The rising cost of energy could fuel a new wave of clean innovation interest
Global energy markets are once again in flux, with ripple effects extending across both public and private markets. As of the end of April, U.S. gasoline prices climbed above $4.20 per gallon, their highest levels since 2022, driven by geopolitical disruptions and tightening fuel supply.1
Against this backdrop, clean energy has re-emerged as a focal point for investors. According to Barron’s, rising oil and natural gas prices are accelerating global demand for alternative energy solutions, including solar, battery storage and electric vehicles, as both consumers and governments seek insulation from ongoing price volatility.2
This environment is meaningful for private market investors. Strengthening demand has the potential to expand capital availability, support higher valuations and create exit pathways for emerging companies.
A cohort of companies available on Forge is positioned to potentially benefit from these trends, with current shareholders indicating interest in liquidity through active asking prices.
Below are five such private companies leading innovation in clean energy technology.
Twelve, converting CO₂ into fuels and materials
Founded in 2015 and headquartered in Berkeley, California, Twelve is a carbon transformation company developing technology that converts captured CO₂ into fuels and materials traditionally derived from fossil fuels. Its process, often described as “industrial photosynthesis,” uses renewable energy, water and carbon dioxide to produce hydrocarbons such as sustainable aviation fuel and industrial chemicals.3
Beyond fuel production, Twelve is expanding the application of its emissions-free process to create materials for major global brands. These include interior automotive components for Mercedes-Benz, ingredients used in Procter & Gamble’s Tide laundry detergent and performance materials such as sunglass lenses for Pangaia.4
As of April 30, 2026, Twelve’s Forge Price™ was $2.07, implying a valuation of $558.68 million. The company’s investors include Carbon Direct Capital Management, Pulse Fund, Fifth Wall and Evok Innovations.
TAE Technologies, a developer of fusion technology
Foothill Ranch, California-based TAE Technologies is developing fusion technology aimed at delivering carbon-free power. Its approach uses a hydrogen-boron fuel cycle, which produces significantly less radioactive waste than traditional fusion methods.
While commercialization remains a longer-term milestone, the company continues to make progress toward its first fusion power plant. TAE Technologies has indicated that site evaluations are underway across the United States for an initial facility and has outlined a target timeline to deliver a 50 MWe power station in the early 2030s.5
Founded in 1998, TAE Technologies’ Forge Price™ was $45.00 as of April 30, 2026, implying a valuation of $2.47 billion. The company’s notable investors include Chevron, Alphabet (Google), Goldman Sachs and Vulcan Capital.
Persefoni, a carbon accounting platform
Mesa, Arizona-based Persefoni operates a climate management and carbon accounting platform designed to help enterprises measure, analyze and report their greenhouse gas emissions. Often described as an “ERP for carbon data,” its software enables organizations to manage emissions with a level of rigor comparable to financial reporting.6
Founded in 2020, Persefoni is gaining recognition as a leader in the carbon accounting space. In 2026, the company was featured as an emissions measurement and reporting solution on Amazon’s Sustainability Exchange and was also named to TIME’s list of America’s Top GreenTech Companies.7
As of its April 2026 funding round, Persefoni’s last price per share was $8.69, implying a post-money valuation of $531.71 million. The company’s notable investors include Rice Investment Group, Clearvision Ventures, NGP Energy Technology Partners and Prelude Ventures.
Radia, air transport for high-value cargo
Founded in 2016 and headquartered in Boulder, Colorado, Radia is addressing one of the lesser-known bottlenecks in renewable energy: the logistics of deploying large-scale wind turbines. The company is developing WindRunner, the world’s largest aircraft, designed to transport massive turbine blades to locations previously inaccessible by road, an innovation that could significantly improve the scalability of renewable energy infrastructure.
In late 2025, Radia announced a strategic partnership with UAE-based cargo airline and logistics provider Maximus Air. The collaboration aims to meet growing global demand for transporting large, high-value cargo, particularly as next-generation wind turbines continue to increase in size.8
As of its most recent funding round in May 2022, Radia’s price per share was $102.12, implying a post-money valuation of $1.01 billion. The company’s notable investors include Caruso Ventures and Good Growth Capital.
Last Energy, a developer of micro-modular nuclear power plants
Washington, D.C.-based Last Energy is developing micro-modular nuclear power plants designed for rapid deployment and scalable clean energy production. Its flagship product, the PWR-20, is a small modular reactor capable of generating up to 20 MW of electricity.
In December, the company announced a $100 million Series C funding round. Last Energy is continuing to advance toward commercialization, with plans to expand its footprint in its initial pilot market in Texas.9 As energy reliability becomes increasingly critical alongside sustainability, small modular reactors like the PWR-20 could offer a compelling solution.
Founded in 2019, Last Energy’s last price per share was $19.11 as of its last capital fundraise, implying a post-money valuation of $617.40 million. The company’s investors include Astera Institute, Gigafund, Autodesk and First Round Capital.
