Energy Storage Stocks List

Tesla's Energy Generation & Storage segment centres on Megapack, a utility-scale containerised BESS combining lithium-ion modules, power electronics, and Autobidder optimisation software, deployed in multi-gigawatt-hour arrays globally. The segment deployed **46.7 GWh in FY2025** (up 49% YoY) and generated $12.8 billion of revenue, making it the fastest-growing of Tesla's reportable segments that year. Manufacturing spans Megafactory Lathrop (California), Megafactory Shanghai (operational since early 2025), and a new Houston-area Megafactory under construction for the next-generation Megapack 3 and Megablock. Ramping domestic LFP cell production at Gigafactory Nevada and an in-house Texas lithium refinery (operational since January 2026) underpin a deepening vertical-integration strategy. Management has flagged tariffs as a larger headwind for Energy than for Automotive, and quarterly deployments are lumpy on project timing.

Contemporary Amperex Technology Co. Limited (CATL, 300750.SZ) is the world's largest battery manufacturer and ranked #1 in energy storage battery shipments for five consecutive years (2021-2025). Total battery sales reached 661 GWh in FY2025, of which approximately 121 GWh were ESS batteries. Flagship ESS products include the **TENER** containerised BESS (with a company-claimed zero degradation over its first five years) and the **TENER Stack**, a 9 MWh ultra-large modular system unveiled in May 2025 as the first of its size slated for mass production. A Hungary factory is under construction for international supply, and a secondary Hong Kong listing (3750.HK, 2025) provides offshore investor access. CATL competes across both cell supply and complete BESS integration against BYD and Sungrow, with overseas gross margins running materially above the domestic market (FY2025).

BYD Company Limited (1211.HK) is the world's top-selling NEV manufacturer and a globally leading battery group, with an energy storage division that shipped more than **60 GWh of ESS in FY2025**, ranking #1 among global BESS suppliers with roughly 13% market share (industry shipment rankings, 2025). The company's MC Cube-T liquid-cooled BESS and proprietary LFP Blade Battery are deployed across utility-scale projects worldwide; the standout contract is a **12.5 GWh supply to Saudi Electricity Company** (announced February 2025), described at signing as the largest single grid-scale storage order to date, with deliveries commencing April 2025. Deep vertical integration spans lithium, cell chemistry, pack assembly, and system integration. BYD's H-share listing (1211.HK) and Shenzhen A-shares (002594.SZ) provide domestic and international investor access, with US ADRs (BYDDY) also available.

LG Energy Solution (373220.KS) is one of the world's largest battery manufacturers, listed on the Korea Exchange after a January 2022 IPO and majority-owned by LG Chem. The company supplies pouch, cylindrical, and prismatic lithium-ion cells across EV and energy storage applications. Its ESS order backlog reached **140 GWh** at end-2025, and the company has begun local LFP production in North America, with plans to expand global ESS capacity to more than 60 GWh in 2026, over 80% of it in North America (company plan). LGES benefits directly from US Section 45X advanced manufacturing credits, which contributed approximately KRW 1.65 trillion in FY2025; without them the company would have posted an underlying operating loss, underscoring the policy dependency investors should monitor. PFE-compliant US and South Korean manufacturing is a structural competitive advantage in markets seeking non-Chinese supply chains.

Sumitomo Electric Industries (5802.T, Tokyo) is a more-than-30-year pioneer of **vanadium redox flow batteries (VRFB)** for long-duration storage. As of 2025 the company reports 49 flow-battery projects across seven countries totalling roughly 52 MW / 190 MWh, plus a further 44 MWh awarded, including several Hokkaido Electric Power systems and Japan's first METI-subsidised flow-battery project (the Kumamoto/Kyushu deployment). A next-generation VRFB launched in February 2025 with a 30-year design life and company-claimed gains of 15% in energy density and 30% in cost versus the prior generation. VRFB is a genuine but small segment of a large diversified conglomerate, so the full market cap overstates pure storage exposure. (The company also appears on the grid-hardware list as a power-cable maker.)

Sungrow Power Supply Co., Ltd. (300274.SZ) is the world's largest PV inverter supplier by shipments and one of the world's largest BESS integrators by deployed capacity, with energy storage contributing roughly one-third of group revenue in FY2024. The company's liquid-cooled BESS product line, led by the PowerTitan series and combining proprietary power conversion systems, battery packs, thermal management, and controls, is deployed globally for utility-scale, C&I, and residential storage, with Sungrow among the largest BESS suppliers across North America, Europe, the Middle East, and Asia. Its integrated PCS-plus-BESS offering competes directly with Tesla Megapack and Fluence. The Shenzhen-listed company has near-equal domestic and overseas sales, with international margins running materially higher than in the hyper-competitive domestic market.

