Top renewable energy companies in the USA by market cap in 2024
While challenges linked to climate change grow, both the public sector and private companies in the USA recognize the need for a global transition to clean energy production.
A mix of government policies, decreasing technology costs, and rising public demand for renewable energy sources facilitate the steady increase in clean energy production and enable the market success of many renewable energy companies. As a result, the local renewable energy sector is gradually raising its output, fundamentally reshaping the country’s energy sector.
Read this article to learn about the largest renewable energy companies in the US and discover the energy sector’s contemporary challenges and upcoming opportunities.
Top 10 US renewable technology companies by market cap
Growing social awareness and investments translate into favorable conditions for the development of the renewables market sector in the United States.
Read further to learn about ten of the biggest renewable energy companies ranked by their market capitalization (data comes from the CompaniesMarketCap website as of September 19, 2024). Relevant information on NextEra Energy, GE Vernova, First Solar, and other renewable energy companies on the list is also provided.
1. NextEra Energy
Market capitalization: $173.22 Billion (source)
Headquarters location: Juno Beach, Florida
Specializations: renewable energy generation and power storage facilities
NextEra Energy, Inc. is an energy company with ~72 GW in operation and ~14,900 employees in the US and Canada. The company and its affiliated organizations are a global leader in renewable energy generation from wind and solar installations.
2. GE Vernova
Market capitalization: $64.76 Billion (source)
Headquarters location: Cambridge, Massachusetts
Specializations: energy equipment manufacturing and services
GE Vernova is an energy company previously owned by General Electric. GE Vernova became a separate business following a spin-off in April 2024. Globally, the company employs ~75,000 workers across more than 100 countries. Its 55,000 wind turbines and 7,000 gas turbines generate approx. 25% of the world’s entire electricity.
3. First Solar
Market capitalization: $25.88 Billion (source)
Headquarters location: Tempe, Arizona
Specializations: solar panels manufacturing, solar PV industry
First Solar, Inc. is the largest US-based solar PV manufacturer. The company specializes in manufacturing solar modules and providing supporting services from financing and construction through maintenance to solar panel recycling. The energy company has also constructed a number of solar installations that provided over 6.5 GW in the US alone.
4. Clearway Energy
Market capitalization: $5.76 Billion (source)
Headquarters location: San Francisco, California
Specializations: renewable and conventional energy generation
Clearway is an energy provider that owns the 5th largest renewable operating fleet in the US. The company’s portfolio consists of energy assets, including solar energy generators, wind turbines, conventional energy solutions, and utility-scale energy storage.
In total, Clearway Energy is a diversified energy company that owns and operates 11.5 gigawatts of conventional and renewable energy.
5. Brookfield Renewable US
Market capitalization: $5.43 Billion (source)
Headquarters location: New York City, New York
Specializations: clean energy solutions operations and development
Brookfield Renewable US owns and operates wind turbines, solar panels, hydropower plants, and energy storage facilities across 34 states, with a total generating capacity of approx. 8,205 Megawatts. Brookfield also develops comprehensive renewable energy projects, including planning, financing, construction, and operation.
The renewable energy company is a part of Brookfield Renewable Partners L.P., which is one of the world’s largest publicly traded limited partnerships headquartered in Toronto, Ontario, Canada, and a Canadian solar industry leader.
6. Nextracker
Market capitalization: $5.42 Billion (source)
Headquarters location: San Francisco, California
Specializations: solar energy equipment, solar tracking technologies
Nextracker Inc. is a solar energy technology developer and equipment manufacturer. After 8 years of ownership by Singapore-headquartered company Flex, Nextracker has completed its split from the Singaporean electronics firm in early 2024 and now functions as an independent company based in San Francisco.
Nextracker systems are widely used in sustainable energy solutions globally, in many different countries in every region of the world, making them a leading solar tracker manufacturer in a market valued at USD 7.88 billion in 2023. Reportedly, as of 2024, the company employs approx. 1050 workers, which constitutes a significant 73.27% increase from 2023.
7. Ormat Technologies
Market capitalization: $4.55 Billion (source)
Headquarters location: Reno, Nevada
Specializations: geothermal power generation and recovered energy
Ormat Technologies, Inc. is an international enterprise headquartered in Reno, Nevada, operating in many countries around the globe, including Indonesia, Kenya, Honduras, and New Zealand. Ormat provides sustainable energy solutions across fields of geothermal power, waste heat energy generation, solar energy, and electricity storage.
8. Sunrun
Market capitalization: $4.53 Billion (source)
Headquarters location: San Francisco, California
Specializations: photovoltaic systems and battery storage
Established in 2007, Sunrun Inc. is an American renewable energy company focused on providing solar photovoltaic modules and backup battery products for residential customers. As of 2024, the company’s solar cells and battery storage solutions are powering more than 1 million homes in the US, making Sunrun the domestic leader in that market segment.
