EVgo, Enovix Shine, But What About ChargePoint, Plug Power? Clean Energy Analyst's Stock Picks For 2025

When JPMorgan analyst Bill Peterson spoke about the clean energy space for 2025, his focus was on EVgo Inc EVGO and Enovix Corp ENVX as top picks, citing their better positioning for growth and profitability despite looming policy challenges.

However, while those stocks stand out, what about ChargePoint Holdings Inc CHPT and Plug Power Inc PLUG? Are these other players in the clean energy field being unfairly overlooked?

Let’s break it down.

EVgo: Powering Ahead With EV Charging

EVgo is being highlighted as a top pick due to its strong positioning in the electric vehicle (EV) charging infrastructure market. With a heavy reliance on public funding to help EV adoption and its extensive network of fast chargers, EVgo's growth is poised to accelerate.

Despite policy uncertainties, Peterson believes EVgo's robust network and consistent earnings make it a standout for long-term growth.

Read Also: NextEra Energy: Charging Into Q4 Earnings — Will Clean Energy’s Powerhouse Keep Its Momentum?

Enovix: Capturing The EV Battery Revolution

Enovix, with its innovative battery technology, is another stock Peterson is bullish on. Enovix's next-generation lithium-ion batteries are expected to revolutionize the EV battery space, providing a much-needed solution to higher energy density and longer battery life for electric vehicles.

As EV adoption increases, Enovix stands to benefit immensely from its cutting-edge technology, positioning it for significant market share growth.

ChargePoint: Under Pressure Amid Growth Slowdowns

ChargePoint, on the other hand, faces more significant challenges. Peterson's underweight rating stems from concerns about slowing growth in the EV charging market and its reliance on consumer behavior, specifically the willingness of drivers to adopt new chargers.

Additionally, with charging station installations possibly being slower due to evolving policy frameworks, ChargePoint may see a bumpy road ahead despite its strong infrastructure base.

Plug Power: Hydrogen’s Bumpy Ride

Plug Power, a leader in hydrogen fuel cell technology, has long been considered a potential game-changer in clean energy. However, Peterson's neutral rating reflects a more cautious outlook, as Plug Power is still dealing with a weak balance sheet and execution challenges. Even though hydrogen has bipartisan political support, Plug Power has yet to prove it can fully capitalize on the growing demand for clean hydrogen power.

Without clearer paths to profitability and improved financial health, Plug Power might struggle to compete effectively against its rivals.

Final Verdict: EVgo, Enovix Lead The Charge

As we look ahead to 2025, EVgo and Enovix clearly have the edge according to JPMorgan's insights. While ChargePoint and Plug Power are still part of the conversation, their respective hurdles (slowing growth and execution risks) place them in a more precarious position. EVgo is benefiting from its solid charge point network, while Enovix holds the promise of transformative battery technology.

For investors looking at clean energy stocks for 2025, focusing on EVgo and Enovix may provide the best opportunities for growth. ChargePoint and Plug Power will need to overcome their respective challenges to become compelling buys in the future.

Read Next:

• Plug Power’s ‘Longer-Term Backstop’ Is Here, But Execution Is Key: Analyst