GREEN STARTUPS
Industry Leaders|December 2020
SAVING THE WORLD

Socially responsible entrepreneurship or environment social and corporate governance (ESG) creates a green industry, which helps to solve environmental problems through the development of innovative solutions.

Some companies go green either to reduce environmental harm or to gain consumer support. Whatever the purpose, the aim is to reduce carbon footprints and aim for a carbon-neutral future.

It is a young industry and has seen a renewed interest with the threat to the global environment due to climate change.

The green industry is not an easy place to do business. Investors and entrepreneurs have the added burdens of being sustainable, profitable and beneficial to the people and the planet. A 2018 United Nations report states that global investment in renewable energy and green processes was more than $200 billion in 2017, and the 21st century has seen more than $2.9 trillion in investments in solar and wind power industries.

In 2017, the developing countries outspent the developed with an investment of $177 billion. The balance has somewhat changed with the developed world waking to the climate change threat. The green-tech market is pegged at more than $1 trillion.

Renewable energies make up 11.5 quadrillion BTUs of consumption in the United States, which was only 11% of the total energy use in 2018. Biomass and hydropower represent 67.8% of the sustainable resources that the country consumes. (University of Michigan)

The United States currently offers 3.1 million green jobs, with 73% of them located in the private sector. The state and federal governments are responsible for 12% of the overall total, while, local government provides another 476,000 jobs. (Economic Policy Institute)

Today, being environment-friendly and going green are just not fashionable terms or the mandated corporate social responsible requisition, but a serious commitment to make the earth a better place to live in.

Here is a list of some successful green startups in the United States.

Invenergy

Invenergy is a Chicago-based renewable and clean energy generation and storage company.

It has a worldwide presence and has offices on North America, South America, Asia and Europe. It has till date developed 165 projects producing more than 25,200 megawatts of energy. Invenergy’s renewable sources include wind, solar and gas.

The company ranks in the top 10 solar developers in the U.S., according to Wood Mackenzie. It recently announced a five-phase, 1,310-megawatt solar center in Texas, the world’s biggest.

Beyond Meat

Beyond Meat specializes in providing plant based meat. The company aims to make a positive impact on four growing global issues such as human health, climate change, constraints on natural resources, and animal welfare. Its plant based meats are made by combining expert innovation with simple, non-GMO ingredients.

Beyond Meat’s products offer greater or equal protein levels than their animal counterparts, no cholesterol, less saturated fat, and no antibiotics or hormones.

The company was started in 2009 and is based in Los Angeles, California. It has raised a total of $122 million through investment funding. It recently announced its third quarter results.

Net revenues increased 2.7% to $94.4 million in the third quarter of 2020, compared to $92.0 million in the year-ago period.

Growth in net revenues was primarily due to increased retail channel sales, largely offset by a decline in foodservice channel sales due to the continued impact of COVID-19 on foodservice demand level.

Sunnova

Sunnova, the energy company, provides low-cost solar power to homes. It owns the equipment, installs it, and also eventually sells the electricity it creates to customers.

Founded in Houston, Texas in 2012, Sunnova started its journey to create a better energy service at a better price. It has secured a funding of $2.3 billion.

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