What are the most valued startups in the LDES market?

Last updated: 9 June 2026

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market research pitch 2026 statistics LDES market

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The LDES market is becoming one of the most important parts of the energy transition, because power grids need storage that can discharge for 10 hours or more.

This ranking tracks the most valuable LDES startups, from iron-air batteries and flow batteries to compressed-air storage, thermal storage, gravity storage, and pumped-hydro systems.

We update this list every month, so founders, investors, operators, and analysts can follow how valuations change in this fast-moving market.

And if you want to better understand this new industry, you can download our pitch covering the LDES market.

A quick summary table

Metric Value
Most valuable LDES startup Eos Energy Enterprises, at $3.6B
Second most valuable LDES startup Form Energy, at $3.1B–$4.0B
Median LDES startup valuation About $35M
Share of total LDES valuation captured by the top 10 About 80%
Top LDES startup valuation vs. median About 103x higher
Median LDES valuation-to-capital-raised ratio About 3.7x
LDES startups valued at $1B+ 8 startups
Market map chart showing top companies and startups in the LDES market

This market map, featured in our LDES market deck, highlights top companies and startups in the LDES market

Top startups in the LDES market ranked by valuation

Here is an updated table that ranks the top startups in the LDES market based on their latest reported or estimated valuations.

If you want more detaild about their fundraising activity, you can check our list of the startups who have raised the most funding in the LDES market.

