Leading Companies in the Global Thermal Energy Storage Market
Published Date : 2025-Jan-15
Thermal energy storage is a critical component of the renewable energy revolution, offering efficient ways to store energy for later use. With advancements in technology and growing demand for sustainable energy solutions, several companies are emerging as leaders in the global TES market.
Here’s a look at the topleading companies: BrightSource Energy, Abengoa, EnergyNest, Siemens Gamesa Renewable Energy, Ice Energy, Malta, Highview Power, Calmac and Terrafore Technologies.
Top Leading Companies in the Market
BrightSource Energy
Overview: BrightSource Energy is a leading global provider of large-scale solar thermal technology and integrated thermal energy storage solutions. The company leverages its proprietary technology to deliver renewable energy for utilities, industrial applications, and other large-scale users. BrightSource is well-known for its innovative solar power plants that integrate concentrating solar power (CSP) with thermal energy storage to deliver clean and reliable energy.
- Headquarters: Oakland, California, USA
- Founded: 2006
- Employees: Approx. 200
- Revenue (2023): Approx. $50 million
Regional Presence
- North America: Flagship projects like Ivanpah are located in the U.S.
- Middle East: Ashalim represents a significant footprint in Israel.
- Emerging Markets: The company is exploring opportunities in regions with high solar potential.
Abengoa
Overview: Abengoa is a multinational company specializing in renewable energy and environmental infrastructure. With a focus on concentrating solar power (CSP) and thermal energy storage (TES), Abengoa is a global leader in providing innovative solutions for sustainable energy production. The company has played a pivotal role in advancing solar energy and decarbonization technologies worldwide.
- Headquarters: Seville, Spain
- Founded: 1941
- Employees: Approx. 14,000
- Revenue (2023): Approx. $1.4 billion
Regional Presence
- Europe: Headquarters in Spain; flagship projects like PS10 and PS20 are located here.
- North America: Major projects include the Solana plant.
- Middle East and North Africa (MENA): Extensive operations, including the Noor Ouarzazate complex in Morocco and Ashalim in Israel.
- Latin America: Focus on renewable energy and water desalination projects in emerging markets.
EnergyNest
Overview: EnergyNest is a leading innovator in thermal energy storage (TES) technology, providing scalable solutions for industrial energy efficiency and decarbonization. The company focuses on helping industries store excess heat energy, allowing for reduced emissions and energy costs while enhancing operational flexibility.
- Headquarters: Oslo, Norway
- Founded: 2011
- Employees: Approx. 100
- Revenue (2023): Approx. $15 million
Regional Presence
- Europe: Headquarters in Norway with projects across Germany, the UK, and other European countries.
- North America: Growing presence in industrial decarbonization projects.
- Asia-Pacific: Exploring opportunities in markets with high industrial energy demand.
Siemens Gamesa Renewable Energy
Overview: Siemens Gamesa Renewable Energy is a global leader in wind energy solutions and renewable energy technologies, including innovative thermal energy storage (TES) systems. The company combines engineering excellence with sustainable practices to drive the transition to cleaner energy sources.
- Headquarters: Zamudio, Spain
- Founded: 1976
- Employees: Approx. 27,000
- Revenue (2023): Approx. $11 billion
Regional Presence
- Europe: Strong presence in Germany, Denmark, Spain, and the UK, with significant R&D and operational facilities.
- North America: Expanding footprint with wind energy and TES projects.
- Asia-Pacific: Growing presence in offshore wind markets, particularly in China, Japan, and India.
- Africa and the Middle East: Developing renewable energy infrastructure in emerging markets.
Ice Energy
Overview: Ice Energy was a prominent innovator in thermal energy storage (TES) solutions, specializing in ice-based storage systems for cooling applications. The company developed groundbreaking solutions that helped commercial and residential customers reduce energy costs and optimize power grid usage by shifting cooling demands to off-peak hours.
