Startup Trends: 5 private companies driving clean energy infrastructure investment

Global momentum behind clean energy is increasing. Between 2024 and 2030, the world is on track to add more than 5,500 Gigawatts (GW) of new renewable capacity, which is nearly three times the growth seen from 2017 to 2023.¹ Meanwhile, global investment in clean energy technologies, including renewables, nuclear, grids, storage and low-emission fuels, is estimated to reach $2.2 trillion by the end of this year, and global investment estimated for oil, natural gas and coal is expected to reach only half that at $1.1 trillion.²

With the global shift toward clean energy technologies, five companies — Helion Energy, TAE Technologies, Twelve Energy, Form Energy and Palmetto — are accelerating growth in the clean-energy ecosystem. They are building resilient infrastructure across the U.S. by securing strategic partnerships and solving critical supply chain challenges to deliver innovative clean energy solutions.

Helion Energy, powering the grid with nuclear fusion

Everett, Washington-based Helion Energy announced construction began in July 2025 on Orion, a nuclear fusion power plant that could be the world’s first after its planned 2028 completion.³ Once fully operational, Orion is expected to generate at least 50 Megawatts (MW) of power for Microsoft’s Washington State data centers under a May 2023 agreement between the tech giant and the fusion startup.⁴

Helion Energy formed a similar partnership in September 2023 with industrial steel manufacturer and recycler Nucor Corporation.⁵ The Nucor partnership is reportedly expected to be larger in scale compared to the Orion project. Helion Energy plans to provide 500MW of fusion power to Nucor throughout the project. A site hasn’t been chosen as of August 2025, but the project is on track for completion around 2030.⁶

Helion Energy’s latest price per share is $72.53 as of its latest funding round in January of 2025. Founded in 2013, the startup’s investors include Good Ventures, Mithril Capital, Y Combinator and Lightspeed Venture Partners.

TAE Technologies, strategic partnerships to advance fusion research

In April 2025, California-based TAE Technologies published experimental results in a research publication (Nature Communications) showing that its Norm fusion device achieved a streamlined method of plasma formation.⁷ The breakthrough reduces complexity and cost while strengthening the privately-owned company’s path toward building commercially viable fusion power plants.

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In June 2025, TAE Technologies raised more than $150 million in a funding round backed by Google and other existing investors to help fund its planned fusion power plant.⁸ TAE Technologies has partnered with Google’s Research division since 2014⁹ to collaborate on advanced machine learning-based plasma reconstruction developments, which are key to enabling Google to eventually power its data centers with carbon-free energy.¹⁰

TAE Technologies’ Forge Price™ is $20.00 as of September 19, 2025, implying a valuation of $1.10 billion. Founded in 1998, the startup’s investors include Google’s parent company Alphabet, Chevron Technology Ventures, NEA and Sumitomo Corporation.

Twelve, sustainable aviation fuel infrastructure

In June 2023, Twelve announced plans for AirPlant One, a Moses Lake, Washington-based facility designed to produce sustainable jet fuel from captured carbon dioxide and water using renewable energy.¹¹ The plant’s construction started in July 2025, and when completed, it could help to position the region as a hub for green fuel infrastructure. United Airlines’ Sustainable Flight Fund invested in Twelve in May 2025 to support AirPlant™ One. Combined with its $83 million Series C funding round, the partnership highlights how aviation leaders are betting on Twelve to decarbonize jet fuel supply chains.¹² The project strengthens the U.S. clean-energy ecosystem by advancing regional hubs for carbon-neutral fuels.

Twelve Energy’s Forge Price™ is $4.46 as of September 19, 2025, implying a valuation of $1.20 billion. Founded in 2015, the Berkeley, California-based startup’s investors include DCVC, Capricorn Investment Group, Microsoft Climate Innovation Fund, United Airlines and Alaska Airlines.

Form Energy, long-duration battery supply chains

In May 2023, Form Energy began construction on a long-duration iron-air battery manufacturing facility in Weirton, West Virginia, supported by $150 million from the U.S. Department of Energy (DOE).¹³ The gigafactory is expected to create 600 jobs while boosting U.S. domestic supply chains for multi-day energy storage.

Form Energy’s technology is also part of DOE’s Power Up New England initiative, which aims to pair 4.8 GW of offshore wind capacity with long-duration storage.¹⁴ Together, these projects highlight Form Energy’s pivotal role in building resilient infrastructure that can stabilize the grid as renewable penetration grows.

Form Energy’s Forge Price™ is $25.00 as of September 19, 2025, implying a valuation of $3.54 billion. Founded in 2017 and headquartered in Somerville, Massachusetts, the startup’s investors include Breakthrough Energy Ventures, ArcelorMittal, Coatue Management and TPG Rise.

Palmetto, residential clean energy adoption

Palmetto, a Charleston, South Carolina-based energy startup, finalized a $1.2 billion of debt financing in January 2025, which will support the company's LightReach clean energy plans for residential renewable energy usage.¹⁵ The significant fundraise positions Palmetto as a key player in scaling residential solar and energy solutions across the U.S.

In April 2025, Palmetto’s Energy Intelligence Group signed WattShift, an energy management technology company, as its first virtual power plant customer. It’s a move that expands the adoption of distributed clean energy technologies at the household level.¹⁶ These developments show how Palmetto is combining financial strength with new grid integration solutions to accelerate consumer participation in the clean-energy ecosystem.

Palmetto’s latest price per share was $5.24 as of its latest funding round in February of 2022. Founded in 2010, key investors include Social Capital, ArcTern Ventures, Shell Ventures and Gaingels.