# Startup Name What They Do Current Valuation ($) Valuation Confidence Level Valuation Type Evidence Status Total Funding ($) Funding Confidence Level
1 Eos Energy Enterprises Zinc battery storage $3.6B Full Confidence Public Market Cap Observed $316M Partial Confidence
2 Form Energy Iron-air grid batteries $3.1B–$4.0B Strong Confidence Implied Valuation from Raise Implied $1.2B Strong Confidence
3 EnerVenue Metal-hydrogen grid batteries $2.0B–$3.8B Partial Confidence Implied Valuation from Raise Implied $445M Partial Confidence
4 Hydrostor Compressed-air storage $1.3B–$2.3B Partial Confidence Implied Valuation from Raise Implied $250M Low Confidence
5 Antora Energy Thermal batteries for industry $1.0B–$1.8B Partial Confidence Implied Valuation from Raise Implied $309M Partial Confidence
6 Rongke Power Vanadium flow battery systems $1.0B–$1.8B Partial Confidence Implied Valuation from Raise Implied $145M Strong Confidence
7 CMBlu Energy Organic solid-flow batteries $1.2B Full Confidence Announced Private Round Valuation Observed $165M Strong Confidence
8 Highview Power Liquid-air energy storage $800M–$1.3B Partial Confidence Comparables-Based Estimate Estimated $450M Partial Confidence
9 Sage Geosystems Geothermal pressure storage $650M–$1.2B Partial Confidence Implied Valuation from Raise Implied $146M Partial Confidence
10 Energy Vault Gravity storage systems $889M Full Confidence Public Market Cap Observed $752M Partial Confidence
11 Energy Dome CO2 battery storage $300M–$500M Partial Confidence Comparables-Based Estimate Estimated $84M Strong Confidence
12 Malta Thermal energy storage $300M–$500M Partial Confidence Implied Valuation from Raise Implied $122M Strong Confidence
13 Invinity Energy Systems Vanadium flow batteries $250M–$300M Strong Confidence Public Market Cap Observed $170M Partial Confidence
14 RedoxBlox / Tempo Thermochemical industrial heat storage $200M–$320M Partial Confidence Implied Valuation from Raise Implied $41M Strong Confidence
15 Rye Development Pumped-hydro storage developer $150M–$300M Low Confidence Proxy-Based Estimate Estimated $0 Low Confidence
16 e-Zinc Zinc-air long-duration batteries $180M–$260M Partial Confidence Implied Valuation from Raise Implied $60M Strong Confidence
17 TerraFlow Energy Vanadium flow battery systems $130M–$250M Partial Confidence Implied Valuation from Raise Implied $20M Partial Confidence
18 ESI Asia Pacific Iron-flow battery manufacturing $150M–$230M Partial Confidence Implied Valuation from Raise Implied $23M Partial Confidence
19 H2, Inc. Vanadium flow batteries $110M–$200M Partial Confidence Implied Valuation from Raise Implied $34M Partial Confidence
20 Noon Energy Carbon-oxygen long-duration battery $110M–$190M Partial Confidence Implied Valuation from Raise Implied $31M Strong Confidence
21 VRB Energy Vanadium flow battery systems $120M–$160M Strong Confidence Implied Valuation from Raise Implied $169M Strong Confidence
22 VFlowTech Vanadium flow battery systems $110M–$160M Strong Confidence Implied Valuation from Raise Implied $34M Full Confidence
23 Fourth Power Thermal grid energy storage $100M–$170M Strong Confidence Implied Valuation from Raise Implied $39M Strong Confidence
24 Photoncycle Seasonal hydrogen storage $85M–$140M Strong Confidence Implied Valuation from Raise Implied $22M Full Confidence
25 MGA Thermal Industrial thermal storage blocks $80M–$150M Partial Confidence Implied Valuation from Raise Implied $21M Strong Confidence
26 Quidnet Energy Underground pumped storage $70M–$130M Partial Confidence Implied Valuation from Raise Implied $29M Partial Confidence
27 Offgrid Energy Labs ZincGel stationary batteries $75M–$125M Strong Confidence Implied Valuation from Raise Implied $15M Partial Confidence
28 Time Energy Storage Organic aqueous flow batteries $70M–$130M Partial Confidence Implied Valuation from Raise Implied $14M Strong Confidence
29 Wontai Power Vanadium flow battery systems $60M–$140M Low Confidence Proxy-Based Estimate Estimated $0 Low Confidence
30 Echogen Power Systems sCO2 pumped thermal storage $70M–$120M Partial Confidence Revenue or ARR Multiple Estimate Estimated $59M Low Confidence
31 Allegro Energy Water-based flow batteries $75M–$110M Partial Confidence Announced Private Round Valuation Implied $14M Strong Confidence
