Top 10: Climate Tech Companies

As climate change becomes an increasing threat, tech is emerging as a key player in combating its effects before they become irreversible. Innovative companies are stepping up to the challenge, developing groundbreaking technologies to reduce our carbon footprint, whether by harnessing the power of wind and waves or reimagining our food systems and energy storage.

The climate tech market was valued at US$20.3bn in 2023 and is forecast to grow to US$183bn within 10 years. Reflecting this upward trend, in 2022 global climate tech venture capital funding reached US$70bn.

The International Energy Agency (IEA) estimates that investment in clean energy needs to more than triple to US$4tn each year by 2030 if the world is to reach its 2050 net zero target.

ClimateTech rounds up some of the leading climate tech companies that are developing solutions.

10. Orbital Marine Power

• Employees: 30+

• CEO: Andrew Scott

• Founded: 2002

Orbital is a Scottish renewable energy company that develops and deploys floating tidal turbine technology. Its flagship O2 turbine, the world's most powerful floating tidal device, can power 2,000 homes annually while offsetting over 2,200 tonnes of CO₂.

Its CEO Andrew Scott says: “Tidal stream energy has a vital role to play in delivering clean, predictable energy as a complementary part of the broader clean energy transition.”

9. Impossible Foods

• Employees: 670+

• CEO: Peter McGuinness

• Founded: 2011

Known for its signature product, the Impossible Burger, Impossible develops plant-based substitutes for meat products.

It has collaborated with Kroger to produce plant-based meat alternatives under the American retail giant’s private label brand, making meat-free alternatives more readily accessible. Thanks to this partnership, Impossible products are available across 2,000 stores in the US, furthering its mission to reverse global warming and halt biodiversity collapse.

Impossible Foods’ products use 87% less water and 96% less land than conventional meat, reducing food-related emissions significantly.

8. Carbon Engineering

• Employees: 160+

• CEO: Daniel E. Friedmann

• Founded: 2009

Acquired by US petroleum multinational Oxy in 2023, Carbon Engineering works to make capturing large amounts of CO₂ from the atmosphere a cost-efficient reality. It works with Oxy as well as Oxy subsidiary 1PointFive to deploy its technology at commercial scale worldwide.

Former CEO Steve Oldham says: “Carbon Engineering’s mission has always been to deliver a highly scalable and affordable solution for removing carbon dioxide from the atmosphere.”

7. Commonwealth Fusion Systems

• Employees: 900+

• CEO: Bob Mumgaard

• Founded: 2018

One of the largest fusion organisations in the world, CFS is a spin-out from the Massachusetts Institute of Technology (MIT). It works with Italian multinational energy company Eni to accelerate the development of commercial fusion energy. The collaboration encompasses scaling CFS's ARC business, project execution, supply chain management and technology development and aims to have the first CFS fusion power plant operational by the early 2030s. 

“It’s incredibly humbling working with this talented and mission-driven team focused on combating climate change and improving lives through access to clean, abundant energy,” CFS’ Chief Science Officer Brandon Sorbom says.

6. QuantumScape

• Employees: 850+

• CEO: Dr Siva Sivaram

• Founded: 2010

A clean technology company founded by three pioneers from Stanford University, QuantumScape develops solid-state rechargeable lithium metal batteries for EVs. The company is on a mission to transform energy storage with solid state battery technology that will charge faster, go farther and last longer. QuantumScape partnered with Volkswagen to create EV batteries with higher energy density than other lithium-ion batteries. These could extend EV range by up to 80% and reduce charging times significantly.

5. Vestas

• Employees: 29,000

• CEO: Henrik Andersen

• Founded: 1945

Danish wind turbine company Vestas’s market cap comes in at around US$17.8bn. Its V236-15.0 MW prototype offshore wind turbine set a world record for power output, producing 363MWh in a 24-hour period.

Vestas has installed more than 177GW of wind capacity worldwide, preventing 1.9 billion tonnes of CO₂ emissions. Like many other companies, Vestas is working toward being carbon neutral by 2030 — without offsets — and is improving its turbines so they are zero waste before 2040.

It is ranked among the world’s most sustainable companies by sister title Sustainability Magazine, thanks to its focus on safety, inclusivity and social responsibility.

4. Climeworks

• Employees: 450+

• CEOs: Dr Christoph Gebald and Dr Jan Wurzbacher

• Founded: 2009

Swiss company Climeworks’s direct air capture technology filters CO₂ directly from ambient air through an adsorption-desorption process. Working to the mantra ‘remove to zero’, Climeworks works with well-known brands including Ocado, Swarovski, PwC, Accenture, JP Morgan, BCG and Microsoft.

It also works with Coca-Cola HBC, providing the drinks giant with air-captured CO₂ to carbonate  Valser, making it the first CO₂-neutral water in Switzerland.

When saturated, the CO₂ — bound to a filter — is heated to release concentrated CO₂. This CO₂ is then collected and transported, which means drinks companies have sustainably-sourced CO₂ for carbonation.

3. Beyond Meat

• Employees: 750+

• CEO: Ethan Brown

• Founded: 2009

A climate tech company producing plant-based meat alternatives to reduce environmental impact, Beyond Meat products generate 90% lower greenhouse gas emissions compared to beef. The company aims to address climate change by shifting from animal to plant-based proteins, using less water, land and energy in production. 

Beyond Meat is currently in a three-year global strategic agreement with McDonald’s, which makes Beyond Meat the fast food chain’s preferred supplier for the patty in the McPlant.

CEO Ethan Brown says the partnership combines “the power of Beyond Meat’s rapid and relentless approach to innovation with the strength of McDonald’s global brand”.

2. Tesla

• Employees: 140,000+

• CEO: Elon Musk

• Founded: 2003

EV powerhouse and climate tech company Tesla has revolutionised the automotive and energy industries. Since it was founded, Tesla’s primary focus has been accelerating the world’s transition to sustainable energy.

Although best known for its EVs — which have set new standards for performance and range — Tesla's impact extends beyond cars, with significant contributions to renewable energy and energy storage solutions.

“In pursuit of our mission to accelerate the world's transition to sustainable energy, we build products that are designed to replace some of the planet's biggest polluters,” Tesla’s 2023 Impact Report says. “Every product we sell helps owners lower emissions.”

In 2021, Tesla became the first climate tech company – and the sixth business ever — to be valued at more than US$1tn.

1. Google

• Employees: 180,000+

• CEO: Sundar Pichai

• Founded: 1998

Topping our list and a company deserving of the top climate tech crown is Google.

Google's DeepMind AI has been implemented in data centres worldwide, reducing cooling energy consumption by up to 40%. When applied to Google’s global data centre network, this technology has the potential to save more than 1bn kWh of electricity annually, equivalent to powering 100,000 homes. 

Speaking at Sustainability LIVE London, hosted by Sustainability Magazine in September, Google’s Head of Sustainability across EMEA Adam Elman said: “AI has a huge opportunity within the sustainability space, helping individuals, governments, cities and companies around the world to really take action and not only reduce the impacts of climate change but also to adapt to climate change.

“Google’s been working in sustainability since it was founded. We’re in our third decade of climate action.

“We’re really clear on the goals we’re focused on and we’re also focused on building and working with others to use AI and help others on that journey.”

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