5 Cheap Renewable Energy Stocks To Keep An Eye On In 2021

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5 Cheap Renewable Energy Stocks To Keep An Eye On In 2021

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 5 Cheap Renewable Energy Stocks To Keep An Eye On In 2021

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Summary

  • Renewable energy stocks are highly desirable in the current climate. Although, some stocks can still be picked up at cheap price.
  • The increase in renewable energy projects bodes well for the industry, and several cheap stocks are positioned to take advantage of the industry's growth.

Renewable energy companies are slowly taking over the power-generation schemes worldwide. The sector has never been more competitive with non-renewable energy production than it is today. Analysts predict that renewable energy production will increase its worldwide share of the electricity market to 31% by 2040.

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Companies working in this space are set to benefit from the increased adoption of renewable energy projects. Here is a list of five cheap renewable energy stocks positioned to take advantage of the predicted increase in adoption.

ReneSola Ltd (NYSE:SOL)

ReneSola develops and sell solar panels for large scale projects. The Company also engages in constructing solar farms of its own. ReneSola has solar generator projects scattered across North America, China, and Europe, producing approximately 240MW. 

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ReneSola is focussed on growing their position in Europe over the next few years. While renewable energy is expected to account for 31% of total electricity generation worldwide by 2040, in Europe, this figure is expected to be 50%.

On 12 March, ReneSola shares last traded at US$16.05, decreasing by 2.13%.

Fusion Fuel Green PLC (NASDAQ:HTOO)

Fusion Fuel Green develops technology that renewably produces hydrogen. The Company has developed a method using Solar Cells that produces hydrogen at a price point lower or equal to non-renewable methods.

Hydrogen is a critical element for several industries, including oil refining and transport. The hydrogen market is worth more than EU€150 billion per year and is expected to grow by 600% by 2050. The growth in the market will primarily come from an increase in demand from hydrogen-powered vehicles.

On 12 March, Fusion Fuel Green shares last traded at US$15.66, increasing by 6.97%.

Bloom Energy Corp (NYSE:BE)

Bloom Energy develops back-up generators powered by biogas or hydrogen. Bloom’s generators are employed by industries sensitive to power outages such as healthcare and IT. The Company’s clients include 25 Fortune 100 companies in the US.

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Bloom is one of eleven companies in the US forming the Hydrogen Forward initiative. The initiative is engaged in lobbying US lawmakers to consider implementing a national hydrogen strategy to help the country and its industries decarbonise.

 On 12 March, Bloom Energy shares ended the trading session at US$29.55, decreasing by 1.48%.

Xinyi Solar Holdings (HKG:0968)

Xinyi Solar manufactures the glass used in solar panels. Domiciled in China, the Company also operates small-scale solar farms in the country.

Xinyi is currently benefiting from the surge in demand for solar glass. The Company’s revenue jumped 35% in 2020, as the number of solar projects rose, and solar glass price doubled. The glass shortage is expected to hold until 2022.

On 12 March, Xinyi Solar shares closed the market session at HK$1.92, increasing by 3.78%.

ITM Power PLC (LON:ITM)

ITM Power is a British-based company producing hydrogen energy solutions. The Company manufactures back-up, storage and production units that convert hydrogen into electricity.

In July 2020, the EU published its hydrogen strategy, noting the union’s commitment to invest in green hydrogen solutions. ITM’s joint venture with the EU-based Linde Engineering is positioned to capitalise on the EU’s target of producing 40GW of energy via green hydrogen by 2030.

On 12 March, ITM Power shares last quoted GBX 497.50, decreasing by 4.02%.

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