32 Magaldi Green Energy Sand thermal energy storage $50M–$120M Low Confidence Proxy-Based Estimate Estimated $0 Low Confidence
33 Quino Energy Organic quinone flow batteries $55M–$90M Strong Confidence Implied Valuation from Raise Implied $15M Strong Confidence
34 Luquos Energy Sulfur-based flow batteries $52M–$87M Strong Confidence Implied Valuation from Raise Implied $13M Strong Confidence
35 Ore Energy Iron-air grid batteries $45M–$80M Partial Confidence Implied Valuation from Raise Implied $11M Full Confidence
36 Primus Power Zinc-bromine flow batteries $40M–$80M Low Confidence Comparables-Based Estimate Estimated $92M Partial Confidence
37 XL Batteries Organic flow batteries $45M–$75M Partial Confidence Implied Valuation from Raise Implied $25M Partial Confidence
38 StorEn Technologies Residential vanadium flow batteries $55M–$65M Partial Confidence Active Raise Valuation Observed $3M Partial Confidence
39 Zhonghe Energy Storage / ZH Energy Flow battery materials systems $40M–$70M Partial Confidence Proxy-Based Estimate Estimated $2M Partial Confidence
40 Sinergy Flow Sulfur flow batteries $30M–$55M Strong Confidence Implied Valuation from Raise Implied $10M Full Confidence
41 CellCube Vanadium flow batteries $35M–$70M Low Confidence Proxy-Based Estimate Estimated $2M Low Confidence
42 Qnetic Long-duration flywheel storage $45M–$50M Strong Confidence Active Raise Valuation Observed $9M Partial Confidence
43 Sizable Energy Offshore pumped-hydro storage $35M–$60M Strong Confidence Implied Valuation from Raise Implied $9M Strong Confidence
44 Redox One Iron-chromium flow batteries $20M–$50M Low Confidence Proxy-Based Estimate Estimated $0 Low Confidence
45 APEX CAES Compressed-air storage plants $20M–$50M Low Confidence Comparables-Based Estimate Estimated N/A Low Confidence
46 Elestor Hydrogen flow battery storage $25M–$45M Low Confidence Acquisition Value Estimated $31M Partial Confidence
47 1414 Degrees Silicon thermal energy storage $33M–$36M Strong Confidence Public Market Cap Observed $19M Partial Confidence
48 Green Gravity Mine-shaft gravity storage $30M–$45M Partial Confidence Implied Valuation from Raise Implied $7M Strong Confidence
49 PolyFlow Energy Vanadium flow batteries $20M–$40M Low Confidence Proxy-Based Estimate Estimated $0 Low Confidence
50 KEMIWATT Organic flow batteries $22M–$32M Partial Confidence Implied Valuation from Raise Implied $10M Partial Confidence
51 Jena Flow Batteries Organic flow battery systems $15M–$40M Low Confidence Acquisition Value Estimated $0 Low Confidence
52 Mobius Energy Storage Iron slurry flow batteries $16M–$27M Partial Confidence Implied Valuation from Raise Implied $4M Low Confidence
53 Jolt Energy Storage Technologies Organic redox flow batteries $20M–$32M Partial Confidence Implied Valuation from Raise Implied $4M Partial Confidence
54 BaroMar Underwater compressed-air storage $15M–$35M Low Confidence Comparables-Based Estimate Estimated N/A Low Confidence
55 Gravity Power Underground pumped-hydro storage $22M–$28M Partial Confidence Active Raise Valuation Observed $2M Partial Confidence
56 VSUN Energy Vanadium battery deployments $15M–$35M Low Confidence Proxy-Based Estimate Estimated $0 Low Confidence
57 ESS Tech Iron flow batteries $25M Full Confidence Public Market Cap Observed $511M Partial Confidence
58 Cheesecake Energy Compressed-air thermal storage $18M–$30M Low Confidence Implied Valuation from Raise Implied $6M Strong Confidence
59 Ecolyte Organic electrolyte flow batteries $18M–$30M Partial Confidence Proxy-Based Estimate Estimated $0 Low Confidence
60 STOLECT Carnot battery storage $15M–$30M Low Confidence Comparables-Based Estimate Estimated $4M Low Confidence
61 Flux XII Aqueous flow battery materials $16M–$26M Strong Confidence Implied Valuation from Raise Implied $4M Full Confidence
62 H2-Enterprises Hydrogen production and storage $10M–$35M Low Confidence Proxy-Based Estimate Estimated $0 Low Confidence
63 HalioGen Power Membraneless redox flow batteries $12M–$22M Partial Confidence Implied Valuation from Raise Implied $4M Partial Confidence
64 i-battery Vanadium redox flow batteries $10M–$20M Partial Confidence Implied Valuation from Raise Implied $3M Partial Confidence
