Clean Energy Capital Raise: Top Notable Raises Through Crowdfunding

Over the past year, cleantech companies in the U.S. have achieved remarkable fundraising milestones through crowdfunding and convincing everyday investors to fuel green innovation. These businesses, focused on innovative ventures and investments in sustainable technologies, are developing cutting-edge solutions such as renewable energy systems and electric vehicles.

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These businesses, by understanding critical information during capital raising, demonstrate their current financial and operational health, as well as their environmental and governance practices to attract investment effectively.

The convergence of passionate retail investors and digital crowdfunding platforms has empowered startups in clean energy, electric vehicles, and sustainable tech to raise significant capital online, driving the clean energy transition.

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Effective communication and engagement with diverse investor communities in various industries are crucial for these companies to succeed. In this article, we highlight some of the most notable cleantech raises via Reg CF and Reg A+ crowdfunding in the last 12 months, and explore how these successes are influencing the broader investment landscape.

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(Note: Regulation CF allows companies to raise up to $5M from the public in a year, while Regulation A+ allows up to $75M – enabling much larger “crowdfunding” rounds.)

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Introduction to Crowdfunding for Cleantech

Crowdfunding has emerged as a powerful method for cleantech companies to raise capital for their innovative projects and ventures. This approach allows individuals to invest in sustainable energy solutions, promoting a cleaner and more environmentally friendly future.

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The use of crowdfunding for renewable energy projects has gained momentum in recent years, with many successful campaigns raising significant amounts of capital. This method is particularly effective for early-stage ventures or projects that may not be eligible for traditional venture capital investment.

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By tapping into a large pool of potential investors, cleantech companies can gain visibility and increase their chances of success. Additionally, grants are a key funding source for early-stage cleantech ventures, supporting development and securing initial capital.

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As a result, crowdfunding is playing a crucial role in the growth and development of the cleantech sector, helping to drive the transition to a more sustainable energy future by funding ventures from Seed to Series B stages.

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Key Benefits of Crowdfunding

Online capital raising offers several advantages for cleantech companies:

• Increased Access to Capital: Taps into a large pool of potential investors beyond traditional venture capital.
• Community Building: Successful campaigns cultivate a community of supporters and advocates, invaluable for promotion and further capital acquisition.
• Market Validation: Demonstrates demand for a product or service, crucial for early-stage ventures proving their concept.
• Cost-Effectiveness: Can reduce reliance on intermediaries like investment banks.
• Transparency and Accountability: Platforms often provide a high level of transparency, building trust with investors.
• Flexibility and Adaptability: Companies can set their own goals and timelines, adjusting campaigns based on feedback and gathering insights from early adopters.

In the current economic climate, effectively securing capital through innovative funding approaches and thorough due diligence is critical for cleantech success. A significant benefit of this approach for investors is that it allows them to gain ownership stakes and potentially enjoy financial returns while supporting environmental sustainability.

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EnergyX: Pioneering Lithium Tech with a $75M Reg A+ Raise

One of the most groundbreaking crowdfunding successes was EnergyX, a Texas-based cleantech company focused on lithium extraction and battery technology. This company is developing innovative direct lithium extraction solutions (brine-to-battery technology) to accelerate electric vehicle production. Lithium is a critical ingredient in EV batteries, and EnergyX’s tech promised to increase lithium output by about 300% compared to conventional methods.

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Crowdfunding Success

EnergyX demonstrated the scalability of online investment platforms and that cleantech can rally the crowd with their record-breaking Reg A+. Some of their most notable achievements include:

• Record Reg A+ Raise: Late 2024, EnergyX raised the $75M maximum under Reg A+ in 12 months.
• First Cleantech to Max Out: First cleantech campaign to hit the full Reg A+ cap.
• Investor Base: Attracted tens of thousands of retail investors.
• Platform & Completion: $75M raise completed October 2024, powered by DealMaker platform.
• Shareholder Community: Over 40,000 investors participated, creating a large shareholder community.
• Institutional Interest: Online success correlated with significant institutional investment.
  • Attracted investments/partnerships from General Motors and Posco Holdings.
  • Secured a $450M equity commitment via a PIPE deal.

This successful campaign demonstrates that online retail raises can coexist with and encourage institutional interest. Balancing technological innovation with measurable benefits  and forming strategic partnerships in the cleantech sector was crucial for EnergyX’s success.

This helped capture the interest of investors eager to see tangible environmental impacts and built an engaging diverse investor community to build momentum in a competitive funding landscape.

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Aptera Motors: Solar EV Startup Fueled by Community Investors

Another headline-making campaign belongs to Aptera Motors, a California-based startup developing a solar-powered electric vehicle. Aptera’s three-wheeled EV promises ultra-efficiency and even the ability to recharge via built-in solar panels. Over the past year, Aptera turned to Reg A+ crowdfunding multiple times, raising an astonishing sum from its passionate community of supporters.

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Their investment strategy focuses on scalable clean energy solutions, leveraging proven technologies that are already effective and can outcompete fossil fuels.

