3 Startups You Can Invest In That Are Revolutionizing Solar Technology
In recent times, the effect of global warming has the world looking elsewhere for energy sources. Last year, tech mogul Elon Musk sent Twitter shockwaves to the Web3 community about the effect of the proof-of-work (PoW) model of verifying blocks and maintaining the security of a network. The energy consumption required to keep blockchain networks functioning has surpassed the energy needs of many countries. The energy needed to mine Bitcoin is more than the energy consumption of Poland.
With the world's major source of energy coming from carbon, many nations have begun to rethink their carbon consumption. China, the world's largest consumer of hydroelectricity, has also come under pressure from climate change as the country faces its worst heat wave since temperatures have been recorded. The heatwave caused many provinces in the country to shut down electricity consumption because the country depends on water for electricity from water bodies that had dried up.
China is the world's leader in investment in transitioning from carbon-based energy to renewable energy. The country's capacity to harness wind and solar energy increased by 19% in 2021. It is also focusing on solar technology.
Market Growth
Fortune Business Insights estimates that the global solar market size will reach $1,000.92 billion by 2028, with a compound annual growth rate of over 25%. This growth would come from an increase in demand for solar energy and solar-based solutions. The potential prospects in the renewable energy market are enormous and, as the environment changes, the demand for a sustainable means of converting raw energy to consumable energy is likely to increase.
Policies and Reduction in Prices
Many countries have developed policies that encourage and incentivize the use of solar technology. Until recently, the cost of installing a solar panel or usin solar technology was unaffordable for many people globally, but with new government intervention and the presence of competition, costs for solar technology have dropped drastically. Now, more homes and offices can harness solar energy at an almost 70% reduction in prices.
A Haven for Sustainable Investment
Solar technology offers investors the potential for long-term profit if they are willing to take on some investment risk. Benzinga has outlined three solar technology startups that are revolutionizing the solar technology sector to offer investors an opportunity to invest in a scalable business model.
GoSun Inc.
The demand for outdoor recreation and its activities accounted for over $459.8 billion in 2019. In 2020, the demand doubled and the industry is ripe for investment. GoSun demonstrates impressive numbers:
$5.87 million in revenue in 2021
50% growth from 2020
Products sold in over 70 countries
Sold over 100,000 units
Raised about $1.1 million in 2021
GoSun designed a breakthrough technology that allows people to enjoy outdoor gear without having to worry about carbon-emitting power generators. GoSun sells solar ovens, portable fridges, lighting, charging, water purification, tiny houses and power generators.
Revel Energy
The towering cost of electricity has crippled businesses and limited operations. Revel offers companies alternatives to increasing electricity rates by providing renewable energy. Revel energy is a commercial solar and energy storage developer that designs custom renewable energy systems. It specializes in designing rooftop solar systems for organizations. Revel also offers energy storage solutions, carport solar systems, LED lighting installation and other energy-related services.
Revel has experienced a 228% growth in revenue from 2018 to 2021. Revel's team of experienced engineers understands market trends, giving it an advantage when designing solar solutions for its customers. Revel has also experienced about 25% local adoption and 3% adoption nationally. With this level of adoption, Revel made over $12 million in revenue in 2020 despite the COVID-19 restrictions.
Stable Solar Inc.
The demand for home solar installations in the U.S was over two million in 2019, three million in 2020 and in 2023 is projected to be over five million. Stable Solar offers complete services for residential homeowners. It has raised over $365,000 in seed capital, serviced over 1,000 customers in 15 states, grew its revenue 10 times in 2020 and averaged a 20% revenue growth rate monthly. Its team has over 40 years of experience dealing with solar technology.
Solar Matters More and More
The application of solar technology goes beyond powering homes to providing energy sources for large communities, cities and big businesses. The market adoption of solar energy is aided by government intervention and the change in global climate, making solar technology potentially profitable.
Check out this month's top startups to invest in on Benzinga.
See more from Benzinga
Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