Samsung SDI Co., Ltd. (006400.KS) is a South Korea-based battery manufacturer producing NCA and LFP prismatic cells, 46-series cylindrical cells, and electronic materials, serving EV, grid storage, and consumer electronics markets. Its ESS business, sold under the Samsung Battery Box (SBB) brand, achieved its highest-ever quarterly revenue in Q4 2025. Samsung SDI is one of the few major non-Chinese prismatic battery manufacturers, a structural advantage in PFE-sensitive US procurement. FY2025 group results were deeply challenged: revenue fell 20% YoY to KRW 13.27 trillion and the company posted an operating loss of KRW 1.72 trillion, driven by weak EV demand from a key US customer and tariff headwinds on Korean-made ESS exports. The recovery thesis rests on US-local ESS production (the StarPlus Energy JV with Stellantis in Indiana, with LFP lines planned for Q4 2026), Section 45X credits, and a joint development agreement with BMW on all-solid-state batteries.

Wärtsilä Corporation (WRT1V.HE, Nasdaq Helsinki) is a Finnish marine and energy technology group founded in 1834, delivering power plant engines, battery energy storage systems, and lifecycle services in more than 180 countries. Its **Energy Storage** business generated EUR 694 million in net sales at a 3.3% comparable operating margin (roughly EUR 23 million) in FY2025, pairing hardware (the **Quantum** BESS portfolio) with the **GEMS Digital Energy Platform**; reference projects include supplying the BESS for Zenobe's 200 MW / 400 MWh Blackhillock project in Scotland (named one of TIME's Best Inventions of 2025) and the Eraring project in Australia, set to be the largest BESS in the southern hemisphere. The storage business has since been restructured: order intake fell to EUR 0 million in Q1 2026 (vs. EUR 30 million in Q1 2025), which management attributed to US tariffs on Chinese-sourced components and PFE regulatory changes, and on June 15, 2026 Wärtsilä agreed to move the global Energy Storage business into a 50/50 joint venture with Germany's RCT Solutions. From Q2 2026 Energy Storage is reported as discontinued operations and assets held for sale; on closing (expected Q3 2026, subject to approvals) Wärtsilä would retain a 50% interest, making its storage exposure indirect. FY2025 group revenue was EUR 6.91 billion, with the Energy and Marine segments the primary earnings drivers.

EVE Energy Co., Ltd. (300014.SZ) is a Huizhou-based lithium-ion battery manufacturer with a dual position: large-format prismatic LFP cells and systems for stationary energy storage, and large-format cylindrical cells (including its 46-series) used primarily in EV programmes, where it supplies BMW. EVE is a major cell supplier to BESS integrators including Sungrow, and its stationary-storage exposure is centred on prismatic LFP rather than the cylindrical format. The company operates multiple manufacturing sites in China and is expanding internationally, competing in stationary storage alongside CATL and BYD. EVE's breadth across both prismatic and large-cylindrical formats gives it optionality across next-generation battery designs.

Generac Holdings (GNRC, NYSE) is best known as a leading North American home and commercial standby-generator maker, but its **Clean Energy / residential storage** business (the PWRcell battery system, PWRmicro inverters, and the Concerto home-energy platform) makes it a meaningful behind-the-meter storage play. Storage and clean energy is a minority of group revenue and the segment has been volatile, but Generac is one of the larger-cap US-listed names with direct residential-storage exposure. Included here as a diversified incumbent rather than a pure storage play.

Gotion High-Tech Co., Ltd. (002074.SZ) is a Hefei-based lithium-ion battery manufacturer producing LFP and NCM prismatic cells for energy storage systems and EVs, with Volkswagen as a strategic shareholder providing European OEM access and capital credibility beyond typical domestic Chinese players. Gotion is pursuing international manufacturing more actively than most of its domestic Chinese peers, including a greenfield gigafactory in Manteno, Illinois originally intended to qualify for US Section 45X manufacturing credits, though eligibility is highly policy-sensitive given the PFE rules and the company's Chinese ownership. The company competes on cost with CATL and BYD while differentiating through manufacturing localisation in Western markets and the VW partnership for OEM battery supply.

Enphase Energy (ENPH, NASDAQ) is a residential energy-technology leader whose **IQ Battery** storage systems shipped roughly 150 MWh in Q4 2025, of which 51.1 MWh were shipped from its US manufacturing facilities (Texas and South Carolina), helping customers meet domestic-content requirements. Storage is a growing complement to its core microinverter franchise, which remains the majority of revenue, and is supported by the PowerMatch software platform and home-battery leasing programs. The company also appears on solar-focused lists; it is included here for its residential-storage exposure.