9. Fluence Energy
Market capitalization: $3.91 Billion (source)
Headquarters location: Washington, D.C.
Specializations: energy storage technologies and services
Launched in 2018, Fluence is a joint venture by AES (an American utility and energy company) and Siemens (a German technology corporation), focused on developing electricity storage technologies and providing energy storage products and services to other companies in the energy industry.
The company is focused on fostering the sustainable energy landscape of the future through further evolution and optimization of its highly modular storage products.
10. Bloom Energy
Market capitalization: $2.31 Billion (source)
Headquarters location: San Jose, California
Specializations: solid oxide fuel cell manufacturing
Bloom Energy is a US energy company that manufactures and markets solid oxide fuel cells., Its products were subsidized by the government through green energy incentive programs. Founded in 2001 as Ion America, the company changed its name in 2006.
Bloom Energy produces solid oxide fuel cell power generators that utilize a variety of input fuels, including natural gas and biogas.
Frequently asked questions about renewable energy sources
Since you’re here, you might be interested in learning more about renewable energy and the US energy market trends. Below, you will find answers to some of the popular questions linked to renewables.
What is renewable energy?
Renewable energy comes from natural and self-replenishing sources (sources that don’t run out). Renewable power generation is typically characterized by having a zero- to low-carbon footprint, which is why such energy solutions are sometimes referred to as “clean energy.” Examples of renewables include wind power, solar power, hydropower, and biomass.
In 2022, renewable sources in the US were responsible for over 20% of all electricity generation, including 10.3% of energy generated by wind turbines, 6.0% by hydropower plants, 3.4% by solar panels, 1.2% from biomass, and 0.4% by geothermal power plants.
What are the top examples of renewable energy sources?
Wind energy is generated by wind turbines that convert kinetic energy to electricity. They can be placed on water (offshore wind farms) or on land (onshore wind farms). Wind energy constitutes the biggest share of renewable energy production in America.
Hydropower generation leverages the movement of flowing or falling water. Hydroelectric power operations can be placed at river dams or utilize tidal power in oceans.
Solar power utilizes solar photovoltaic modules to convert sunlight into electricity. Solar installations can be found throughout the world in various forms, from solar panels on roofs to solar power projects covering large, non-urban areas, such as fields or lakes.
Bioenergy is a name for green energy generated by burning organic matter. This matter, known as biomass, is considered a renewable source because it can be regrown. Burning biomass emits carbon, but plants that will become biomass absorb similar quantities of carbon when growing.
Is natural gas renewable?
Often misunderstood as renewable, natural gas is not naturally replenishable. Only a limited amount of natural gas exists, and it can be depleted, similarly to other fossil fuels like coal or oil. However, natural gas is also one of the cheapest energy sources, and burning it produces less nitrogen oxides and other harmful elements than oil products.
While natural gas services are not renewable energy or “green energy,” this power generation method is less harmful to the environment than other fossil fuels.
What is the current shape of the renewable energy industry in the USA?
The United States has enough renewable energy sources to produce more than 100 times the amount of electricity that American citizens use. For years now, the country has been taking steps to increase its volume of renewable energy generation. 2022 was the first year in history when more energy was generated from renewable sources than from coal.
Recognizing the need for renewable electricity, the US government offers funding opportunities for renewable energy research for a variety of projects linked to the development of renewables across the nation. According to the website of the Office of Energy Efficiency & Renewable Energy, domestic solar energy generation in the USA is expected to grow by 75%, and wind power generation by 11% by 2025. The US Energy Information Administration (EIA) projects that renewables will generate 44% of US electricity by 2050.
What trends are shaping the renewable energy sector?
The United States is undergoing an important shift towards more sustainable energy solutions. Challenges linked to climate change are increasingly recognized by the public, carbon emissions are frowned upon, and societal demands to give up fossil fuels in favor of renewable energy solutions are projected to grow further and further.
With a growing number of new infrastructure investments planned in renewable power generating facilities, the sustainable energy transition will accelerate even further in the coming years.
Meanwhile, companies in the renewable energy market aim to enable a sustainable future for the planet while meeting the energy needs of industry clients and private consumers of today. As a result, they are constantly developing ways to increase the energy efficiency of various renewable power assets and their energy storage capabilities.
The future belongs to renewable energy companies
While the largest renewable energy companies steadily grow in value, middle market companies can still disrupt the evolving renewables market by leveraging government incentives and attracting strategic investors with innovative approaches to renewable technology.
With public support, government backing, and continuous financing from private investors, it is safe to say that the entire green energy sector has a fantastic future ahead of it. American renewable energy companies are real contenders for achieving lasting success on a global scale.
