Noria Energy

What Noria Energy does

Noria Energy is a floating solar (FPV) developer and technology provider founded in 2018 and headquartered in Sausalito, California. The company designs, develops, finances, and deploys floating photovoltaic systems on reservoirs, ponds, and inland freshwater bodies, with additional capabilities in ground-mounted and rooftop solar. It serves a diversified set of end customers including municipal water agencies and utilities, hydropower operators, heavy industrial sites, agricultural operations, communities, and research institutions, with active projects in California, Colorado, Alabama, Oklahoma, and Colombia. Its largest completed project to date is the 4.78 MW Healdsburg, California installation — the largest floating solar system in North America — which supplies approximately 8% of the city's total electricity needs and helps suppress algae blooms in the recycled-water system.

Noria's core technology platform is centered on two proprietary, trademarked products: AquaPhi®, a floating solar rotational tracker that uses underwater thrusters to autonomously and synchronously rotate FPV islands to track the sun, increasing energy production by 10-20%; and H2O&M®, a hardware and controls platform extending the same underlying systems to power onsite water treatment and management equipment including aerators, pumps, and dredgers. The company has also developed an autonomous cable-free anchoring system (American-Made Solar Prize finalist, 2022), and its pontoons use food-grade HDPE plastic with BASF UV absorbers and HALS for material durability. The company holds five U.S. Department of Energy grants and is supported by research partnerships with NREL, PNNL, and UC Davis.

Noria generates revenue through multiple streams: full-service Power Purchase Agreements (PPAs) that allow customers to buy renewable power without upfront capital under multi-year contracts; development services including design, permitting, engineering, and RFP support; feasibility studies; and water-body leasing arrangements under which reservoir owners receive lease payments. Go-to-market is primarily direct enterprise field sales to large water utilities, hydropower operators, and industrial customers, supplemented by a community-solar channel through GRID Alternatives. The company is privately held and is backed by Greenbacker Capital (equity investment, January 2022).

Name

Noria Energy

Legal name

Noria Energy

Website

https://noriaenergy.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

1–10 employees

Short description

Noria Energy is a floating solar developer and technology provider that designs, finances, and deploys photovoltaic systems on reservoirs and water bodies. Founded in 2018 in Sausalito, CA, the company serves water utilities, hydropower operators, heavy industry, and municipalities using proprietary AquaPhi® tracking technology and PPAs.

Ownership category

akta.pro rank

Product category

Floating Solar Development

NAICS

Solar Electric Power Generation (221114)

SIC

Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Solar Project Development & IPP (Utility-Scale & Rooftop) (EUAMABAA)

akta.pro secondary industries

Utility-Scale Generator PPAs (Project Offtake) (EUAGADAB), Operations, Maintenance & Asset Management (O&M, Vegetation, Spares, SCADA) (EUACAGAH), Distributed & Commercial Renewable O&M (Rooftop Solar, C&I Wind, Small Hydro) (EUAMAGAB)

Keywords

• Floating solar development
• Solar power purchase agreements
• Renewable energy services
• Floating photovoltaic systems
• Solar project engineering

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Supply Chain, Marketing or Sales

Revenue model

1. Power Purchase Agreements (PPAs): Full-service PPAs allowing customers to purchase renewable power without upfront capital, locking in predictable long-term electricity rates.
2. Development Services: Designing, permitting, engineering, and assistance in developing RFPs for solar projects.
3. Project Development: Development of floating solar and other solar projects serving various customer segments, including turnkey project delivery.
4. Water Body Leasing: Customers can lease their water bodies (reservoirs, wastewater ponds) to Noria Energy and receive lease payments.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Noria Energy develops floating solar photovoltaic (FPV) projects on reservoirs, ponds, and inland freshwater bodies, providing end-to-end services from feasibility studies through full-service Power Purchase Agreements (PPAs). The company also develops and sells proprietary tracking and water-management hardware, notably the AquaPhi® rotational tracker and the H2O&M® controls platform, enabling higher energy yields and ancillary water-quality benefits such as reduced evaporation and algae suppression.

Product overview

Noria Energy operates as a floating solar developer offering both proprietary products and development services. The core product portfolio centers on two main offerings: AquaPhi®, a floating solar rotational tracker that increases energy production by 10-20% through sun-tracking technology, and H2O&M®, which leverages the same hardware and controls to power onsite water treatment equipment. These products are complemented by service offerings including Full Service PPAs (Power Purchase Agreements), Development Services (design, permitting, engineering), and Feasibility Studies. The company develops floating, ground-mounted, and roof-mounted solar PV systems, with a focus on serving water utilities, hydropower facilities, heavy industry, communities, and agriculture.

