Top Greentech Companies in the UK | 2024

John McCrea,
 Updated: 4 April 2024
Table of Contents

As a leading technology hub, it’s no surprise that the UK is home to some of the most innovative greentech companies in the world.

From exciting seed startups to unicorn companies with billion-dollar valuations, the UK’s greentech sector is attracting growing interest from entrepreneurs and investors alike.

But what is it exactly? And which fast-growing greentech companies should you be watching in 2024?

What is greentech?

Greentech, as the name suggests, refers to the use of technology to combat climate change and other pressing environmental challenges. Greentech (or cleantech) companies are focused on developing or deploying these technologies to reduce our negative environmental impact on the world.

This emphasis on innovative tech is what sets greentech companies apart from some of the UK’s other high-growth sustainable companies.

Discover how councils use ESG data

Find out more about how councils in the UK can use the BeauhurstImpact platform to reduce carbon emissions within their local authority.

Emerging sub-sectors within greentech

Green technologies are emerging across a wide range of growth verticals at the moment, but some of the most common include:

Green energy

33% of the greentech companies we track on Beauhurst operate in this space. Green energy companies develop technologies that provide an alternative to fossil fuels (such as solar, geothermal, and nuclear fusion) or that reduce our energy consumption and waste.

This sector also includes companies whose software or engineering services facilitate green energy generation.


The agritech sector includes anything from vertical farming companies to those developing environmentally-friendly pesticides. What green agritech companies have in common is their focus on reducing negative environmental impacts in the agriculture industry, which traditionally has a high carbon footprint and substantial land, water, and energy use.

For example, precision farming is a form of agritech that utilises GPS, IoT devices, and data analytics to monitor and optimise crop growth and livestock health, aiming to enhance yield while minimising resource use.

Green transport

A notable trend in recent years has been the rise of electric vehicles, or EVs. Zap Map estimates that there are now over one million EVs on UK roads, up from just under 100,000 in 2019.

From electric cars and trains to the batteries that power them, we track more than 300 green companies in the transport and logistics space, offering sustainable transport options to consumers and businesses that want to reduce their carbon emissions.

Circular economy

Businesses focused on circular economies aim to create closed loop systems in which waste is repurposed to create new products or applications. Not only does this reduce pollution, but it also reduces the need to draw on finite resources.

Innovative companies in this sector are developing next-generation recycling technologies, as well as alternatives to non-recyclable materials.

Overview of greentech companies in the UK

Of the almost 50,000 active private companies tracked on the Beauhurst platform, more than 1300 businesses (roughly 3%) operate in the greentech, cleantech, and green energy sectors.

These companies include a diverse range of innovations in critical areas such as renewable energy production, energy efficiency, waste reduction, and sustainable agriculture.

Academic spinouts

Universities are generating impressive impact in the green technology space, as evidenced by the notably higher representation of cleantech companies among academic spinouts when compared to the overall average.

8% of cleantech companies in the UK have been spun out of universities, which is almost triple the overall Beauhurst-tracked average of 3%.

Regional distribution of UK cleantech companies

London is home to 29% of the UK’s greentech companies, reflecting the broader national spread of investment, as highlighted in The Deal 2023.

However, Scotland boasts an impressive 11% of the UK’s renewables companies, not to mention a burgeoning offshore wind market. The Offshore Wind Industry Council (OWIC) highlighted this in its findings that the offshore wind supply chain could deliver up to £92b in value to the UK economy by 2040 — with much of this industry based in Scotland.

Stages of growth

72% of these companies are in either the seed or venture stage, reflecting the youth of the greentech sector.

It’s also a sign of the broader social and economic shift towards sustainability, with the number of early stage companies highlighting potential for growth in the greentech sector and the increasing alignment of investment and entrepreneurial activity with global sustainability goals.

Top 10 UK Green Energy Companies

We explore which green energy companies raised the most equity investment in 2023, plus wider trends in the UK’s cleantech sector.

COVID, Ukraine, and the legacy of the energy crisis

Since 2021, the energy sector has faced a number of challenges that are still being felt now. These include extreme weather conditions, the war in Ukraine, and post-COVID economic ramp-ups in Europe and Asia, which have caused a shortage in natural gas stockpiles, particularly across Europe.

This and other factors prompted a surge in the cost of wholesale gas and electricity, which had a dramatic impact on energy companies and households across the globe.
In the UK, while household energy bills reached record highs throughout 2021 and 2022, gas price inflation fell by 31% between October 2022 and October 2023, so we are starting to see things level out.

