Top 10: Climate Tech Unicorns

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The top 10 climate tech unicorns
In response to climate change, climate tech unicorns – companies valued over US$1bn – are pioneering sustainable solutions. We highlight the Top 10

In the face of escalating climate change, the need for innovative and sustainable solutions is more urgent than ever. 

Human activities have significantly accelerated global warming, resulting in extreme weather events, rising sea levels and biodiversity loss. This crisis demands a radical transformation in how we produce, consume and manage resources. 

Fortunately, a wave of climate tech unicorns – privately-held companies valued at over US$1bn – are pioneering technologies that promise to mitigate environmental damage and drive the global transition to a sustainable future.

Here, we spotlight the Top 10 Climate Tech Unicorns, ranked by valuation.

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10. OLA Electric

From humble beginnings in 2010, to becoming India’s largest ride-hailing company, OLA Electric continues to move the world to sustainable mobility through its ride-hailing platform as well as the manufacturing of advanced electric vehicles.

Operating R&D facilities across India, UK and the US, OLA Electric is focused on developing advanced battery technology, building next-generation electric vehicles and redefining the future of logistics and commerce. It has raised more than US$1bn across 14 funding rounds since 2019.

9. Impossible Foods

Impossible Foods’ mission is to make the global food system truly sustainable by eliminating the need to make food from animals. Since launching its first product – the Impossible Burger – in 2016, the company has been committed to producing delicious, nutritious, affordable and sustainable meat, fish and dairy from plants.

The company has raised a total funding of US$2bn over 10 rounds since 2014, with its most recent Series H funding round in 2021 raising US$500m.

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8. SVOLT

As a global high-tech company and spin-off of the Chinese automotive manufacturer Great Wall Motor, SVOLT develops and produces lithium-ion batteries and battery systems for electric vehicles. In addition to solutions that meet global market standards, SVOLT is working on the development of new technologies – from cell chemistry to the complete battery pack to energy storage systems. It has raised more than US$3bn in funding across three rounds, each of which took place in 2021.

7. Octopus Energy

Made up of 10 businesses, Octopus Energy Group serves more than 7.2 million customers and over 40,000 business customers in 18 countries, with over 50 million contracted accounts for its innovative Kraken platform.

Having secured US$2.84bn in funding across eight rounds, the energy provider takes a technology-driven approach using AI, machine learning, cloud computing and data analytics to disrupt traditional utilities. It also offers EV leasing packages, installation of home chargers and mobile apps for EV owners.

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6. Bolt

The first European mobility super-app, Bolt’s mission is to enable better cities and offer a better alternative to every purpose a private car serves – with its services including ride-hailing, shared cars and scooters and food and grocery delivery.

Today, Bolt has more than 150 million customers in over 45 countries and is committed to reducing the environmental footprint of mobility and neutralising its carbon footprint. Securing unicorn status in 2018, it has raised US$1.98bn in funding across 14 rounds.

5. Mahindra Electric Automobile Ltd

Mahindra Electric Automobile Ltd (MEAL), a subsidiary of Mahindra & Mahindra Ltd, is a pioneering company in the four-wheeler passenger electric vehicle sector. Unveiling its Born Electric Vision in August 2022 and launching in India on 10 February 2023, MEAL aspires to become a global leader in electric automotive innovation. In 2023, MEAL secured US$145m from Temasek, following a US$250m investment from British International Investments in 2022, underscoring its ambitious growth and development plans.

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4. Northvolt

Northvolt is a Swedish battery developer and manufacturer, specialising in lithium-ion technology for electric vehicles. Founded in 2015 by two former Tesla executives, it commissioned its first manufacturing plant in Sweden in 2021 and has announced plans for five others in Europe and North America. Today, its mission is to build the world’s greenest battery, with minimal carbon footprint and the highest ambitions for recycling. It has raised US$9bn in total funding across 13 rounds.

3. GoodLeap

GoodLeap is a leading financial technology company that helps homeowners to access financing for energy-efficient upgrades, such as solar panels, energy storage systems and home efficiency projects. By partnering with a network of contractors and installers, GoodLeap aims to facilitate the transition to cleaner energy solutions. The company is committed to making renewable energy more accessible and affordable, helping homeowners reduce their carbon footprints and energy costs. GoodLeap has raised US$800m in a funding round in 2021.

2. GAC Aion

GAC Aion, a subsidiary of Guangzhou Automobile Group, is a prominent Chinese EV manufacturer, which focuses on developing and producing high-performance electric cars that combine advanced technology, sustainability and innovative design. The company aims to lead the transition towards cleaner mobility solutions by offering a diverse range of electric vehicles that cater to various market segments.

GAC Aion has made significant strides in the EV industry with its cutting-edge research and development capabilities. The company invests heavily in technological innovation, particularly in battery technology, autonomous driving and smart connectivity. Its product lineup includes models such as the Aion S, Aion LX and Aion V.

In addition to its technological prowess, GAC Aion places a strong emphasis on sustainability. The company is dedicated to reducing its environmental impact by incorporating eco-friendly materials and manufacturing processes. The company closed a US$2.5bn investment round in 2022.​​​​​​​

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1. Cruise

Cruise is a leading autonomous vehicle company, dedicated to revolutionising transportation through self-driving technology. Founded in 2013 by Kyle Vogt and Dan Kan, Cruise focuses on developing fully autonomous vehicles designed to improve urban mobility, enhance safety and reduce the environmental impact of transportation.

Cruise has attracted significant investment from industry giants, receiving US$10bn from well-respected companies and investors including GM, Honda, Microsoft, T. Rowe Price and Walmart.

Cruise began offering taxi services via entirely autonomous means in 2021 - becoming the first company to complete a fully driverless ride in a major US city. By February 2023, its AVs had collectively driven one million driverless miles – a distance equivalent to more than 40 laps around the planet.

Committed to sustainability, Cruise's all-electric autonomous vehicles contribute to reducing greenhouse gas emissions and urban congestion. The company's vision is to create a future where autonomous vehicles provide safe, accessible and efficient transportation for everyone.

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