65 Volterion Flow-battery stacks $10M–$20M Low Confidence Proxy-Based Estimate Estimated $1M Partial Confidence
66 Build to Zero Industrial thermal storage $10M–$20M Partial Confidence Implied Valuation from Raise Implied $3M Partial Confidence
67 Advanced Rail Energy Storage Rail-based gravity storage $8M–$20M Low Confidence Proxy-Based Estimate Estimated $0 Low Confidence
68 Halide Energy Copper flow batteries $8M–$18M Low Confidence Proxy-Based Estimate Estimated $0M Partial Confidence
69 RheEnergise High-density pumped hydro $8M–$15M Low Confidence Implied Valuation from Raise Implied $2M Partial Confidence
70 Otoro Energy Metal-chelate flow batteries $8M–$15M Partial Confidence Implied Valuation from Raise Implied $2M Partial Confidence
71 Vanaflow Energy Systems Vanadium flow batteries $8M–$15M Low Confidence Proxy-Based Estimate Estimated $0 Low Confidence
72 R.Flo Iron flow batteries $7M–$15M Low Confidence Proxy-Based Estimate Estimated $2M Low Confidence
73 VisBlue Commercial flow battery systems $8M–$14M Partial Confidence Comparables-Based Estimate Estimated $3M Partial Confidence
74 Gravity Storage Hydraulic gravity storage $5M–$15M Low Confidence Proxy-Based Estimate Estimated $0 Strong Confidence
75 Bryte Batteries Nordic flow battery integrator $5M–$15M Partial Confidence Proxy-Based Estimate Estimated $2M Strong Confidence
76 TerraStor Advanced compressed-air storage $5M–$9M Low Confidence Implied Valuation from Raise Implied $1M Partial Confidence
77 NETenergy Building thermal battery storage $5M–$12M Low Confidence Proxy-Based Estimate Estimated $0 Low Confidence
78 AED Energy Thermal batteries for power $5M–$12M Low Confidence Proxy-Based Estimate Estimated $1M Low Confidence
79 Corre Energy Underground CAES project developer $7M–$8M Strong Confidence Public Market Cap Observed $58M Strong Confidence
80 BioZen Batteries Organic flow-battery electrolytes $2M–$7M Low Confidence Proxy-Based Estimate Estimated $0 Low Confidence
81 Rivus Batteries Organic flow battery electrolytes $4M–$9M Partial Confidence Implied Valuation from Raise Implied $1M Strong Confidence
82 GridFlow.tech Lithium-sulfur flow batteries $4M–$8M Low Confidence Proxy-Based Estimate Estimated $1M Partial Confidence
83 VoltStorage Iron-salt storage technology $3M–$8M Low Confidence Acquisition Value Estimated $31M Partial Confidence
84 Breeze Pipeline compressed-air storage $3M–$8M Low Confidence Comparables-Based Estimate Estimated $0 Low Confidence
85 Pinflow Energy Storage Flow-battery components and systems $3M–$7M Low Confidence Proxy-Based Estimate Estimated $0 Low Confidence
86 CarbeniumTec Metal-free flow batteries $2M–$6M Low Confidence Proxy-Based Estimate Estimated $0 Partial Confidence
87 Proxhima Vanadium flow battery systems $3M–$6M Low Confidence Acquisition Value Estimated $0 Strong Confidence
88 Carbo Energy Waste-derived flow batteries $2M–$5M Low Confidence Proxy-Based Estimate Estimated $0M Partial Confidence
89 Tectonic Power Redox flow batteries $2M–$5M Low Confidence Proxy-Based Estimate Estimated $0 Low Confidence
90 Brenmiller Energy Industrial thermal storage $3M Full Confidence Public Market Cap Observed $25M Partial Confidence
91 Upthermo Waste heat recovery systems $1M–$5M Low Confidence Proxy-Based Estimate Estimated $0 Strong Confidence
92 Zion Technologies Vanadium battery deployment $1M–$4M Low Confidence Proxy-Based Estimate Estimated $0 Low Confidence
93 Tharam-Thiran Green Energy Flow Sulfur-iron flow batteries $1M–$3M Low Confidence Proxy-Based Estimate Estimated $0M Strong Confidence
94 ARKLE Energy Solutions Vanadium flow batteries $2M–$3M Strong Confidence Implied Valuation from Raise Implied $0M Strong Confidence
95 Gravitricity Underground weight-based storage $0M–$1M Strong Confidence Proxy-Based Estimate Estimated $6M Partial Confidence
96 Redflow Zinc-bromine flow batteries $0M–$1M Strong Confidence Proxy-Based Estimate Estimated $61M Partial Confidence
97 Azelio Thermal solar storage systems $0 Full Confidence Acquisition Value Observed $268M Partial Confidence
98 Ambri Liquid metal batteries $15M–$35M Low Confidence Acquisition Value Estimated $223M Partial Confidence
Chart comparing the 2026 size of the LDES market with other markets of similar size

