Global segment ranking · Energy & climate › Generation
The world’s most valuable solar startups
Companies built around solar power: new cell technologies such as perovskites, home and business solar installers and subscriptions, off-grid and pay-as-you-go solar, solar developers founded as startups, trackers and plant automation, and the software and robots that design, monitor and clean solar plants. Ranked worldwide by AI-estimated valuation, with listed solar companies shown in grey at their market value for reference. The market sets the value; AI models estimate it.
Key metrics for this segment: key milestone. Figures as published by each company or the press, dated, not recalculated. The AIs weigh them alongside funding history and comparables.
Not in this segment. Listed, so not ranked: First Solar, LONGi, Nextpower, Waaree, TCL Zhonghuan, Premier Energies, Enphase, Trina, JA Solar and SMA (shown in grey), and SolarEdge, Sunrun, Scatec, Shoals, Canadian Solar, JinkoSolar, Otovo, Sungrow and Tongwei. Bought or created by a group: Qcells (Hanwha), Lightsource bp, Solarcentury (Statkraft), Sunseap (EDP), Cleantech Solar (Keppel), Ayana, Sunsure, Sun Cable, Solcast, Yellow Door Energy, Daystar Power (Shell), Ombrea, UtmoLight, GCL Perovskite, Engie Energy Access. Bankrupt or insolvent: Sunnova, SunPower, Zolar, Bboxx, Mosaic, Meyer Burger. In other segments: solar loans and pay-as-you-go finance (M-KOPA, Stride) under fintech; batteries under Stationary storage; heat pumps (Aira) and energy data (Arcadia) elsewhere. A company appears in one segment only. Method
The segment at a glance
28companies ranked
3companies on the radar
12countries in the ranking
19listed benchmarks
Sources: Company announcements, Reuters, Bloomberg, Financial Times, TechCrunch, PV Magazine, PV Tech, Handelsblatt, Les Echos, The Economic Times, Entrackr, DealStreetAsia, TechCabal, 36Kr, PEdaily, and market data for listed companies. Intention counters will be shown above a threshold of amount and number of Backers.
Rankings by region
Filter the ranking and the Radar. Ranks stay worldwide. Regional pages: Asia · Europe · Middle East & North Africa · North America · Oceania · Sub-Saharan Africa.Global ranking · Solar
Snapshot17 Oct 2026A snapshot taken on 17 Oct 2026
This ranking shows the startups as they stood on 17 Oct 2026. Funding rounds, valuations and other events announced after that date are not included yet. They will be taken into account in the next edition, scheduled for 10 Jan 2027.
Spotted a more recent round? Tell us →First edition: no movements yet.
This ranking shows the startups as they stood on 17 Oct 2026. Funding rounds, valuations and other events announced after that date are not included yet. They will be taken into account in the next edition, scheduled for 10 Jan 2027.
Spotted a more recent round? Tell us →First edition: no movements yet.
World · 28 ranked companies
| # | Company | Last round · Key metrics | Estimated valuation (AI) · range | Pool of InterestsInterest: a free, non-binding declaration on a company, or on a sector within an area, made during the free phase of a pool. Pool: all the Interests declared on the same target. This column shows the number of Backers and the combined amount of their tickets, to validated members only. Terms for Backers → | BackBacking a startup on Uback (pronounced “you back”) can be done in two ways: Interest · free: a non-binding declaration that signals your demand for a company or a sector. You can move or withdraw it at any time, with up to 5 at once. Intention · coming soon: a paid, confirmed declaration, still non-binding. Once its pool reaches critical mass, it is presented to a company by a partner desk. Neither is an order nor a commitment to invest. Terms for Backers → |
|---|---|---|---|---|---|
| — | First SolarListed · Nasdaq · FSLR | USD 19bnMarket cap · Oct 2026Listed company · not ranked | |||
| — | LONGi Green EnergyListed · SSE · 601012 | USD 12bnMarket cap · Oct 2026Listed company · not ranked | |||
| — | NextpowerListed · Nasdaq · NXT | USD 12bnMarket cap · Oct 2026Listed company · not ranked | |||
| — | Waaree EnergiesListed · NSE · WAAREEENER | USD 7.8bnMarket cap · Oct 2026Listed company · not ranked | |||
