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Climate Tech

Solar Energy Startups Are On The Rise

February 27, 2024
x min read

Developing renewable energy sources is one of the most important aspects of getting closer to net zero emissions. And solar energy projects are leading the way.

What’s happening:

  • Solar energy has been on a rapid rise with new infrastructure being built out globally and a major new influx of venture capital and public markets funding

Who is making moves:

  • Canadian Solar (NASDAQ: CSIQ) recently announced a new strategic investment from BlackRock
  • Lightsource bp recently raised $348M USD to fund the construction of two utility scale solar farms in Texas
  • Arevon Energy recently secured $1B USD in financing commitments to advance its solar and energy storage project based in California

By the numbers:

  • Solar energy infrastructure was the fastest growing area of new renewable energy projects in the United States last year, with new capacity growing by more than 50% compared to the previous year
  • Last year alone, new solar projects in the United States added 18,356 megawatts of renewable energy to the grid

The intrigue:

  • Even mining giant Rio Tinto (NYSE: RIO) is making a push into solar energy after they recently agreed to purchase all the power generated from Australia’s largest solar farm project Upper Calliope to help reduce the carbon emissions of their Gladstone based operations

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