This chart, included in our LDES market deck, compares the 2026 size of the LDES market with other markets of similar size

Key valuation trends in the LDES market

Insights

  • The LDES market is highly concentrated at the top, with the 10 largest companies representing about 80% of the total valuation midpoint across the full dataset.
  • Iron-air storage has become the most valuable LDES category, largely because Form Energy alone sits near the top of the market with a valuation range of $3.1B–$4.0B.
  • Flow-battery startups are the broadest technical cluster in the LDES market, but the valuation spread is extreme, from single-digit millions to CMBlu Energy at $1.2B.
  • CMBlu Energy stands out on capital efficiency, because a $1.2B valuation on $165M of funding implies a value-to-funding ratio of about 7.3x.
  • The public LDES market is much harsher than late-stage private markets, with Corre Energy, ESS Tech, Brenmiller Energy, Redflow, and Azelio showing major downside from historic funding levels.
  • Thermal and industrial heat storage remain meaningful LDES segments, with Antora Energy, Malta, RedoxBlox / Tempo, Fourth Power, MGA Thermal, and Brenmiller Energy covering very different use cases.
  • The median valuation is only about $35M, while the top company is worth about $3.6B, which shows how early and uneven the LDES startup market still is.
Chart showing Form Energy’s strategy in the long-duration energy storage market

This chart, included in our LDES market deck, looks at Form Energy’s strategy in long-duration energy storage

A few word about our methodology

As you can see, we built a database that ranks startups in the LDES market based on their current valuation.

Estimating startup valuations is not always straightforward. Many LDES companies do not publicly disclose their valuation, and the available information can vary widely depending on the company and its stage.

To build this ranking, we applied a structured valuation methodology and cross-checked information across multiple reliable sources.

Whenever possible, we relied on direct disclosures. These include announced valuations from completed funding rounds, public filings for listed LDES companies, or official acquisition prices.

When an LDES startup is publicly listed, we use its current market capitalization as the reference valuation.

If a company was acquired and no independent valuation can reasonably be estimated today, we use the acquisition price as the main reference point.

When an LDES startup recently raised capital but the valuation was not disclosed, we estimate the implied valuation using typical dilution levels for that stage of fundraising.

In some cases, we also estimate valuations using operating metrics such as revenue, ARR, project pipeline, manufacturing capacity, customer traction, or deployment history, combined with valuation multiples from comparable companies in the same market.

When direct financial data is not available, we may rely on carefully selected comparable LDES startups and other signals such as hiring growth, investor quality, technology maturity, commercial deployments, or project traction.

All estimates follow a strict evidence hierarchy. Recent funding rounds with announced valuations carry the most weight, followed by strong operating metrics and comparable company analysis.

We also carefully evaluate the age of every data point. Recent information carries more weight, while older data is treated cautiously and adjusted conservatively when necessary.

Whenever information is uncertain or incomplete, we clearly distinguish between confirmed facts and reasonable inferences.

Because valuation data is not always fully public, each startup in the ranking is assigned a confidence level based on the reliability, recency, and consistency of the available evidence.

Full confidence means the valuation is supported by strong and recent evidence. Strong confidence means the estimate is well supported but includes minor inference. Partial confidence means the estimate relies more heavily on indirect signals. Low confidence means available information is limited or inconsistent.

When confidence is lower, we take a more conservative approach by widening the valuation range. This helps reflect the uncertainty and increases the probability that the true valuation falls within the estimated range.

This reflects how we conduct all our research, including the work behind our report covering the LDES market.

In a world where LLMs hallucinate and unreliable information is everywhere, our goal is simple: provide data you can trust.

If you want the full detail on a specific valuation estimate, feel free to contact us and we will gladly explain.

Finally, know that we update the dataset once per month, so come back here if you need fresh information.

Chart showing the projected CAGR of the LDES market

This chart, included in our LDES market deck, illustrates yearly funding for LDES startups

Related blog posts

- What is the latest news in the LDES market?

- What are the latest funding developments in the LDES market?

- What is new in the LDES market?

- How funding activity has evolved in the LDES market

- What are the fundraising trends in the LDES market?

- What is the real size of the LDES market?

- The full range of business models in the LDES market

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