| — | TCL ZhonghuanListed · SZSE · 002129 | USD 5.7bnMarket cap · Oct 2026Listed company · not ranked | |||
| — | Premier EnergiesListed · NSE · PREMIERENE | USD 4.3bnMarket cap · Oct 2026Listed company · not ranked | |||
| — | Enphase EnergyListed · Nasdaq · ENPH | USD 4bnMarket cap · Oct 2026Listed company · not ranked | |||
| — | Trina SolarListed · SSE STAR · 688599 | USD 3.6bnMarket cap · Oct 2026Listed company · not ranked | |||
| — | JA SolarListed · SZSE · 002459 | USD 3.2bnMarket cap · Oct 2026Listed company · not ranked | |||
| 1 | Enpal#12 in GermanySells and rents rooftop solar systems with batteries, heat pumps and wallboxes to German and Italian households, bundled with installation, financing and an energy community tariff. | Growth round · USD 121M · Apr 2025Revenue of about EUR 1.1bn in 2025 (prelim., +25%) · Jan 2026 | Last known equity round: Growth round · USD 121M · Apr 2025 (TPG Rise Climate, The Westly Group); EUR 110M; portfolio financings not counted Published valuation: USD 2.5bn (reported) (Apr 2025)Method |
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| — | SMA SolarListed · Xetra · S92 | USD 2.2bnMarket cap · Oct 2026Listed company · not ranked | |||
| 2 | PalmettoOffers homeowners solar and energy-efficiency plans, including LightReach leases and power purchase agreements sold through a network of installer and sales partners, with software for design and monitoring. | Growth round · USD 375M · Feb 2022About 300 LightReach customer additions per day across 30 states · Jan 2025 | Last known equity round: Growth round · USD 375M · Feb 2022 (Social Capital)Method | Be the first | Back |
| 3 | Silicon RanchDevelops, owns and operates utility-scale solar farms in the US, often combined with regenerative grazing and land management, selling power to utilities and corporate buyers. | Growth equity · USD 775M · Jan 2022Key metrics not disclosed | Last known equity round: Growth equity · USD 775M · Jan 2022 (Manulife Investment Management, Shell)Method | Be the first | Back |
| 4 | Fourth Partner EnergyDevelops, owns and operates distributed and open-access solar, wind and storage assets supplying renewable power to commercial and industrial customers in India and Southeast Asia. | Growth equity · USD 275M · Feb 2024Key metrics not disclosed | Last known equity round: Growth equity · USD 275M · Feb 2024 (IFC, ADB, DEG)Method | Be the first | Back |
| 5 | 1KOMMA5°#29 in GermanyInstalls solar systems, batteries, heat pumps and EV chargers for homeowners through acquired local installers and optimises them with its Heartbeat AI energy management and dynamic tariff. | Growth round · USD 82M · Oct 2026Over 300,000 energy systems installed; revenue target ~USD 750M for FY2026 · Oct 2026 | Last known equity round: Growth round · USD 82M · Oct 2026 (b2venture, Marunouchi Innovation Partners); about EUR 70MMethod | Be the first | Back |
| 6 | GameChange EnergyDesigns and supplies single-axis trackers and fixed-tilt racking systems that hold solar panels on utility-scale and commercial ground-mounted plants. | Preferred stock · USD 150M · 2022Key metrics not disclosed | Last known equity round: Preferred stock · USD 150M · 2022 (Koch Strategic Platforms)Method | Be the first | Back |
| 7 | Terabase EnergyBuilds robotic field factories and software for designing and constructing utility-scale solar plants, automating the assembly and installation of trackers and modules on site. | Growth round · USD 130M · Mar 2025Key metrics not disclosed | Last known equity round: Growth round · USD 130M · Mar 2025 (SoftBank Vision Fund 2, Breakthrough Energy Ventures)Method | Be the first | Back |
| 8 | Sun King#1 in KenyaDesigns, distributes and finances solar home systems, lanterns and appliances for off-grid households in Africa and Asia, sold on pay-as-you-go plans through mobile money. | Growth round · USD 40M · Dec 2025Serves around 50 million people in 11 African countries · Dec 2025 | Last known equity round: Growth round · USD 40M · Dec 2025 (Lightrock); Series D of USD 260M in 2022; debt and securitisations not countedMethod | Be the first | Back |
