its €1.1B figure should never be presented as standalone battery revenue.

Are Growatt and SolaX Power making most of their money from storage?

Growatt generates most of its revenue from energy storage systems, while SolaX Power has a broader mix of storage equipment and related solar power products.

Growatt ranks sixth with CNY 5.23B in FY2025 company revenue. Its 2025 IPO information identifies approximately CNY 3.315B in storage-system sales, meaning storage represented around 63% of total revenue.

That is a substantial majority and gives us a relatively clear picture of Growatt's business mix.

SolaX Power ranks eighth with CNY 4.08B in FY2025 consolidated revenue. The company sells battery storage systems, hybrid inverters and other energy equipment, so its total revenue should not be interpreted as battery sales alone.

The two companies compete in a market built around connecting solar generation, batteries and household or commercial electricity systems.

Growatt's disclosed storage share makes its revenue composition easier to quantify, while SolaX's financial results cover a broader integrated solar and storage equipment business.

How big are grid-scale energy storage startups beyond Hithium and HyperStrong?

RelyEZ ranks tenth with CNY 1.87B in FY2025 revenue, followed by Energy Vault in eleventh place with $204M in FY2025 revenue.

RelyEZ supplies integrated battery storage systems for commercial and utility applications. Its FY2025 revenue figure comes from its Hong Kong listing application and offers a useful measure of its industrial scale.

Energy Vault has a different history. The company originally became widely known for its gravity-based storage technology, but its commercial business now includes a broader range of energy storage products and project delivery.

Its FY2025 Form 10-K provides an interesting breakdown: $196.2M of its $203.7M total revenue came from energy storage product sales. That means approximately 96% of its revenue came from this category.

There is also a concentration risk worth watching. Two customers accounted for approximately 88% of Energy Vault's FY2025 revenue, according to the same filing.

Energy Vault has reached meaningful sales, but much of its revenue depends on a small number of large project customers. A delay or cancellation involving one of them could have an outsized impact on its financial results.

Can battery storage companies make serious money without manufacturing batteries?

Zenobē Energy shows that energy storage companies can generate substantial revenue through asset ownership, project development and operations without relying primarily on battery manufacturing.

The British company ranks twelfth with £145M in FY2025 consolidated turnover, according to its Companies House accounts.

Zenobē develops and operates battery storage assets and also offers battery-related services for electric vehicle fleets. Its business involves developing infrastructure, connecting storage systems to electricity markets and managing their operation.

Manufacturers earn revenue when they sell equipment, while infrastructure operators can generate income over the lifetime of their assets and associated services.

Zenobē's £145M figure covers the consolidated group, including activities beyond grid-scale battery storage. Nevertheless, it demonstrates that asset ownership and operating services have already become substantial businesses in the energy storage market.

How much revenue do battery-swapping startups make?

Gogoro generates $149M in FY2025 battery-swapping service revenue, while Battery Smart reported INR 3.58B in FY2026 operating revenue. Battery swapping has become a meaningful commercial business, particularly for electric two-wheelers and three-wheelers.

Gogoro ranks thirteenth in our ranking. Its FY2025 Form 20-F reports $149M in battery-swapping service revenue, an increase of 8.1% from $137.9M in 2024.

The company also generated $132.5M in hardware and other revenue, bringing total FY2025 revenue to $281.5M. Battery swapping therefore accounted for slightly more than half of the company's total revenue.

The model is built around a network of battery-swapping stations that allow electric scooter users to exchange depleted batteries for charged ones. Gogoro reported more than 665,000 subscribers at the end of 2025.

Battery Smart, which operates in India, ranks twenty-second with INR 3.58B in FY2026 revenue. Its network focuses on battery swapping for electric two- and three-wheelers.

The two companies demonstrate how recurring battery services can generate substantial revenue alongside conventional equipment sales. Their figures also belong to a different segment from stationary grid storage, even though battery storage remains central to both businesses.

Which smaller energy storage startups are already making tens of millions?

Several smaller energy storage startups have reached meaningful commercial scale, with FENECON, Polarium, ZincFive, GivEnergy and myenergi among the companies reporting substantial sales.

