How to Transform Sustainable Energy Technology into a Unicorn Start-Up: Technology Review and Case Study

Renewable and sustainable energy technologies must undergo commercialization before contributing to people's sustainable development. Among different approaches, commercialization to become unicorn start-ups has attracted considerable attention. Unicorn start-ups are companies achieving a valuation of over US$1 billion before launching initial public offerings. Herein, a company adopting solid oxide fuel cells as its single product and becoming a unicorn start-up is considered the case company (Company B). Established in 2001, Company B accumulated US$825.7 million of actual funding and a peak valuation of US$2.9 billion before being publicly listed. After being listed in July 2018, Company B achieved unicorn start-up status. Searching ScienceDirect Online and the IEEE/IET Electronic Library, this. study collects reviews of fuel cell technology development trends. From CB insights, the study collects the timing and amount of funding received by fuel cell-related unicorn start-ups worldwide. The Derwent Innovation (DI) tool is employed to analyze the status of fuel cell-related patent applications of these unicorn start-ups. This study integrates technology review, business status, and patent application data for analysis. Unlike previous technology reviews focusing on researches and developments, this study emphasizes the analysis of intellectual-property-based (IP-based) commercialization strategies. Specifically, it analyzes key factors explaining how a company producing solid oxide fuel cells could transform into a unicorn start-up. These factors are compiled into a ladder framework to provide a reference. Five quantitative indices are promoted. From the managerial point of view, this framework provides an executable guideline for effectively transforming sustainable energy technology into a high-valuation unicorn start-up.