| 9 | NexampDevelops, owns and operates community solar and storage projects in the US, enrolling households and businesses as subscribers who receive credits on their electricity bills. | Growth equity · USD 240M · Aug 2021Key metrics not disclosed | Last known equity round: Growth equity · USD 240M · Aug 2021 (Generate Capital)Method | Be the first | Back |
| 10 | SolarSquareDesigns, finances and installs rooftop solar systems for homes, housing societies and small businesses across Indian cities, handling permits, net metering and maintenance. | Series C · USD 53M · Jun 2026Revenue run-rate above INR 10bn (~USD 104M); ~50,000 homes · Jun 2026 | Last known equity round: Series C · USD 53M · Jun 2026 (B Capital, Lightspeed, Elevation Capital, Lowercarbon Capital)Method | Be the first | Back |
| 11 | Aurora SolarProvides cloud software that solar installers use to design rooftop systems, simulate production, generate proposals and manage sales from remote imagery. | Series D · USD 200M · Feb 2022Key metrics not disclosed | Last known equity round: Series D · USD 200M · Feb 2022 (Coatue, Fifth Wall)Method | Be the first | Back |
| 12 | TSEDevelops, finances and operates ground-mounted and agrivoltaic solar plants in France, including canopy structures over crops and pastures that farmers keep using. | Growth equity · USD 143M · Apr 202316 operating solar plants and a 1.6 GW pipeline · Apr 2023 | Last known equity round: Growth equity · USD 143M · Apr 2023 (Eurazeo, Bpifrance, Crédit Agricole); EUR 130MMethod | Be the first | Back |
| 13 | Zola ElectricProvides solar-plus-battery systems and smart energy management for homes and businesses in Africa and India, with distribution in several sub-Saharan countries. | Growth equity · USD 45M · Sep 2021Key metrics not disclosed | Last known equity round: Growth equity · USD 45M · Sep 2021 (TotalEnergies Ventures, DBL Partners, Helios Investment Partners); USD 45M of debt not countedMethod | Be the first | Back |
| 14 | Husk Power SystemsBuilds and operates solar-hybrid mini-grids supplying power and appliances to rural communities and small businesses in Nigeria and India. | Series D · USD 43M · Oct 2023Over 200 mini-grids in Nigeria and India · Oct 2023 | Last known equity round: Series D · USD 43M · Oct 2023 (STOA, DFC, Proparco, Shell Ventures); USD 60M of debt not countedMethod | Be the first | Back |
| 15 | Oxford PVDevelops perovskite-on-silicon tandem solar cells and modules, producing them at a pilot line in Brandenburg, Germany, and licensing the technology to module manufacturers. | Series D · USD 41M · Mar 2019Key metrics not disclosed | Last known equity round: Series D · USD 41M · Mar 2019 (Goldwind, Equinor, Legal & General); GBP 31MMethod | Be the first | Back |
| 16 | EcoppiaBuilds autonomous, water-free robots that clean solar panels nightly on utility-scale plants, managed through cloud software, mainly for sites in India, the Middle East and the US. | Growth equity · USD 40M · 2020Key metrics not disclosed | Last known equity round: Growth equity · USD 40M · 2020 (CIM Group)Method | Be the first | Back |
| 17 | 5BBuilds prefabricated, ground-mounted solar arrays that are folded for transport and rapidly unfolded on site, cutting installation time and cost for solar farms. | Series B · USD 37M · Dec 2022Key metrics not disclosed | Last known equity round: Series B · USD 37M · Dec 2022 (AES, Artesian, bp ventures); AUD 55MMethod | Be the first | Back |
| 18 | EneCoat#36 in JapanDevelops lightweight, thin-film perovskite solar cells from Kyoto University research for IoT devices, buildings and vehicles, including in-vehicle panels developed with Toyota. | Series C · USD 35M · Jul 2024Key metrics not disclosed | Last known equity round: Series C · USD 35M · Jul 2024 (Woven Capital, INPEX, Mitsubishi HC Capital); JPY 5.5bnMethod | Be the first | Back |
| 19 | Raptor MapsOffers software that uses drone, satellite and sensor data to monitor solar farms, detect underperforming equipment and coordinate operations and maintenance for asset owners. | Series C · USD 35M · Dec 2024Key metrics not disclosed | Last known equity round: Series C · USD 35M · Dec 2024 (Maverix Private Equity, MKB, Blue Bear Capital)Method | Be the first | Back |
