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Ten energy storage companies to watch in 2023


Which energy storage companies are best-placed to substantially grow their share of the market in the next 12 months? Energy Storage Report gives you a run-down of the ten companies to watch in the coming year.

Ben Cook

January 13, 2023


  • Listed – the storage companies set to reach new heights this year
  • Energy Storage Report identifies its ten to watch
  • Will these companies fulfil their ambitions?


Which energy storage companies are best-placed to substantially grow their share of the market in the next 12 months?

Energy Storage Report gives you a run-down of the ‘Ten Energy Storage Companies to Watch in 2023’.

Why have these companies made the list? Each of these businesses meet at least one of the following criteria – they have either recently received significant injections of investment (from the private sector or from the public purse), they have recently been taken over by new owners who have made clear their intention to take the company to new heights, they have embarked on ambitious international expansion plans, or they are being driven-forward by widely respected leadership teams that have proven themselves to be not only highly innovative, but also in possession of significant business acumen.

Some of the companies featured here have developed storage technologies, while others are project developers that are set to build-out significant pipelines in the near future.

The one trait all these companies share is that they are expected to greatly enhance their reputations in the storage sector in the coming year.

Have any feedback on our list? We’re always happy to hear your views. Get in touch at: esr@tamarindo.global


Here are the ‘Ten Energy Storage Companies to Watch in 2023’:

  1. Powin

Led by: Geoff Brown

Backstory: In July last year, Powin announced a $135 million growth equity investment led by GIC, Singapore’s sovereign wealth fund, with participation from existing lead investors Trilantic Energy Partners North America and Energy Impact Partners. Despite supply chain restrictions, regulatory uncertainty, and the rising cost of capital, Powin has grown quickly and built out a 10GWh energy storage business. Powin and Australian battery storage developer Akaysha Energy have also signed a partnership framework agreement under which Powin will deploy more than 1.7GWh of energy storage systems over a two-year period. Akaysha lauded Powin as “one of the few companies best positioned to meet the Australian grid operators’ high standards of performance”.

What to look out for: The ultra- resilient Powin clearly has the potential to establish itself as one of the major global storage players, but will this potential be fulfilled?


  1. Jupiter Power

Led by: Andrew Bowman, CEO

Backstory: Two months ago, EnCap Investments sold US utility scale battery storage developer Jupiter Power to a fund managed by BlackRock Alternatives’ diversified Infrastructure business. At the time of the acquisition, Jupiter’s team included 70 professionals and the company had a US storage development pipeline totalling more than 11GW. Jupiter owns and operates a 655MWh storage fleet in Texas and currently has 340 MWh of new projects in, or near, construction, including its first project in California. Earlier in the year, prior to the Blackrock deal, Jupiter closed a $174.6 million portfolio debt financing for six battery energy storage projects in the ERCOT market in Texas.

What to look out for: The company is well-placed to play a key role in the wider deployment of storage in the US, but how will it adapt to the change of ownership and will the takeover have a significant impact on the speed with which it delivers its pipeline?


  1. Energy Dome

Led by: Claudio Spadacini, founder and CEO

Backstory: Recognised as one of Europe’s most innovative energy storage companies, Energy Dome was last month awarded €17.5 million in funding from the European Innovation Council (EIC), Europe’s flagship funding programme to identify, fund and scale-up breakthrough innovations in “strategic areas”, including energy storage. It was the largest award ever made by the programme, reflecting the widespread belief in the transformative potential of the company’s CO2 Battery long- duration storage system. In making the investment, the EIC Fund joined other strategic investors – including Barclays, 360 Capital, CDP Venture Capital SGR and Novum Capital Partners – that have invested a total of $25 million in the company. There is a view that there is not sufficient governmental policy support for long-duration storage, but despite these obstacles, major renewable energy players such as wind energy company Ørsted have shown faith in the Milan-based company’s offering. Last year, Ørsted entered into a memorandum of understanding with Energy Dome to run a feasibility study on the deployment of a 20 MW / 200 MWh energy storage facility using the battery technology at “one or more” Ørsted sites. Meanwhile, in April last year, Energy Dome signed a non-exclusive license agreement with power generation company Ansaldo Energia to partner on the commercialisation of long-duration energy storage facilities across the EMEA region.

What to look out for: Energy Dome anticipates seeing as many as 30 long-duration storage facilities being built over the next five years in Italy, Germany, the Middle East, and Africa. It seems an ambitious target given the aforementioned lack of policy support, what progress will Energy Dome make?


  1. Eelpower

Led by: Mark Simon, chief executive

Backstory: It’s been an eventful 12 months for Eelpower, which agreed a £200m joint venture partnership with NextEnergy Solar Fund, the specialist solar and energy storage climate impact fund, in September last year. Meanwhile, in November, Renewable Power Capital – which is backed by CPP Investments – entered into a joint venture with Eelpower with a view to acquiring, building and operating utility-scale storage projects. The JV has a target of 1GW of storage, with a current pipeline of 240MW to be built over the next 24 months. Eelpower which constructs, owns and operates grid-scale batteries in the UK, is acclaimed for its strong leadership – in addition to the vast experience of the entrepreneurial chief executive Mark Simon, chief financial officer Magdalena Markiewicz is recognised as having played a key role in steering the company through choppy waters in times when the market has been particularly challenging.

