EVR - Best Battery Stocks 2024: 3 to Add to Your Must-Buy List
2023-12-22 06:00:00 ET
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Renewable energy is not only measured in the creation of it, but also in the ways of storage and utilization. Batteries today are part of a wide variety of tools that we use in our daily lives, such as electric cars, light, energy for our offices and homes, among many others. There are many companies that are responsible not only for the creation of these, but also for recycling. Here are the best battery stocks that you should consider adding to your portfolio in 2024.
Li-Cycle (LICY)
Li-Cycle Holdings Corp (NYSE: LICY ) is a global player making waves in sustainable battery recycling. Its core mission is to recover lithium-ion batteries, contributing to a cleaner, more circular approach to battery resource management.
Currently on target for potential investment in 2024, Li-Cycle is in the midst of a comprehensive review of its Rochester Hub project, showing a commitment to continued growth.
The company is also working closely with the U.S. Department of Energy to secure a major loan commitment of up to $375 million. This financial backing is evidence of the recognition of Li-Cycle’s strategic importance in the industry.
With an eye on innovation, it is prioritizing the deployment of Generation 3 full package processing Spokes in both the U.S. and Germany, staying ahead of the technology curve.
Recently, Li-Cycle presented its patented spoke and hub recycling technologies to Canada’s Deputy Prime Minister and Finance Minister Chrystia Freeland at its Kingston facility. This highlights the critical role that sustainable recycling plays in building a circular battery supply chain.
The opening of its first European Spoke in Sülzetal (Germany) further consolidates its position as a key player in sustainable battery recycling. The facility, which employs state-of-the-art “Generation 3” Spoke technology, is strategically located. This reflecting Li-Cycle’s commitment to fostering a sustainable, efficient and competitive battery industry.
In the words of the Minister-President of Saxony-Anhalt, Dr. Reiner Haseloff, the new battery recycling plant is a future-proof investment, making a significant contribution to a circular economy and the achievement of sustainability goals.
QuantumScape (QS)
QuantumScape (NYSE: QS ) is a company that is revolutionizing the battery world with its focus on next-generation solid lithium-metal batteries.
These batteries promise faster charge times and longer life, making them very attractive compared to conventional batteries.
Recently, QuantumScape conducted a public stock offering that resulted in gross proceeds of $300 million. This additional financial backing strengthens the company’s ability to continue to innovate and advance its cutting-edge technology.
Evercore ISI (NYSE: EVR ) and Morgan Stanley’s (NYSE: MS ) participation in the offering underscores the market’s confidence in QuantumScape’s potential.
Looking at its balance sheets, QuantumScape’s total assets have experienced an increase, reaching $1,565,765 as of September 30, 2023. This growth supports the narrative of a solid and growing company.
QuantumScape is not only driving technological advancements, but is also receiving strong financial backing, making it an intriguing option for investors looking for exciting and sustainable opportunities in the market.
NextEra (NEE)
NextEra Energy (NYSE: NEE ), one of the leading companies in the energy sector, has become one of the preferred choices for investors interested in the renewable energy market.
In the third quarter of 2023, the company posted solid financial results , showing its resilience with net income of $1.219 billion on a GAAP basis. Adjusted earnings came in at $1.92 billion, reinforcing its reputation as a solid investment.
What sets NextEra apart is its unwavering commitment to renewable energy. It is a world leader in wind, solar and battery storage, with more than 8,000 megawatts added by 2022.
This dedication to clean energy is in line with its recognition as “World’s Most Admired Company” by Fortune in the electric and gas utilities sector.
Additionally, the company consistently outperform shareholder returns , outperforming the S&P 500 index by nearly 10% in 2022. The company’s focus on sustainability is evident in its ambitious Real Zero goal, which aims to eliminate carbon emissions by 2045, distinguishing it as an environmentally responsible investment.
Its subsidiary, FPL , has excelled in reliability and customer service, earning it accolades as the most reliable electric utility in the country. This performance includes a skillful response to natural disasters such as Hurricanes Ian and Nicole in 2022.
NextEra Energy is not only a financial success story, but a leader in the renewable energy revolution, making it a compelling, human-centered choice for investors seeking both profit and positive environmental impact.
As of this writing, Gabriel Osorio-Mazzilli did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines (no position)
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