| 20 | Swift SolarDevelops perovskite and perovskite-silicon tandem solar cells and panels, aiming to manufacture lightweight, high-efficiency modules in the United States. | Series A · USD 27M · Jun 2024Key metrics not disclosed | Last known equity round: Series A · USD 27M · Jun 2024 (Eni Next, Fontinalis Partners)Method | Be the first | Back |
| 21 | ArnergyProvides solar-plus-battery systems to Nigerian homes and small businesses on lease-to-own and energy-as-a-service terms, with remote monitoring and after-sales maintenance. | Series B · USD 18M · Apr 2025About 1,800 systems deployed (9 MWp solar, 23 MWh storage) · Apr 2025 | Last known equity round: Series B · USD 18M · Apr 2025 (CardinalStone Capital Advisers, Breakthrough Energy Ventures); including the 2025 extensionMethod | Be the first | Back |
| 22 | Exeger#49 in SwedenDevelops and manufactures Powerfoyle, a flexible dye-sensitised solar cell material that brands integrate into headphones, speakers, helmets and other consumer devices so they charge from ambient light. | Share issue · USD 16.8M · Nov 2025Key metrics not disclosed | Last known equity round: Share issue · USD 16.8M · Nov 2025 (Stena Sessan); SEK 160MMethod | Be the first | Back |
| 23 | Cosmos Innovation#44 in SingaporeUses AI-driven process control and materials models to design and manufacture higher-efficiency solar cells, including perovskite-silicon tandem technology, for module makers. | Series A · USD 16.8M · Oct 2023Key metrics not disclosed | Last known equity round: Series A · USD 16.8M · Oct 2023 (Xora Innovation (Temasek))Method | Be the first | Back |
| 24 | d.light#10 in KenyaSells solar lanterns, home systems and appliances to low-income off-grid households in Africa and Asia, with pay-as-you-go financing repaid through mobile money. | Growth round · USD 15M · Oct 2021Key metrics not disclosed | Last known equity round: Growth round · USD 15M · Oct 2021 (Inspired Evolution, Shell New Energies, FMO)Method | Be the first | Back |
| 25 | SunDriveDevelops copper-plated metallisation for high-efficiency solar cells, replacing silver, and works with equipment and cell makers to scale the process. | Series B · USD 14.6M · 2022ARENA funding of AUD 25.3M to scale to a 300 MW production tool with Maxwell · Nov 2025 | Last known equity round: Series B · USD 14.6M · 2022 (Blackbird, Mike Cannon-Brookes); AUD 21MMethod | Be the first | Back |
| 26 | CaeluxMakes perovskite-coated glass that module manufacturers add to standard silicon panels to create tandem modules with higher power output, produced at its facility in Baldwin Park, California. | Series A3 · USD 12M · Aug 2023Key metrics not disclosed | Last known equity round: Series A3 · USD 12M · Aug 2023 (Temasek, Reliance New Energy, Khosla Ventures)Method | Be the first | Back |
| 27 | EcoligoFinances, builds and operates solar systems for commercial and industrial companies in emerging markets under solar-as-a-service contracts, funded partly through retail crowdinvesting. | Growth round · USD 11.9M · Feb 2024Key metrics not disclosed | Last known equity round: Growth round · USD 11.9M · Feb 2024; EUR 11MMethod | Be the first | Back |
| 28 | Freyr EnergySells and installs rooftop solar systems for Indian homeowners and small businesses through a digital app covering design, financing, procurement and maintenance. | Series A · USD 7M · Oct 2023Key metrics not disclosed | Last known equity round: Series A · USD 7M · Oct 2023 (EDFI ElectriFI, Schneider Electric Energy Access Asia); INR 58 croreMethod | Be the first | Back |
Back · Backing on Uback (pronounced “you back”) means declaring an Interest (free) or an Intention (coming soon). Backing does not mean that this company is raising funds or that a shareholder is selling shares, and it is not a commitment to invest. Any deal, through a funding round or a sale by an existing shareholder, is handled by a partner desk: the Fundraising Desk of the country for a round, the Secondary Sales Desk assigned to the company for a sale. · Terms
Corporate investor? Back the startups of your own segment
No ranked company in this region yet: see the Radar.
