There’s no denying that cleaner energy will eventually phase out fossil fuels. And with this transition, electric vehicles (EVs) will grow to dominate the roads.
Major automakers see the writing on the wall…
It’s why legacy manufacturers like General Motors (GM), Ford Motor Co. (F), and Volkswagen (VWAGY) have requested government investments into clean technology. It’s also why they’ve called for tax-incentives for potential EV buyers as they ramp up their own EV production.
And we’ve already begun to see this trend unfold.
On March 4, the U.S. Department of Energy (DOE) announced it would invest $115 million into scientific research to help give American businesses access to a supply of minerals, such as lithium, cobalt, nickel, and more, that are pivotal for the development of clean energy technologies.
With President Biden’s goal to make the U.S. economy 100% carbon-free by 2050, these kinds of investments are only going to rise.
As a result, companies that supply the market with the necessary clean technologies, sources, and materials will become increasingly important.
That’s precisely why I’m bringing you an electrical equipment manufacturer that’s one of the best clean-tech stocks around…
One of the Best Clean-Tech Stocks to Watch
Plug Power (PLUG) is an electrical equipment company that manufactures hydrogen fuel cells that replace batteries for electric-powered vehicles.
[finviz ticker= PLUG]
While much of Wall Street’s focus has been on lithium-ion battery development for the clean energy revolution, hydrogen is set to become the largest source of renewable energy over the next several decades.
It’s the lightest known element. It’s an energy source that can not only be stored but also can produce zero-emissions when extracted from sources such as water and wind.
This suggests it can be acquired while powering other clean energy equipment. It also means it offers longer ranges, faster recharge times, and even lower emissions than other sources of renewable energy.
Currently, PLUG’s hydrogen fuel cells are largely used for forklifts in warehouses owned by Walmart (WMT), Nike (NKE), Home Depot (HD), and Amazon (AMZN).
However, eventually, they could power cars, ships, and other equipment around the world. And the company is already making moves to make this a reality.
PLUG has partnered with companies such as SK Group, Renault, Universal Hydrogen, and BMW to create hydrogen fuel cells for vehicles, planes, buildings’ power systems, and more.
That being said, PLUG’s stock has fallen recently. Several days ago, the company announced that there were accounting errors in its 2018 and 2019 financial results. Because of this, it said it would reissue them with the correct numbers.
While PLUG assured shareholders that this would unlikely hurt its strong cash and operational position, many investors panicked and sold off – despite the fact that most of the accounting issues were unrelated to cash items.
However, even with the fall in share value, plenty of tailwinds remain for PLUG. In February, New York and PLUG announced the company would develop the largest green hydrogen production facility in the western part of the state.
And in the company’s most recent quarter, it reported gross billings of $96.3 million versus the expected $89.1 million.
For the entirety of 2021, PLUG anticipates gross billings will come in around $475 million compared to Wall Street’s estimated $466.8 million. In 2022, these billings are predicted to surge to $698.6 million.
So, despite concerns over the company’s errors in 2018 and 2019, PLUG is at the forefront of the hydrogen fuel cell movement.
With its strong billings and forecasted growth ahead, it should continue to benefit from the global shift to cleaner energy.
World’s Richest Men “All-In” on This Biden Policy
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President Biden is set to sign a policy into law that will cause certain stocks to skyrocket…
And already, the richest men in the world are going “all-in” to prepare for this event.
Jeff Bezos has already invested $10 billion to get ahead of the masses.
It’s NOT 5G, biotech stocks, or telemedicine…
It’s in one tiny corner of the market that Marketwatch calls, “Red Hot.”
And Bezos is not the only billionaire quietly building a position in this corner of the market…
Mike Bloomberg, billionaire and media mogul has already invested $1 billion.
Even the oracle of Omaha, Warren Buffet is to the tune of $15 billion.
Click here to get the exact steps you can take to set yourself up for the biggest gains.