FENECON ranks fourteenth with approximately €131M in FY2025 revenue. The German company provides residential, commercial and industrial battery systems.

Polarium ranks fifteenth with SEK 896M in FY2025 net sales. Its business focuses on industrial backup power and distributed energy storage, particularly for telecommunications and other applications requiring reliable electricity.

ZincFive ranks seventeenth with $65M in FY2025 revenue, according to its investor presentation filed with the SEC. Its nickel-zinc batteries are designed primarily for mission-critical backup power, including data centers.

GivEnergy ranks eighteenth with £50.3M in FY2024 turnover. The company subsequently entered administration in April 2026, and GivEnergy Ltd ceased trading. Its historical revenue therefore provides no indication of current sales from that legal entity.

myenergi ranks nineteenth with £43.9M in FY2025 turnover, while TESVOLT ranks twentieth with €46.2M in FY2024 revenue. Both operate in the broader residential and commercial energy equipment market.

GridBeyond ranks twenty-first with an estimated $47.9M in 2024 revenue. Skeleton Technologies ranks twenty-third with €29.2M in FY2025 revenue, and BeePlanet Factory ranks twenty-sixth with €5.06M in FY2024 sales.

These companies cover very different applications, from industrial backup and commercial batteries to electricity optimization software and second-life battery systems. Their individual business models are just as important as the revenue figures.

Are advanced battery startups already generating meaningful revenue?

Advanced battery startups are beginning to generate real sales, but Amprius, SES AI and Solid Power remain much smaller businesses than the leading storage manufacturers.

Amprius Technologies ranks sixteenth with $73M in FY2025 revenue, according to its SEC filing. Its silicon-anode battery technology targets applications requiring high energy density, including aviation and specialized mobility.

SES AI ranks twenty-fourth with $21M in FY2025 revenue. Its financial statements show that $13.6M came from services and $7.4M from battery products.

Most of SES AI's commercial activity therefore still comes from development services rather than large-scale battery manufacturing.

Solid Power ranks twenty-fifth with $17.9M in FY2025 revenue, primarily from electrolyte materials and development agreements.

These companies are commercially active, but their financial profiles still reflect an earlier stage of industrial development. Amprius has meaningful product sales, while SES AI and Solid Power continue to rely substantially on customer-funded development and technology-related activities.

Are energy storage startups with high revenue actually making profits?

Energy storage startups have very different profitability profiles, and some companies generating hundreds of millions in revenue are still losing money.

HyperStrong offers one of the strongest examples of profitable growth. Its FY2025 net profit reached approximately CNY 951M, alongside revenue of CNY 11.6B.

Enpal also reported a positive free cash flow for its operating subgroup in 2025, its first positive full-year result.

Other companies face more difficult economics. SolaX Power increased FY2025 revenue by 32.84%, but its net profit attributable to shareholders fell 40.61% to approximately CNY 121M.

Gogoro reported a FY2025 net loss of approximately $80M despite generating $281.5M in total revenue. Its full-year gross margin was approximately 8.2%.

Polarium's FY2025 results provide another useful example. Net sales fell from SEK 1.33B in 2024 to SEK 896M in 2025, although gross profit improved to SEK 114M from a negative SEK 46M. Its EBITDA loss also narrowed substantially, from SEK 270M to SEK 61M.

Revenue alone tells us little about the quality of these businesses. Manufacturing costs, installation expenses, customer acquisition, working capital and project timing can eat into sales very quickly. HyperStrong's profitability looks particularly strong against that backdrop.

Why are Chinese energy storage startups so prominent in the revenue ranking?

Chinese companies occupy nine of the first ten positions in our energy storage startup ranking, making China's manufacturing ecosystem the clearest geographical concentration in the industry.

The nine companies are Hithium, HyperStrong, EcoFlow, Sigenergy, Growatt, Hello Tech Energy, SolaX Power, PowerOak / BLUETTI and RelyEZ. Enpal, headquartered in Germany, is the only non-Chinese company in the top ten.