CALB Group Co., Ltd. (CALB, 3931.HK), formerly China Aviation Lithium Battery and renamed in 2023, is one of China's larger lithium-ion battery manufacturers, originally founded as a state-backed aerospace battery supplier and since expanded into grid-scale BESS supply, delivering LFP prismatic cells and battery modules to storage integrators in China and internationally. CALB operates multiple gigafactories across China, holds domestic utility-scale BESS contracts, and raised international capital through a Hong Kong IPO in October 2022 to fund manufacturing growth. The company competes with CATL, BYD, EVE, and Gotion in domestic stationary storage supply while targeting international BESS integrators in Asia, Europe, and the Middle East. For investors, CALB offers exposure to a major Chinese battery manufacturer with grid storage as a growing end market.

SolarEdge Technologies (SEDG, NASDAQ) supplies power-conversion hardware (DC-optimised inverters plus the SolarEdge Home Battery) that sits at the heart of residential and commercial-and-industrial storage systems. After a deep 2024 downturn the business rebounded, with Q1 2026 revenue of $310.5M, up 46% year on year. SolarEdge has wound down parts of its former battery-cell manufacturing activity while continuing to offer home batteries and storage-related power electronics: a storage-inverter / PCS play rather than a cell or system pure-play.

Sunrun (RUN, NASDAQ) is a leading US residential solar and **storage** installer and owner. Storage attachment reached 73% of new installations in Q1 2026, and the company operated roughly 4.3 GWh of networked home-battery capacity as of 31 March 2026, a growing share of which participates in aggregated home-to-grid and virtual-power-plant programmes. Sunrun is included as a leading downstream residential storage deployer; it is a diversified solar-plus-storage name rather than a hardware maker.

Fluence Energy (FLNC, NASDAQ) is a utility-scale BESS integrator and digital platform company formed as a 50/50 JV between Siemens and AES in 2017 and listed in November 2021; AES and Siemens remain major shareholders. FY2025 (ended September 30, 2025) revenue was **$2,263M**, with a contracted backlog of $5.5 billion and 6.8 GW of energy storage deployed across 33 markets as of Q1 FY2026. Products include Gridstack Pro (large-scale front-of-meter), Ultrastack (synthetic inertia), and the modular Smartstack (7.5 MWh). Annual Recurring Revenue was $154M at December 31, 2025. Fluence is the most direct Western BESS-integrator exposure on a major US exchange and benefits from PFE-sensitive US procurement, but revenue is seasonal and customer concentration is high, with two customers at roughly 41% of FY2025 revenue.

Eos Energy Enterprises (EOSE, NASDAQ) designs and manufactures Znyth™ zinc-based battery systems for 4-to-16+ hour long-duration energy storage, manufactured entirely in the US across three Pennsylvania facilities (annualised capacity of 2 GWh at end-2025, with a company target of 4 GWh by end-2026). The Znyth™ chemistry uses a zinc-based aqueous electrolyte: non-flammable, with no lithium or cobalt, and designed for more than 15,000 cycles (company figures). FY2025 revenue was $114.2M with a gross margin of negative 126%, an improvement from negative 534% in FY2024; the path to positive gross margin rests on manufacturing automation and scale. Contracted backlog at end-2025 was $701.5M / 2.8 GWh across 18 customers in 10 US states. Eos raised $1.06 billion in November 2025 (stock plus convertible notes), ending 2025 with $624.6M of total cash (including restricted cash). ⚠️ **Risk note:** shareholders' equity was deeply negative at end-2025, affected by convertible-instrument and warrant liabilities, and a securities class action filed in 2025 alleges misrepresentations about revenue and battery production. Treat Eos as early commercial scale but pre-profitability, with negative gross margin.

Gresham House Energy Storage Fund (GRID.L, LSE) is among the largest UK-listed **grid-scale battery storage** funds, owning a portfolio of operational BESS projects across Great Britain that earn revenue from frequency response, the Balancing Mechanism, capacity payments, and wholesale trading. NAV was around £652M as of 31 March 2026. A listed pure-play storage-IPP exposure; note the fund suspended its dividend during the 2023-24 GB battery revenue downturn, a reminder that storage-fund cash flows track merchant revenue conditions.

Energy Vault Holdings (NRGV, NYSE) has evolved well beyond its original gravity storage identity into a vertically integrated energy infrastructure company: delivering BESS projects, developing and owning storage assets under long-term contracts, and pursuing AI data-centre power infrastructure. FY2025 revenue was **$203.6M** (~96% from BESS project and equipment delivery), with two operating assets: Cross Trails BESS (57 MW / 114 MWh, ERCOT, 10-year offtake) and the Calistoga Resiliency Center (8.5 MW / ~293 MWh, CAISO, PG&E agreement). Under-construction projects include the SOSA Energy Center (150 MW / 300 MWh, Texas; construction began Q4 2025, COD expected 2027) and Stoney Creek (125 MW / 1 GWh, 8-hour, Australia). The company is also developing modular AI data-centre infrastructure co-located with storage (Crusoe partnership) and a Japan BESS portfolio (850 MW pipeline acquired Q1 2026). Gravity storage (EVx) remains in the portfolio but is no longer the primary commercial driver. Revenue is highly concentrated: two customers accounted for 88% of FY2025 revenue.