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Crowdfunding journey

Since launching its Reg A offering in 2021, Aptera has raised over $100 million from more than 17,000 investors through crowdfunding, according to the company’s updates. In the last 12 months, Aptera continued to seek community investment as it works toward production. By early 2024, the startup had reportedly secured over $120 million via crowdfunding in total, helping the company gain momentum as it works toward production.

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The rapid development of innovations like energy storage systems and electric vehicle infrastructure has been crucial for Aptera Motors. Unlike EnergyX, Aptera’s motive for crowdfunding was out of necessity as much as opportunity. The company faced challenges securing traditional venture capital for its ambitious EV project (building a new car company is notoriously capital-intensive and risky). Crowdfunding provided a lifeline when institutional money wasn’t available.

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Thousands of  fans drawn to the eco-futuristic concept of a solar car kept Aptera afloat through their investments. Aptera’s first investment came from a group of early adopters who believed in the eco-futuristic concept of a solar car. This is a testament to the power of a dedicated community; Aptera leveraged a group of early adopters to finance development where VCs feared to tread.

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Investor Enthusiasm vs. Execution Risk:

Aptera’s ongoing raises show how crowdfunding can enable moonshot ideas to find backing. However, they also highlight the risks involved. As TechCrunch noted, Aptera has been promising to deliver vehicles for nearly 15 years and has yet to put a single car in customers’ hands.

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This illustrates a key point: while Regulation A+ allows unaccredited investors to get in early on visionary startups (potentially reaping big rewards if the startup succeeds), it also means those investors bear the risk if things don’t pan out.

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Why it’s notable

Aptera’s crowdfunds stand out for their scale and the sheer devotion of the investor base. Raising over $100M from the public for a cleantech startup is a rare feat. It underscores that people will invest in bold clean technology visions (even pre-revenue) if the story captures their imagination. Aptera turned its future customers into investors as many reservation holders for the vehicle have also bought shares.

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This community-funded model might well be a preview of how consumer-facing cleantech products can come to market. The case also serves as a caution: large crowdfunding success doesn’t guarantee a successful company outcome, but it certainly extends the runway for a team to prove themselves. For better or worse, Aptera has shown that crowdfunding can literally keep a dream alive.

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LiquidPiston: $5M for a High-Efficiency Engine (Reg CF Maxed Out)

LiquidPiston offers a different flavor of cleantech crowdfunding success. This company isn’t as widely known as an EV or battery brand, but it’s working on a technology with significant clean-energy implications: a new type of compact, efficient combustion engine.

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LiquidPiston’s innovation is a patented rotary combustion engine that is much smaller and lighter than traditional engines, while achieving higher efficiency. By making engines that consume less fuel for the same power, they contribute to lower emissions and energy savings, aligning with clean tech goals by improving electricity generation efficiency.

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Alongside a successful Reg A+ raise, in 2024, LiquidPiston raised approximately $4.97 million via a Reg CF campaign, essentially hitting the legal maximum for a Reg CF round.

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Crowdfunding Details

The company’s Reg CF offering in 2024 attracted thousands of retail investors and reached just under $5M in funding in just a couple of months. KingsCrowd reported that LiquidPiston was one of only five Reg CF offerings in 2024 to close at the $4.8M–$5.0M range, which is the maximum allowed. This places LiquidPiston in the top tier of Reg CF campaigns that year, alongside a few other high-performers in different sectors.

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LiquidPiston’s success shows that even B2B hardware technology can find love on crowdfunding platforms if pitched correctly. The appeal to investors likely included the engine’s broad market potential and the company’s existing traction (they had prior military contracts and prototypes, lending credibility).

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Impact and What’s Notable

For a niche cleantech/hardware company to raise $5M from the public is encouraging for the sector. It suggests that investors are willing to fund enabling technologies like efficiency improvements, not just solar panels and EVs. The fact that LiquidPiston hit the Reg CF cap also highlights how crowdfunding and online investment platforms have become a viable route for significant funding.

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For investors, LiquidPiston offers a case where a cleantech investment isn’t a traditional “green” company, but rather a high-tech engineering play with environmental benefits. It broadens the scope of what falls under clean energy crowdfunding platform success.

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The company continues to develop its engines, and its crowdfunding success may attract follow-on interest from defense or automotive industry partners. It won’t be surprising if we see a venture capital round or strategic investment follow, as the crowdfunding validated robust public interest in this technology.

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Other Notable Cleantech Crowdfunding Campaigns

Beyond the headline-grabbing raises above, numerous other cleantech and green technology companies have successfully leveraged crowdfunding in the past year. Many investment funds actively invest in clean energy and decarbonization solutions, allocating financial resources towards innovative technologies and startups.

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Many of these campaigns are targeting emerging markets, where the potential for growth and revenue opportunities is significant. Wind energy, alongside other renewable sources such as solar and geothermal, plays a crucial role in these investments, highlighting the importance of sustainable technologies in addressing climate change and supporting energy transitions.