Ranking in descending order of AI-estimated valuation, based on public information, with no human intervention on the order. The valuations, ranges and brackets shown are editorial estimates produced by AI, purely indicative and imperfect by nature: neither a financial valuation, nor an offer, nor investment advice. Only the market sets a company’s value, through a funding round or a sale. Ranking established by Claude (Anthropic) from public information, following the published rules. A consensus of several AIs will apply from 1 December 2026. Eligibility: at least $1M raised in equity, non-listed company, main activity in this segment (solar energy). Country shown is the country of main operations. Request a correction
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How to read this ranking
Rank
Companies are ranked by AI-estimated valuation, highest first. The market sets the value; AI models estimate it.
Estimate
An AI-estimated valuation, its uncertainty range and its order of magnitude. Indicative, and imperfect by nature.
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- Tens of M$
- Hundreds of M$
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Challengers
A registered company raising funds that is not in the ranking will be able, for a fee, to appear in a separate list labelled “Challengers”, for a set period, with a memo available to verified Backers. The listing has no effect on the ranking. Not open yet.
Sponsored space · no Challenger listed yet
Radar · known eligible companies, not ranked
Sorted by date of last round, with no judgement and no AI call.
- Tandem PV · United States · North AmericaMar 2025; USD 50M mixing equity and debtBack
- Xurya · Indonesia · AsiaJul 2024; USD 55M mixing equity and debtBack
- Microquanta · China · AsiaOct 2022; amount not disclosedNot open to BackersCompanies based in mainland China are ranked like any other startup, but Uback does not open pools on them: capital controls and offshore (VIE) structures make minority deals impractical for our Backers.
You can still declare an interest in this segment →
No company on the radar in this region yet.
Listed benchmarks
Not ranked: no intention is possible on a listed company.
- First Solar · United StatesNasdaq · FSLR · USD 19bn (Oct 2026)
- LONGi Green Energy · ChinaSSE · 601012 · USD 12bn (Oct 2026)
- Nextpower · United StatesNasdaq · NXT · USD 12bn (Oct 2026)
- Waaree Energies · IndiaNSE · WAAREEENER · USD 7.8bn (Oct 2026)
- TCL Zhonghuan · ChinaSZSE · 002129 · USD 5.7bn (Oct 2026)
- Premier Energies · IndiaNSE · PREMIERENE · USD 4.3bn (Oct 2026)
- Enphase Energy · United StatesNasdaq · ENPH · USD 4bn (Oct 2026)
- Trina Solar · ChinaSSE STAR · 688599 · USD 3.6bn (Oct 2026)
- JA Solar · ChinaSZSE · 002459 · USD 3.2bn (Oct 2026)
- SMA Solar · GermanyXetra · S92 · USD 2.2bn (Oct 2026)
- SolarEdge · IsraelNasdaq · SEDG
- Sunrun · United StatesNasdaq · RUN
- Scatec · NorwayOslo · SCATC
- Shoals Technologies · United StatesNasdaq · SHLS
- Canadian Solar · CanadaNasdaq · CSIQ
- JinkoSolar · ChinaNYSE · JKS
- Otovo · NorwayEuronext Growth Oslo · OTOVO
- Sungrow · ChinaSZSE · 300274
- Tongwei · ChinaSSE · 600438
Sources and method for this segment
Calendar. Global segment rankings are published twice a year. Next edition: January 10, 2027.
Eligibility. At least $1M raised in equity, non-listed company, main activity in this segment (solar energy). A company appears in one segment only.
Sources. Company announcements, Reuters, Bloomberg, Financial Times, TechCrunch, PV Magazine, PV Tech, Handelsblatt, Les Echos, The Economic Times, Entrackr, DealStreetAsia, TechCabal, 36Kr, PEdaily, and market data for listed companies.