Gore Street Energy Storage Fund (GSF.L, LSE) was **London's first listed energy-storage fund** (IPO May 2018). It owns and operates a diversified portfolio of utility-scale lithium-ion battery projects totalling roughly 1.25 GW gross (about 1.16 GW adjusted for ownership, April 2026) across five grids in the GB, Ireland, Germany, Texas, and California, earning revenue from capacity payments, ancillary services, and energy trading. NAV was 87.9p per share at 31 December 2025. A listed exposure to grid-scale storage as an asset class (a fund/IPP structure rather than an equipment maker).

Invinity Energy Systems (IES.L, AIM) is a UK-listed manufacturer of vanadium redox flow battery systems for long-duration grid-scale energy storage, with production facilities in the UK and Canada and deployments across Europe, North America, and Asia. The company's current product range, led by the modular **Endurium** system, is configurable for 4-to-18-hour discharge durations, with very high cycle life (vanadium electrolyte is not consumed by normal cycling), non-flammable chemistry, and a 25-year design life (company specifications), advantages that make VRFB technology increasingly relevant as grids require longer storage to balance growing solar and wind penetration. Invinity is one of the world's foremost dedicated VRFB manufacturers and a primary listed exposure to vanadium flow battery technology, pursuing manufacturing scale and cost reduction to narrow the cost gap with lithium-ion for multi-hour applications.

Largo Inc. (Nasdaq: LGO) is a Canadian critical materials company whose primary business is vanadium and ilmenite production from the Maracás Menchen mine in Brazil, one of the world's highest-grade vanadium deposits. Largo supplies vanadium pentoxide to the global steel industry and vanadium electrolyte to battery manufacturers. Its energy storage exposure comes through a 37.4% interest in Storion Energy, a US electrolyte joint venture with Stryten Energy formed in 2025; VRFB-related activity is a strategic minority interest, not the current revenue driver. FY2025 results were materially impacted by weaker vanadium prices. For investors, Largo is best understood as a vanadium commodity producer with long-duration storage optionality, not a scaled VRFB technology deployer.

Stem, Inc. (STEM, NYSE) is a clean energy software and services company that in October 2024 began shifting its business mix away from battery hardware resale toward its **PowerTrack** platform: solar monitoring, analytics, and storage optimisation software covering 37.5 GW of solar assets under management and approximately 1.7 GWh of storage AUM as of Q1 2026. FY2025 PowerTrack software revenue was roughly $37.7M at a 65% gross margin, and Annual Recurring Revenue was $61.2M at Q1 2026. The shift involved a roughly 27% workforce reduction in April 2025, with battery hardware resale falling to zero in Q1 2026 though 2026 guidance still contemplates opportunistic hardware sales. The company operates across 55+ countries and counts 13 of the top 15 US commercial and industrial solar asset owners as customers. ⚠️ **Financial note:** Stem has posted consistent operating losses through the transition, and the managed services segment ran at negative GAAP gross margin in Q1 2026; the investment thesis now centres on software and services growth from a still-subscale ARR base.

ESS Tech, Inc. (GWH, NYSE) designs and manufactures iron flow batteries using iron, salt, and water: a non-flammable, earth-abundant chemistry targeting 10-to-22-hour long-duration grid storage. The current commercial product is the **Energy Base**, a gigawatt-hour-scale open-architecture system (the earlier Energy Warehouse and Energy Center products are largely superseded). FY2025 revenue was $1.6M (vs. $6.3M in FY2024) with a net loss of $63.4M; the company used roughly $50M of cash in operations in FY2025 and held $22M of total liquid assets at end-2025. The flagship forward project is **Project New Horizon**, a 5 MW / 50 MWh pilot for Salt River Project and Google in Arizona, with manufacturing starting 2026 and delivery targeted for December 2027. ⚠️ **Distress / Going Concern:** KPMG issued a going-concern opinion on the FY2025 10-K. NYSE issued a deficiency notice in March 2025 (market cap below the $50M minimum), and a remediation plan was accepted in August 2025 with an 18-month cure period; on June 9, 2026, ESS received a further NYSE notice under Section 802.01C after its 30-trading-day average closing price fell below the $1.00 minimum (a continued-listing deficiency, not a delisting), opening a six-month cure period in which a reverse stock split is among the options under consideration. ESS Tech is pre-commercial-scale with acute liquidity risk; treat as venture/speculative.