- Headquarters: Santa Barbara, California, USA
- Founded: 2003
- Employees: Approx. 50
- Revenue (2023): Approx. $10 million
Regional Presence
- North America: Focused on deployments across the U.S., particularly in California, Texas, and other states with high cooling demands.
- Australia: Limited projects aimed at optimizing cooling loads in urban areas.
Malta Inc.
Overview: Malta is a cutting-edge developer of long-duration energy storage systems that use a novel thermal energy storage technology. The company aims to address the intermittency of renewable energy sources like wind and solar by storing energy as heat and cold, ensuring its availability when needed. By bridging the gap between energy supply and demand, Malta Inc. plays a crucial role in advancing grid reliability and decarbonization efforts.
- Headquarters: Cambridge, Massachusetts, USA
- Founded: 2018
- Employees: Approx. 100
- Revenue (2023): Approx. $20 million
Regional Presence
- North America: Focus on grid-scale storage projects in the U.S. and Canada.
- Europe: Targeting markets with high renewable energy penetration.
- Asia-Pacific: Exploring opportunities in rapidly growing renewable energy sectors like India and China.
Highview Power
Overview: Highview Power is a global leader in long-duration energy storage using its innovative cryogenic energy storage (CES) technology, also known as liquid air energy storage (LAES). The company’s solutions are designed to address the growing need for grid stability and renewable energy integration, providing sustainable and scalable alternatives to traditional energy storage systems.
- Headquarters: London, United Kingdom
- Founded: 2005
- Employees: Approx. 200
- Revenue (2023): Approx. $25 million
Regional Presence
- Europe: Headquarters in London; projects in the UK, Spain, and other European countries.
- North America: Expanding presence in the U.S. with renewable integration projects.
- Latin America: Collaborations with regional partners to deploy CES systems in emerging markets.
- Asia-Pacific: Exploring partnerships in renewable energy-rich regions like India and Southeast Asia.
Calmac
Overview: Calmac a pioneer in thermal energy storage (TES), developed innovative solutions for managing cooling demands in commercial and residential buildings. The company gained recognition for its ice-based TES technology, which reduces peak electricity consumption by shifting cooling loads to off-peak hours. In 2017, Calmac was acquired by Trane Technologies, further strengthening its impact on sustainable energy solutions.
- Headquarters: Fair Lawn, New Jersey, USA
- Founded: 1947
- Employees: Approx. 150
- Revenue (2023): Approx. $40 million
Regional Presence
- North America: Strong presence in the U.S., with installations across major cities.
- Global Reach: Under Trane, Calmac’s TES solutions are now available worldwide, particularly in Europe and Asia-Pacific.
Terrafore Technologies
Overview: Terrafore Technologies is a U.S.-based innovator in thermal energy storage (TES) solutions. The company specializes in developing advanced materials and systems for efficient energy storage, particularly for applications in concentrated solar power (CSP) and industrial heat processes. Terrafore’s solutions aim to enhance energy efficiency, lower operational costs, and reduce carbon emissions.
- Headquarters: Minneapolis, Minnesota, USA
- Founded: 2010
- Employees: Approx. 50
- Revenue (2023): Approx. $8 million
Regional Presence
- North America: Headquarters in Minnesota, with active projects in the U.S. renewable energy and industrial sectors.
- Europe: Engaging with partners in CSP-rich regions like Spain and Italy.
- Asia-Pacific: Exploring opportunities in emerging renewable energy markets, particularly India and China.
Regional Analysis
- North America: Dominated by companies like BrightSource and SolarReserve, with significant CSP and ice-based storage projects.
- Europe: A hub for innovation with players like Abengoa, EnergyNest, and Siemens Gamesa leading the way.
- Asia-Pacific: Rapid growth in renewable energy projects is driving the adoption of TES systems.
- Middle East and Africa: CSP projects with thermal storage are prominent, led by companies like Abengoa and SolarReserve.
- Latin America: Emerging markets are adopting TES for grid stability and renewable integration.