Sustainability
Q4 202330.11.2023

Energy Storage

Picture of Shubham Jaipuria

Shubham Jaipuria

at Sifted

Renewable energy can’t always give us the right amount of juice when we need it: the sun doesn’t always shine, nor does the wind blow, when we want it to. Enter energy storage. Projected investment in new batteries in Europe is set to reach €30 billion by 2030, fuelling a 20x increase in grid-scale storage capacity by 2031, as the region prepares for a greener future.

At present, many storage solutions rely on lithium, which experienced a 7% price surge in 2022 — its first increase in 12 years. Startups are exploring more cost-effective alternatives, including sodium power, hydropower, and sand-based batteries. But what about scaling them? Lithium — albeit an expensive metal — still offers the best economies of scale, putting the onus on alternatives (and the startups behind them) to find ways to make them significantly cheaper.

20 startups to watch

  • ZE Energy logo

    Sifted score

    7.02
    -

    ZE Energy

    • Strong investor(s)
    • Hiring
    • Year founded

      2018

    • HQ

      Paris, France

    • Latest round

      Series A
      40m / Nov 2021

    • Total funding

      44m

  • Basquevolt logo

    Sifted score

    6.81
    -

    Basquevolt

    • Hiring
    • Year founded

      2021

    • HQ

      Vitoria, Spain

    • Latest round

      Seed
      10m / Jun 2022

    • Total funding

      10m

  • Nanom (formerly Greenvolt) logo

    Sifted score

    6.56
    -

    Nanom (formerly Greenvolt)

    • Strong investor(s)
    • Serial founder(s)
    • Year founded

      2017

    • HQ

      Reykjavík, Iceland

    • Latest round

      Seed
      2.7m / Apr 2021

    • Total funding

      3.5m

  • EH Group logo

    Sifted score

    6.5
    -

    EH Group

    • Year founded

      2017

    • HQ

      Nyon, Switzerland

    • Latest round

      Seed
      4.2m / Jan 2022

    • Total funding

      5.7m

  • LEVISTOR logo

    Sifted score

    6.48
    -

    LEVISTOR

    • Serial founder(s)
    • Hiring
    • Year founded

      2021

    • HQ

      London, United Kingdom

    • Latest round

      Grant
      2.5m / Oct 2022

    • Total funding

      3.4m

Related Briefings

Related articles

Solar energy storage breakthrough could make European households self-sufficient
Climate TechAnalysis

October 23, 2023

Solar energy storage breakthrough could make European households self-sufficient

Picture of Photoncycle's solar energy storage product.
By Mimi Billing
Estonia’s Skeleton Technologies raises another €108m to scale fast-charging battery tech

October 13, 2023

Estonia’s Skeleton Technologies raises another €108m to scale fast-charging battery tech

By Zosia Wanat
Battery recycling startup Mecaware raises €40m Series A

October 6, 2023

Battery recycling startup Mecaware raises €40m Series A

The battery recycling startup will scale production to pre-industrial levels and trial its technology in Verkor’s future gigafactory

By Daphné Leprince-Ringuet
Bulb cofounder’s energy storage startup Field raises £200m

July 26, 2023

Bulb cofounder’s energy storage startup Field raises £200m

The LocalGlobe and Plural-backed startup is building battery storage projects across the UK

By Freya Pratty
E-magy raises €15m for tech which could improve battery efficiency by 40%

April 19, 2023

E-magy raises €15m for tech which could improve battery efficiency by 40%

By Freya Pratty
The Swedish battery unicorn that wants to solve energy storage (and no, it isn't Northvolt)
EnergyAnalysis

April 5, 2023

The Swedish battery unicorn that wants to solve energy storage (and no, it isn't Northvolt)

Stefan Jansson, CEO and founder of battery storage unicorn Polarium
By Mimi Billing
Can the battery world shake its lithium addiction?
Climate TechAnalysis

November 24, 2022

Can the battery world shake its lithium addiction?

An image of a man in a lab coat pouring liquid into a jar
By Amelie Bahr