Renewable Energy Revolution: 3 Stocks to Watch
The advent of artificial intelligence may be stealing the spotlight, but another revolution is quietly gaining momentum – renewable energy. For the first time in history, it seems possible that the planet could eventually wean itself off fossil fuels. According to Straits Research, the renewable energy industry is expected to grow at an average pace of 9.5% through 2033.
Small but Mighty: NuScale Power
NuScale Power (NYSE: SMR) may not be a household name, but this small company is making big waves in the nuclear power industry. With a market cap of just $2 billion, NuScale develops small modular reactors (SMRs) designed to provide electricity at specific sites for specific purposes, such as powering data centers or desalination plants. Although the company has no reliable revenue to speak of, its innovative approach to nuclear fission reactor designs and waste disposal makes it an attractive long-term investment.
Fueling the Future: Plug Power
Plug Power (NASDAQ: PLUG) has been manufacturing hydrogen fuel cells for years, deploying them in forklifts, short-range haulers, and even longer-range vehicles like delivery vans. But fuel cells aren’t just limited to mobility – they’re also being used to provide backup power to entire buildings, data centers, and telecom service providers. With the cost of creating and handling pure hydrogen decreasing, Plug Power’s fuel cells may finally be on the verge of entering the mainstream. Straits Research predicts the worldwide fuel cell market will grow by an average of more than 21% per year through 2033.
The Unlikely Renewable Energy Stock: Occidental Petroleum
Occidental Petroleum (NYSE: OXY) may be categorized as an oil and gas company, but it’s evolving into a renewable energy stock by virtue of its direct air carbon-capture platform. This technology literally sucks CO2 molecules out of the air and chemically combines them with filters that turn it into a form that can be safely and permanently stored underground. With demand for natural gas expected to continue growing at least through 2050, Occidental Petroleum’s well-run operation looks and feels very investment-worthy.
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