2 Green Energy Stocks To Buy, 2 To Avoid

NASDAQ: PLUG | Plug Power, Inc. News, Ratings, and Charts

With the increasing adoption of green energy by businesses and households and supportive environmental steps under the Green New Deal announced by the Biden administration, the green energy sector is likely to gain further momentum in the near term. 

Amid this green wave, Plug Power, Inc. (PLUG - Get Rating) and SunPower Corporation (SPWR - Get Rating) have been reporting promising results as demand for clean energy is stronger than ever. These two stocks have immense upside potential left based on their strong revenue performance, as small and large businesses alike are aggressively trying to reduce their carbon footprint. 

However, SolarEdge Technologies, Inc. (SEDG - Get Rating) and JinkoSolar Holding Co., Ltd. (JKS - Get Rating) that belong to the same industry have been underperforming. They have reported lower revenues and earnings compared to their peers, thereby losing market share. Since these two stocks have been declining, it is advisable to avoid them for now.

Plug Power, Inc. (PLUG - Get Rating) 

PLUG is a leading provider of hydrogen fuel cell turnkey solutions and fuel processing technologies for the electric mobility and stationary power markets in North America and Europe. The company provides its services to manufacturing businesses and through retail chains, dealers, and direct sales force. 

On October 22nd, PLUG announced the expansion of its GenDrive product with three new fuel solutions for the European market. This product development will support its growing European customer base. 

PLUG recently announced a Memorandum of Understanding (MoU) with Linde for demonstrating Plug Power’s ProGen Fuel Cell engine in class 6 and class 8 vehicles, which are expected to hit the market by early 2021.

The company entered into strategic partnerships with Brookfield Energy and Apex Clean Energy to source renewable electricity and build liquid green hydrogen plants. These collaborations will help PLUG achieve its long-term sustainable energy goal. 

PLUG’s revenue increased 79.9% year-over-year to $106.99 million in the third quarter ended September 2020. Gross billings rose 73.4% sequentially to $125.60 million. 

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