Due to the pricing cap on tariffs in the UK, energy suppliers have been unable to pass the full extent of price increases onto customers. This has led to the closure of 31 energy companies since July 2021, including Bulb and People’s Energy, impacting around four million households.

Since then, Ofgem has appointed the likes of British Gas, Octopus, Shell Energy, and E.ON as new suppliers for affected households. This has enabled incumbent energy providers in the UK to increase their market share, shifting the balance away from challenger brands.

The energy crisis has since heightened calls to speed up the switch to renewable energy in the UK; 2023 saw the amount of electricity generated by gas and coal power plants drop by 20% to its lowest since 1957.

In comparison, renewable energy sources surged to 42% of electricity provided to the National Grid. And it’s in this context that we’re seeing a greater number of cleantech startups emerging, ready to take the helm in the UK’s energy transition.

COP28 kicked off at the end of November 2023, and significant environmental commitments were highlighted, with five key declarations targeting the reduction of greenhouse gas emissions. These included pledges from 50 oil and gas corporations to lower methane emissions by 2030 and achieve complete decarbonisation by 2050.

Additionally, there were promises to triple nuclear energy capacity by 2050 and increase renewable energy capacity significantly by 2030. This means we could see a further increase in green energy companies globally.

Top Greentech Companies in the UK

We’ve put together a list of the UK’s top 10 greentech companies, ranked by the total amount of equity funding raised to date.

All of these businesses are private companies, headquartered in the UK, that have raised substantial amounts of cleantech investment from venture capital funds and other leading investors in the high-growth ecosystem.

We have omitted companies that only work loosely in green technology, including those where green technology is a minor segment of their wider operations.


Carbon Clean

Total equity raised: £151m
Location: London
Established: 2009

Founded in 2009, Carbon Clean develops carbon capture solutions for hard-to-abate industries such as cement, steel, refineries and energy from waste.

Headquartered in the UK, with offices in India, Spain and the US, the greentech company is supporting the global transition towards net zero emissions. According to its website, Carbon Clean has already removed over 1.5m metric tonnes of carbon, at 44 sites across the world.

The carbon capture firm has secured £151m in equity investment so far, across five funding rounds. The latest of these was a massive £123m ($150m) deal, announced in February 2022, from investors including AXA IM Alts, Chevron, Samsung Ventures, Marubeni Corporation and TC Energy.



Total equity raised: £181m
Location: London
Established: 2010

BBOXX is a spinout company from Imperial College London. The clean energy provider sells and installs decentralised energy networks, such as off-grid solar panel systems, to communities with non-existent or unreliable electricity supplies.

In doing so, BBOXX aims to tackle energy poverty, improving access to high-quality and cost-effective renewable energy. It has a strong presence in Kenya, Rwanda, Togo and the DRC, with nine offices around the world.

The greentech company has secured 13 equity funding rounds so far, amounting to £181m in investment. It has also been named on the Startups 100 ranking of the UK’s most impressive startups (twice), the Mishcon The Leap list of fast-growth companies, and Fast Track’s Tech Track 100 (four times). BBOXX investors include Ceniarth, Engie New Ventures, and Synergy Growth.


Plastic Energy

Total equity raised: £192m
Location: London
Established: 2015

Founded in 2015, Plastic Energy is a chemical plastic recycling firm. The greentech company uses end-of-life plastics to produce feedstock for new products, creating a circular economy to address the world’s major plastic pollution problem. Whilst headquartered in London, it operates two industrial plants in Almeria and Seville (Spain).

Plastic Energy has secured at least £192m worth of equity fundraisings to date, across three rounds. The innovative cleantech is backed by US fund Sealed Air, as well as UK and European funds Axens, LetterOne and M&G Investments.



Total equity raised: £210m
Location: South East
Established: 2017

GRIDSERVE is a greentech business that is probably best known for the GRIDSERVE Electric Highway – the network of electric vehicle (EV) charging stations across UK motorways, designed to facilitate long-distance EV travel for consumers.

Having gone through three rounds of fundraising so far, GRIDSERVE has raised a total of £210m. The most recent of these was in August 2022, which saw £200m invested by Infracapital. This was to expand its car leasing division, support the development of its sun-to-wheel model, and to deliver over 5,000 high-power chargers across its charging network by 2025.

GRIDSERVE has also received £39m in grants, all through Innovate UK.



