6 Clean Energy Stocks To Watch

Citing several mega-trends in the cleantech space, Northcoast Research has initiated coverage on more stocks in the sector. 

The Cleantech Stocks: Northcoast Research analyst Tom Hayes initiated coverage of the following clean energy stocks: 

Bloom Energy Corp BE initiated with a Buy rating and $35 price target.

Ballard Power Systems Inc BLDP initiated with a Neutral rating.

Plug Power Inc PLUG initiated with a Neutral rating.

Fuel Cell Energy Inc FCEL initiated with a Neutral rating.

Capstone Turbine Corp CPST initiated with a Buy rating and $14 price target.

EnerSys ENS initiated with a Neutral rating.

The Cleantech Growth: Northcoast Research named mandated carbon reduction targets, the evolution of the traditional electric utility model, renewable energy generation and storage, energy as a service, ESG investing and home-as-a-sanctuary as six mega-trends with multiyear runways for the industry.

The increased use of hydrogen as a fuel is coming from a renewed focus on decarbonization, Hayes said.

The hydrogen industry supply chain is showing “early signs of success” to help lower the cost of the cleantech, the analyst said. 

This could be good news for companies like Plug Power that use hydrogen fuel cells, which replace conventional batteries in equipment and vehicles powered by electricity, he said. 

Companies around the world are shifting gears towards clean technology to adhere to more sustainable business practices. Check out Benzinga's Cleantech Small Cap Conference on April 22 to learn more!

Storage is also seen as a key to the growth of the renewable energy market, Hayes said. Several of the companies with initiated coverage fall into this category.

“Adoption for commercial application of fuel cells versus internal combustion or even natural gas-powered vehicles is gaining momentum and will further do so as the changing speeds increase, and fuel cell prices continue to become more affordable,” the analyst said. 

Hayes said customers could become “energy experts” and take control of their energy consumption. This could put several of the companies with coverage by Northcoast in the spotlight.