The concentration extends beyond the highest-revenue businesses. Sermatec and AlphaESS also appear among the companies with quantified commercial-scale indicators.

The IEA's deployment figures help explain this pattern. China accounted for approximately 60% of new global battery storage capacity in 2025, giving domestic manufacturers access to an enormous market for battery cells, systems and related equipment.

The companies also operate across different parts of the supply chain. Hithium manufactures storage batteries, HyperStrong integrates large systems, EcoFlow and PowerOak sell portable storage products, while Growatt and SolaX Power combine batteries with solar power electronics.

China's advantage is much broader than one battery technology or one type of customer. Its manufacturers are generating substantial revenue across grid-scale, residential and portable storage, with businesses at several stages of the supply chain.

Are long-duration energy storage startups catching up with lithium-ion suppliers?

Long-duration energy storage startups are securing larger projects and contracts, but their disclosed commercial figures still consist mainly of project capacity and backlog rather than comparable annual revenue.

Form Energy is developing iron-air batteries designed for long-duration electricity storage. The company reported approximately 80 GWh of contracted backlog in 2026, showing that customers are willing to commit to a technology that targets much longer discharge periods than conventional lithium-ion systems.

Energy Dome is pursuing compressed-CO2 storage and reported more than 2 GWh of projects operating or under contract in 2026.

Highview Power is developing liquid-air energy storage, including a 50 MW / 300 MWh facility under construction. Hydrostor has disclosed a 50 MW / 400 MWh contracted advanced compressed-air storage project.

These technologies target electricity systems that need storage for longer periods, particularly when renewable generation fluctuates over extended periods.

The contracts are getting bigger, but the companies still need to turn projects into delivered systems and recognized sales. The financial scale already achieved by the largest lithium-ion suppliers remains considerably more established.

Can thermal energy storage startups become major energy businesses?

Thermal energy storage startups have started operating industrial-scale projects, creating a commercial market around storing heat rather than electricity alone.

Antora Energy reported a 5 GWh industrial thermal battery commissioning project in 2026. Its technology stores energy as heat and supplies industrial customers with high-temperature thermal energy.

Rondo Energy has already moved further into operation. Its 100 MWh industrial heat battery entered commercial operation in October 2025, supplying continuous industrial steam using solar electricity.

Polar Night Energy also operates a 100 MWh commercial sand battery, while Electrified Thermal Solutions reported a 20 MWh commercial-scale thermal battery operating in early 2026.

MGA Thermal has demonstrated a 5 MWh thermal storage installation.

Many industrial facilities need continuous heat for manufacturing processes, and thermal batteries can store electricity or other energy inputs before delivering heat when required.

One important caveat: a GWh of stored thermal energy should not be directly compared with a GWh of electricity storage. The technologies serve different applications and have different commercial economics.

The projects show that thermal storage is moving beyond laboratory development, although the companies' annual revenue remains largely undisclosed.

Do billion-dollar energy storage contracts mean a startup has billion-dollar revenue?

A billion-dollar energy storage contract can demonstrate substantial customer demand, but it does not mean that the startup has already generated a billion dollars in revenue.

Peak Energy provides a good example. The sodium-ion battery startup announced approximately $1.1B in contracted commitments, associated with more than 6 GWh of storage demand.

That is a large commercial commitment, especially for a company developing an alternative battery chemistry. However, the figure represents bookings rather than recognized revenue.

Form Energy's approximately 80 GWh backlog raises the same question. It demonstrates substantial customer commitments for long-duration storage, but the value of those future deliveries should not be confused with completed sales.

EnerVenue has also disclosed an 11 MWh commercial order for its metal-hydrogen storage technology.

The timing of revenue recognition depends on project delivery, contractual obligations and accounting treatment. A large contract can generate revenue over several years, and some projects may be delayed or modified.

For now, these announcements show that emerging technologies are attracting serious customers. They do not justify placing the companies alongside established manufacturers based on revenue.

Can energy storage software startups make serious money without selling batteries?

Energy storage software startups can generate meaningful revenue by helping operators manage electricity assets, optimize battery dispatch and participate in energy markets.

