This year, TIME launched its inaugural list of America’s Top GreenTech Companies, in partnership with Statista, a leading international provider of market and consumer data and rankings. The result of this quantitative study: 250 companies forging the path into a greener future. Here’s how the winners were selected.

Methodology

The research project “America’s Top GreenTech Companies 2024” is a comprehensive analysis conducted to identify the top performing greentech companies in the United States. First, companies had to primarily focus on developing and providing green technologies, products or services that help mitigate or reverse the impact of human activities on the environment, and the companies had to be headquartered in the United States

Then, the study was built on three pillars: positive environmental impact, innovation drive and financial strength. In each of these three dimensions, a company received scores which were included into the final score. Statista gathered and scrutinized data for over 4,600 companies through desk research, online application forms, and collaborations with data and market intelligent companies.

To measure the first dimension, positive environmental impact, Statista collaborated with HolonIQ to assess a company on the quality and impact of their product/service portfolio based on KPIs specific to each industry, such as carbon capture, offsets, and renewable energy generated.

For the second dimension, financial strength, Statista analyzed revenue, employee and funding data, obtained from publicly available sources like annual reports, company websites, through media monitoring, and via databases. Additionally, company disclosures submitted via an online application form, which was freely accessible via the TIME website, were considered.

And for the third dimension, innovation drive, Statista cooperated with LexisNexis® Intellectual Property Solutions to analyze the quantity and value of a company’s IP (intellectual property) portfolio. The scoring is based on the Patent Asset Index featured in LexisNexis PatentSight+.

Once the data was collected and evaluated, it was consolidated and weighted within a scoring model. The final score was calculated as follows: 45% x Impact score + 45% x Financial strength score + 10% x Innovation score. The companies with the highest score were awarded as America’s Top GreenTech Companies by TIME and Statista.

See the full list here.