Here are a few honorable mentions that illustrate the breadth of clean technology attracting retail investors:

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Eli Electric Vehicles – $1.17M (Reg CF)

Eli is a startup building ultra-compact and affordable electric vehicles for city transportation (think a  micro-EV for urban commuters). In 2024, Eli ran a Reg CF campaign and raised over $1.1 million from the crowd. While smaller in scale than some others, this campaign is notable as it brought in over a thousand investors for a niche EV solution.

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It shows that even relatively modest crowdfunding rounds can validate market interest. Eli’s successful funding will help it move toward production of its Eli ZERO micro-EV, and those investors are potential first customers as well, allowing the company to expand its market reach.

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Aeroseal – $5M (Reg D/CF hybrid)

Ohio-based Aeroseal isn’t a household name, but it tackles energy waste by sealing leaks in home HVAC systems, significantly improving efficiency. In late 2023, Aeroseal raised around $5 million in a crowdfunded offering on StartEngine, attracting many retail investors alongside accredited ones.

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This demonstrates how energy efficiency tech can excite investors when the value proposition (cutting energy bills and carbon footprint) is clearly communicated.

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Carbon Cleanup Companies

A wave of carbon capture and climate software startups have also taken to crowdfunding. For instance, a company focusing on carbon credit marketplaces or direct air capture might raise smaller amounts (say $300k–$1M) via Reg CF to engage climate-conscious investors early.

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KingsCrowd noted that in mid-2024, top impact investing deals included carbon management software solutions, reflecting interest in climate-tech crowdfunding. These smaller raises often fly under the radar, but collectively they indicate a robust ecosystem of climate innovation being fueled by the crowd.

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Community Solar and Storage Project

Certain project-focused raises have occurred via platforms like RaiseGreen or Wefunder, where communities invest in local solar farms or energy storage installations. While these are structured more as project finance (debt or revenue-sharing) than equity in a startup, they form part of the broader cleantech crowdfunding landscape and allow citizens to directly fund clean energy in their area.

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For example, a community solar project in the Northeast raised over $250,000 from local investors in late 2024 to install solar panels in low-income housing (hypothetical illustration). Such grassroots investments show the democratization of not only tech startups but also sustainable infrastructure.

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Each of these examples, big or small, highlights an important trend: retail investors are eager to back clean technology and sustainability efforts. Whether it’s a high-flying electric vehicle startup or a pragmatic energy efficiency tool, crowdfunding has become a viable funding avenue.

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The Ripple Effect: Crowdfunding’s Influence on Institutional Capital

A key question emerges from these cleantech crowdfunding wins: does success with the crowd help attract bigger investors later on? There’s growing evidence that the answer is yes. A strong showing in a crowdfunding campaign can serve as a form of validation.

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It proves to venture capitalists or strategic partners that there’s genuine market enthusiasm for the product or technology. Identifying and connecting with the right investors who recognize the potential of the cleantech sector is crucial for attracting larger institutional capital.

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A successful crowdfunding raise is like a loud vote of confidence from the market. It can de-risk a deal in the eyes of larger investors. A big equity crowdfunding round can attract venture capitalists or corporate investors and many institutional investors are starting to scout crowdfunding platforms for promising deals.

This intersection of digital capital platforms and clean energy investment is likely to grow stronger. We’re seeing the early phases of retail investors and Wall Street co-investing toward a greener economy, often with the crowd leading the way on high-impact cleantech ideas.

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Crowdfunding Empowering Clean Innovation

The past 12 months of cleantech crowdfunding have proven that if given the chance, people will invest in solutions to climate change and sustainability. From EnergyX’s record-setting raise to Aptera’s community-driven funding, and LiquidPiston’s tech enthusiast backers, these examples showcase the diversity and potential of clean energy crowdfunding platforms connecting innovators with capital.

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For cleantech entrepreneurs, these success stories are inspiring as they indicate that lack of traditional funding doesn’t have to stall a great idea because there is an alternative path via the crowd to a sustainable future.

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By running a well-prepared campaign, a cleantech startup can secure not just money, but an army of brand advocates. These investor-advocates often become early adopters, beta testers, and word-of-mouth marketers, which is invaluable for young companies.

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These investments are not only improving efficiency and reducing emissions but also promoting economic growth and social equity, creating a real impact in various communities.

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For investors, the democratization of cleantech investing means the opportunity to support the technologies you believe in. Whether you care about electric vehicles, renewable energy, or carbon capture, you no longer need to be a millionaire or a fund manager to get involved.

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The case studies we highlighted also hint at a future where crowdfunding and institutional funding work hand in hand. Crowdfunding can validate and amplify cleantech projects, which then attracts bigger checks to scale those projects to market. It’s a symbiotic relationship. As we saw, EnergyX balanced both retail and institutional investors to reach over $140M in funding (retail + private), and other companies may follow that blueprint.

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The cleantech crowdfunding achievements of the last year mark an important shift in how new energy and sustainability ventures are financed. Online platforms like DealMaker and others have become critical infrastructure for green energy equity raises, enabling rapid deployment of capital into climate solutions. With the climate crisis urging swift action, this ability to quickly rally public investment is extremely promising.

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