5 Trending Renewable Energy Stocks To Put On Your Radar This Week
As energy prices have remained elevated since the Russian invasion of Ukraine, investors could be turning to renewable energy stocks. This is despite energy prices coming off their highs recently. In any case, investing in renewable energy could serve as a hedge against future swings in energy prices. Moreover, as time passes by, our oil and gas reserves will eventually deplete, likely making renewables the future of the energy industry. Hence, I could see investors looking around the stock market for the best renewable energy stocks.
Investors could look at Renewable Energy Group (NASDAQ: REGI). The company recently announced the introduction of EnDura Fuels, a line of branded fuel solutions. These solutions help various transport industries meet their sustainability targets through cleaner-burning, lower-emission fuels. Apart from that, we have SunPower (NASDAQ: SPWR). Two weeks ago, the company launched its SunPower Dealer Accelerator Program. Essentially, the program involves investments in local solar dealers to advance their growth. Hence, helping to speed up the adoption of renewable energy across the U.S. With all that said, here are five renewable energy stocks to check out in the stock market today.
Renewable Energy Stocks To Watch Right Now
- First Solar Inc. (NASDAQ: FSLR)
- Volta Inc. (NYSE: VLTA)
- EVgo Inc. (NASDAQ: EVGO)
- Enphase Energy Inc. (NASDAQ: ENPH)
- ChargePoint Holdings Inc. (NYSE: CHPT)
Starting us off is First Solar, a leading solar technology company. For the most part, it engages in the manufacture of solar panels and utility-scale photovoltaic (PV) power plants. Besides that, it is a global provider of sustainably produced eco-efficient solar modules. The company’s advanced thin-film photovoltaic (PV) modules represent the next generation of solar technologies. As such, it serves as a competitive, high-performance, lower-carbon alternative to conventional crystalline silicon PV panels.
Yesterday, the company announced that it has signed a supply agreement with Silicon Ranch, one of the largest independent power producers in the U.S. Namely, the agreement entails the supply of 4 gigawatts of advanced, responsibly-produced thin-film photovoltaic (PV) solar modules to Silicon Ranch. Being one of Solar First’s biggest deals, it expects to deliver the modules to Silicon Ranch by 2023 to 2025. All in all, this deal will help advance the renewable energy transition in the U.S. while supporting American solar manufacturing growth. Given this agreement, should you invest in FSLR stock?
Another top renewable energy stock to watch is Volta. It is an EV charging company that is building the infrastructure of the future. The company is creating an EV charging network that capitalizes on and catalyzes the shift from combustion-powered miles to electric miles. Specifically, it does so by placing media-enabled charging stations in prominent public locations. Furthermore, its charging stations can enhance site hosts’ and strategic partners’ core commercial interests. This would create new means for them to benefit from the transformative shift to electric mobility.
On Monday, Volta announced the launch of PredictEV Fleet, the second product within its suite of machine learning and artificial intelligence solutions. PredictEV is used by government agencies, real estate developers, and municipalities mainly for infrastructure planning. Using advanced AI and analytics, PredictEV Fleet analyzes data on existing vehicle fleets and premises and provides customers with critical insights to build fleet electrification plans. The launch also came with a multi-year commitment from Southern Company (NYSE: SO), the second-largest utility company in the United States. Given the launch of PredictEV, is VLTA stock a buy?
Next up, we have EVgo, a company that owns and operates the nation’s largest public direct current fast-charging network. With more than 800 fast-charging locations, EVgo’s charging network serves over 68 metropolitan areas across 35 states. Its network is powered by renewable electricity using renewable energy certificates. Therefore, EVgo caters to the EV industry by providing EV charging infrastructure to consumers and businesses. In the past six months, EVGO stock has risen by more than 50%.
Last week, Chase announced that it has chosen EVgo to pilot its public fast EV charging stations across 50 of its U.S. bank branches this summer. These fast chargers will offer thousands of drivers access to 100kW and 350kW chargers that can charge vehicles as much as 80% in 15 to 45 minutes. Naturally, it also adds to Chase’s efforts to promote environmental sustainability in its retail locations. As EVgo’s charging network continues to expand, will you be watching EVGO stock?
Enphase is a renewable energy company that designs and manufactures home energy solutions. It is a global energy technology company and also the world’s leading supplier of microinverters-based solar storage systems. With its smart and easy-to-use solutions, the company connects solar generation, storage, and energy management into one intelligent platform. Enphase’s semiconductor-based microinverters convert energy at the individual solar module level and bring a system-based approach to solar energy management.
Last week, the company expanded its nearly 15-year relationship with Flex (NASDAQ: FLEX), a global diversified manufacturer. Starting in the first quarter of 2023, Flex will begin the manufacturing of Enphase’s microinverters for the European market in Timisoara, Romania. This would address the region’s rapid growth and demand for residential solar solutions as energy prices continue to rise. Additionally, it also means that there will be improved delivery times to its customers within Europe. Considering this news, could you see ENPH stock growing?
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ChargePoint is an EV infrastructure company that operates one of the largest online networks of independently owned EV charging stations. Since 2007, the company has been committed to making it easy for businesses and drivers to go electric with its charging networks and comprehensive portfolio of charging solutions. Also, its cloud subscription platform and software-defined charging hardware are designed for a wide number of uses. This would include options for every charging scenario from home and transport fleets of all types.
Towards the end of last month, ChargePoint and logistics company Gatik announced a strategic partnership to develop an electric ecosystem for autonomous vehicles. Notably, this ecosystem will work to maximize sustainability, operational efficiency, and economics for its customers across North America. Through the partnership, infrastructure and integrated services will play a significant role. Namely, in helping to decarbonize the B2B short-haul logistics sector. With this partnership in place, is CHPT stock worth investing in?