GridBeyond ranks twenty-first with an estimated $47.9M in 2024 revenue, according to CB Insights. Its business combines software, electricity-market optimization and flexibility services.

FlexGen has disclosed more than 25 GWh of storage projects supported through its software and services. That is a substantial operational footprint, although the figure combines completed and contracted projects and does not establish annual revenue.

TWAICE develops battery analytics software for storage operators and manufacturers, but we have not found a comparable public revenue figure for the company.

Software businesses can expand the amount of storage they manage without building new factories. Still, a managed fleet's capacity cannot be converted directly into company revenue.

GridBeyond's estimated sales show that software and energy flexibility can support a meaningful business. FlexGen and TWAICE have demonstrated operational reach, but their annual turnover is harder to assess.

Which energy storage startups have real projects but no disclosed revenue?

Several energy storage startups have already secured customers, installed equipment or begun manufacturing, although their public disclosures still do not establish comparable annual revenue.

Peak Energy's bookings, Form Energy's backlog and Energy Dome's operating or contracted projects illustrate the commercial progress being made by newer storage technologies.

Other companies have reached different milestones. Sermatec reports more than 15 GWh in cumulative deliveries, while AlphaESS reports more than 300,000 installed systems. These are meaningful measures of commercial activity, but they do not tell us how much revenue the companies recognized over a particular year.

The following positions preserve the commercial-scale assessment while keeping each company's disclosed measurement separate from financial revenue.

Position	Startup	Disclosed commercial indicator	Period
27	Peak Energy	$1.1B bookings	As of Jul 2026
28	Form Energy	80 GWh contracted backlog	As of Mar 2026
29	Energy Dome	>2 GWh operating or contracted	As of Oct 2026
30	FlexGen	>25 GWh projects supported	As of Aug 2025
31	Sermatec	>15 GWh cumulative deliveries	Undated
32	AlphaESS	>300K systems installed	Undated
33	Highview Power	50 MW / 300 MWh under construction	As of May 2026
34	Hydrostor	50 MW / 400 MWh contracted	As of Feb 2026
35	Antora Energy	5 GWh system commissioning	As of May 2026
36	Rondo Energy	100 MWh operating capacity	As of Oct 2025
37	Polar Night Energy	100 MWh operating capacity	As of Jun 2025
38	Electrified Thermal Solutions	20 MWh operating capacity	As of Jan 2026
39	InoBat	30 MWh industrial project	As of Jan 2026
40	EnerVenue	11 MWh commercial order	As of Sep 2026
41	MGA Thermal	5 MWh demonstration capacity	As of Apr 2025
42	Morrow Batteries	Commercial deliveries begun	As of Jan 2026
43	ProLogium	Mass production commenced	As of Sep 2026

Quidnet Energy, Gravitricity, Fourth Power, Malta, Hydrogenious LOHC, TWAICE, Sunamp, Lunar Energy, Base Power and Exowatt remain unranked because we could not establish a sufficiently comparable public revenue figure or quantified commercial-scale measurement.

So, which energy storage startups make the most money today?

Hithium is the top energy storage startup by revenue in our ranking, followed by HyperStrong, EcoFlow, Sigenergy and Enpal. These five companies have already built large businesses around battery manufacturing, integrated storage systems and household energy equipment.

The strongest revenue concentration is in Chinese manufacturers and equipment suppliers. Nine of the first ten positions belong to Chinese-headquartered startups, while the rest of the ranking includes European infrastructure operators, residential energy businesses, battery-swapping networks and specialized technology developers.

The financial evidence also favors companies that have already established repeatable sales. Hithium and HyperStrong have reached multibillion-yuan revenue, EcoFlow has built a $1.5B business around portable and residential power, and Sigenergy has reached CNY 9B in FY2025 sales.

Meanwhile, the next generation of long-duration and thermal storage companies is attracting substantial contracts and building real projects. Their technology could become increasingly important as electricity systems require longer storage periods, although their revenue still needs to catch up with their commercial ambitions.

For now, Hithium leads, with HyperStrong close behind. The biggest energy storage businesses are being built by companies that can manufacture, deliver and sell storage systems at scale.