Differentiator

Problem solved

Functional benefit

Brands

• AquaPhi®: Innovative floating solar rotational tracker designed to increase energy production by 10-20%, optimizing solar panel exposure throughout the day. Equipped with underwater thrusters for precise island positioning.
• H2O&M®

Products and services

• AquaPhi® Innovative floating solar rotational tracker that uses underwater thrusters and autopilot technology to autonomously and synchronously rotate floating solar islands to track the sun, increasing energy production by 10-20%. Engineered to integrate with leading floating solar pontoon designs and provide real-time diagnostics for predictive operations and maintenance.
• H2O&M® Water operations management platform that uses the same hardware and controls as AquaPhi® to power onsite water treatment and management equipment, including aerators, pumps, and dredgers, enabling solar-powered water management on reservoirs and ponds.
• Full-Service Power Purchase Agreements (PPAs) Multi-year PPAs under which Noria owns, develops, and operates the floating solar system and sells the generated electricity to the customer, locking in predictable long-term rates and requiring no upfront capital from the customer.
• Development Services End-to-end project development services for floating solar projects, including site design, engineering, permitting, and assistance in developing RFPs for customers with their own water assets.
• Feasibility Studies Technical, environmental, and financial feasibility assessments for prospective floating solar sites, identifying key milestones, roadblocks, and risk-mitigation strategies for customers evaluating project viability.
• Water Body Leasing Recurring revenue arrangement in which customers lease their reservoirs or wastewater ponds to Noria Energy in exchange for lease payments while Noria develops and operates a floating solar array on the water body.

Quantifiable outcome

• Reduces water evaporation by up to 60-80%
• +4 more outcomes

Named customers7 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Nine partnerships are on record, tiered core, major and minor.

• BASFcoreStrategic or Co-development PartnerBASF collaborated with Noria Energy to develop highly reliable, innovative pontoon design at lower cost using BASF's UV absorbers and Hindered Amine Light Stabilizers (HALS). Installed first-of-its-kind floating solar system at BASF's McIntosh, Alabama manufacturing site.
• GRID AlternativesmajorImplementation/ SI/ Consulting PartnerNonprofit leader in renewable energy access, workforce development, and community empowerment. Partnered with Noria for the Aurea Solar project in Colorado, bringing valuable engineering and installation expertise, local solar jobs and training.
• Hazelett MarinemajorTechnology or IntegrationLeader in mooring solutions for floating solar. Partnered with Noria for the Aurea Solar project to provide reliable technology for ensuring system integrity and stability on the reservoir.
• NREL (National Renewable Energy Laboratory)majorStrategic or Co-development PartnerResearch partner providing technical expertise and support for floating solar development and technology advancement.
• UC DavismajorStrategic or Co-development PartnerCollaborated with Noria Energy on floating solar aeration system at UC Davis Arboretum. Research partnership involving Global Ecology and Sustainability Lab, Wild Energy Initiative, and Arboretum and Public Garden.
• PNNL (Pacific Northwest National Laboratory)majorStrategic or Co-development PartnerResearch partner supporting floating solar technology development and water quality research.
• Consolidated Mutual Water Company (CMWC)majorStrategic or Co-development PartnerWater utility partner for Aurea Solar project at Fairmount Reservoir in Golden, CO. CMWC provides water storage reservoir for the 50 kW floating solar pilot project.
• Grand River Dam Authority (GRDA)minorStrategic or Co-development PartnerPartnered with Noria Energy and Isigenere to deploy first solar-powered destratifier system on Grand Lake in Oklahoma to help maintain lake health.
• City of HealdsburgmajorStrategic or Co-development PartnerCustomer and development partner for 4.78 MW floating solar installation at wastewater treatment facility, supplying ~8% of city's total electricity needs.

Scale indicators8 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• Ciel & Terre: Global pioneer and largest floating PV developer (Hydrelio platform) with hundreds of FPV installations worldwide. Direct competitor to Noria in utility-scale FPV project development and pontoon supply, serving water utilities, hydropower operators, and industrial customers.
• Sungrow: Leading global PV inverter and FPV system provider with floating solar-specific inverters and anchoring kits. Competes with Noria on FPV hardware/integration and has executed utility-scale floating solar projects across Asia, Europe and the Americas.
• Oxygon Industries: FPV pontoon and anchoring system manufacturer competing in the same floating solar hardware stack as Noria's AquaPhi and cable-free anchoring technologies. Comparable product offering to utilities and developers on pontoon/mooring integrity.

Broad incumbents

• Trina Solar: Global Tier-1 PV module manufacturer with a dedicated floating solar (Tracker-FPV) and storage offering. Overlaps with Noria at the FPV module/tracker layer and brings scale, balance-sheet, and module-level economics that Noria cannot match on a per-watt basis.
• SunPower: Established US residential and commercial solar developer with broader portfolio including some ground-mount and experimental FPV projects. Overlaps with Noria on PPA-based solar delivery to commercial and industrial customers.
• Recurrent Energy (SolarMax): Utility-scale solar and storage developer (Sharp-backed) building hundreds of MWs of ground-mount projects for utilities and corporates. Competes with Noria in the utility-scale PPA RFP process, though focused on ground-mount rather than FPV.

Emerging players

• D3 Energy: US-based floating solar developer focused on FPV deployments for water utilities and reservoirs. Competes with Noria in similar customer segments (municipal water, hydropower, agriculture) but at smaller pipeline scale.
• Cloating / FPV Consulting Firms: Independent FPV engineering consultancy supporting deployment due-diligence and feasibility studies that overlap with Noria's Development Services and feasibility study offerings for water agencies.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Noria Energy