Total equity raised: £224m
Location: South East
Established: 2006

A spinout from Imperial College London, Oxford-based Nexeon produces silicon anodes for lithium-ion batteries, enabling the creation of lighter batteries with greater power and longer lifetime between charges.

With £224m total equity raised since its incorporation in 2006, with global asset manager Invesco providing over 27% of fundraising, Nexeon is an established private greentech company with 67 patents across the world.



Total equity raised: £240m
Location: London
Established: 2020

Field’s goal is to accelerate the build-out of renewable energy infrastructure to reach net zero. Starting with battery storage, they want to provide a more flexible, reliable, and green grid.

To date, they have received £240m in equity fundraising, the largest and most recent of which was for £200m in July 2023. This was invested through DIF Infrastructure VII to finance their battery energy storage projects. They currently have one operational BESS site, and another four BESS projects currently under or near construction, with a combined capacity of 210MWh.


OVO Group

Total equity raised: £259m
Location: South West
Established: 2009

OVO Group is a Bristol-based greentech firm, comprising a number of clean energy companies, including OVO Energy and SSE. The scaleup supplies gas and electricity across the UK, serving almost 5m customers, and is developing intelligent grid technology to support the transition to renewable energy.

Alongside its acquisition of SSE Energy Services (SSE’s retail arm) in January 2020, the group acquired two other companies back in 2017: US energy company VCharge and Fife-based CORGI HomePlan. OVO has also received two large innovation grants, from Low Carbon Heating Technology Fund, and Sky Zero Footprint Fund.

Founded in 2009, OVO has secured £259m in investment so far, across four equity funding rounds. Its backers include Mayfair Equity Partners, Mitsubishi Corporation, and angel investors.



Total equity raised: £305m
Location: East of England
Established: 2010

Pragmatic, headquartered in Cambridge, manufactures thin-film semiconductors, designed to be thinner and cost less than traditional silicon chips, in addition to being more environmentally friendly.

Assembling over £10m in a whopping 45 grants, Pragmatic has also raised an impressive £305m in equity, including a £162m fundraising round in December 2023 to expand the company and build new fabrication lines.

Pragmatic has also been recognised for its influence on the UK government’s semiconductor strategy.



Total equity raised: £498m
Location: London
Established: 2016

Zenobē operates a range of energy storage facilities and charging points for electric vehicles. The London-based greentech company is working to fight climate change by making zero-carbon power more accessible through innovative battery storage solutions.

Founded in 2016, it has raised £498m in five rounds of equity funding. Zenobē’s backers include Infracapital, alongside Japanese funds Jera and TEPCO, among others. The company’s latest equity raise was a £270m investment in December 2023 from Infracapital, allowing them to expand internationally and help the UK convert to green energy systems.


Octopus Group

Total equity raised: £1.22b
Location: London
Established: 2000

Octopus Group, founded in 2000 and headquartered in London, is a diversified conglomerate operating primarily in investment management, venture capital, energy, and real estate.

It has grown to serve over 1.5 million customers and manages assets worth over £12b. Octopus Energy, a notable subsidiary, focuses on retail electricity and gas supply, establishing itself as one of the UK’s ‘big six’ energy companies.

In late 2023, Octopus raised £632m to support the roll out of heat pumps and renewables, as well as to make 3000 new hires in 2024.

This was followed by the acquisitions of Sennen, a provider of asset management software for the renewables industry, in December 2023, and Germany-based Kwest, which develops project management software for renewable energy projects, in January 2024.

The future of green tech in the UK

The future of green technology in the UK holds immense promise and potential. As the nation continues to prioritise sustainability and environmental consciousness, we can anticipate a rapid evolution in green technologies across various sectors.

From renewable energy sources and eco-friendly transportation to innovative waste management solutions, the UK is poised to lead the way in creating a more sustainable and resilient future. With ongoing investments, research, and a growing public awareness, the UK is not only embracing the imperative of addressing climate change but is also positioning itself as a global hub for green innovation.

As we look ahead, the synergy between technology, policy, and public engagement will play a pivotal role in shaping a cleaner, greener, and more sustainable future for generations to come.

Working with Beauhurst

With BeauhurstInvest, our specific search criteria allow you to quickly and efficiently scan over the entire UK private company market, focusing on the areas that interest you the most. With our unique blend of machine learning models, data extraction tools and 60+ in-house data experts, you can be confident that you’re working with up-to-date, reliable data.

If you’d like to find out more about how we can work together, speak to a member of our team today. You can also see how the platform works by booking a demo.

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