What to look out for: Eelpower has geared itself up for a massive push in the UK storage market, but how successful it will be? Great Britain is the largest utility scale battery storage market in Europe with 1.7GW installed by the end of 2021. Forecasts predict that it will grow to 10GW by 2030 – in a fiercely competitive sector, can Eelpower capitalise on this potential and secure a sizeable chunk of the market?


  1. East Point Energy

Led by: Andrew Foukal, CEO

Backstory: In June last year, East Point Energy was acquired by Equinor, one of the largest offshore wind developers in the US. Four months after the acquisition it was announced that East Point had sold the 15.7MW Shands Energy Storage project to Dominion Energy Virginia, one of the nation’s largest utilities. Though that was a smaller-scale deal, Charlottesville, Virginia-headquartered East Point will be hoping the Equinor takeover now sends the company into the storage stratosphere.

What to look out for: Hopes are high following the Equinor deal – it gives East Point considerable financial clout and the expectation now is that the build- out of its 4GW pipeline will be accelerated and the company will become a market-leading independent power producer. You can’t fault the ambition, but in a highly competitive market, how will East Point fare?


  1. KX Power

Led by: Dr. Zhe Zhang, CEO

Backstory: London- headquartered utility-scale energy storage developer KX Power’s projects include the fully operational 35MW Mannington battery storage system near Swindon. Meanwhile, a 80MW system in Immingham, North East Lincolnshire is expected to begin operation later this year – in addition, a 95MW scheme in Scunthorpe is scheduled to be up and running in Q3 2024. KX is showing considerable promise and, last June, BlackRock decided to bet big on the company by investing £200 million to support the build-out of up to 2GWh of battery storage assets in the UK.

What to look out for: Following the BlackRock deal, hopes are high at KX Power and there is an expectation that the company will now become a “significant player” in the UK storage market, as well as making its mark in overseas territories. The pressure is now on KX to deliver on its objectives


  1. Malta Inc

Led by: Ramya Swaminathan, CEO

Backstory: Last week it was announced that the Orlando Utilities Commission (OUC) – the second largest municipal utility in Florida and provider of electric and water services to around 400,000 accounts in Orlando – is to explore deployment of Malta Inc.’s long-duration energy storage power plant. Malta’s storage solution converts excess electricity into thermal energy that is stored in salt and coolant. Its utility-scale 100MW-plus system provides more hours of energy storage than lithium-ion batteries, the company claims. OUC could potentially pair Malta’s energy storage system with the commission’s growing investment in solar. The OUC announcement followed confirmation last June that commodity trading house Trafigura Group had invested in Malta. Meanwhile, last year also saw the announcement that Malta Iberia, a European affiliate of Malta Inc, has been granted an Innovation Fund Project Development Assistance Agreement by the European Commission and the European Investment Bank to pursue a 100MW energy storage facility in Spain. The company’s CEO Ramya Swaminathan – who led the spin- out of Malta from X, Alphabet’s ‘Moonshot Factory’ (formerly Google X) – is seen as one of the storage industry’s most innovative figures.

What to look out for: Long- duration storage is still looking for a major breakthrough, can Malta Inc play a key role in leading the charge not only in the US, but also potentially in Europe?


  1. Arlington Energy

Led by: Matthew Clare, CEO

Backstory: London-based Arlington Energy has developed more than 170MW of storage assets in the last two years, a track record that was enough to convince major United Arab Emirates renewable energy company Masdar to acquire the company in October last year. At the time of the deal, Masdar said that, in parallel to the Arlington acquisition, it would be increasing its investment in offshore wind projects in new and existing markets, including the UK. Youthful CEO Matthew Clare (who is still only in his early 30s) has developed a reputation as a prodigious fundraiser.

What to look out for: With Masdar’s backing, Arlington now has lofty ambitions and has said it will now become the “leading platform for energy storage”. Fighting talk, but will the words be backed up with actions?


  1. Sunamp

Led by: Andrew Bissell, CEO

Backstory: Sunamp designs and manufactures thermal battery systems for commercial buildings, homes and vehicles. The Scottish company was given a boost at the end of November last year when the UK Government’s Department for Business, Energy and Industrial Strategy awarded it £9.25 million to develop and trial its advanced thermal storage system across the UK. Sunamp has been recognised as being one of the UK’s fastest-growing and most resilient environmental technology companies.

What to look out for: Sunamp has made a solid start and has laid the foundations for success, the question now is can it upscale and progress to the next level?


  1. RheEnergise

Led by: Stephen Crosher, CEO

Backstory: RheEnergise has developed a pumped energy storage system that uses ‘High Density Hydro’, a fluid with 2.5 times the density of water, meaning that it can be installed on small hills instead of mountains. It’s a proposition that has caught the public’s, and the media’s, attention. Now, like the aforementioned Sunamp, RheEnergise is being backed by the UK government – the Department for Business, Energy and Industrial Strategy awarded the company £8.24 million to build a demonstrator project near Plymouth.

What to look out for: With lithium supplies uncertain, there is a great need to develop energy storage technologies that will act as a viable alternative to lithium-ion batteries. Has RheEnergise come up with a solution that makes sufficient commercial sense to be widely adopted?


IMAGE (clockwise from top left): Geoff Brown (Powin); Ramya Swaminathan (Malta Inc); Claudio Spadacini (Energy Dome); Andrew Bowman (Jupiter Power); Mark Simon (Eelpower); Dr. Zhe Zhang (KX Power); Andrew Bissell (Sunamp); Stephen Crosher (RheEnergise); Matthew Clare (Arlington Energy); Andrew Foukal (East Point Energy)