10 Best Renewable Energy Penny Stocks to Invest In

4. TPI Composites, Inc. (NASDAQ:TPIC)

Number of Hedge Fund Holders: 13

Stock Price as of November 22: $1.95

TPI Composites (NASDAQ:TPIC) is a leading manufacturer of composite wind blades for the wind energy sector and a key player in industrial machinery development. The company maintains long-term relationships with major original equipment manufacturers (OEMs) in the wind industry and operates a global network of factories in the U.S., Mexico, Turkey, and India. Additionally, TPI Composites (NASDAQ:TPIC) has engineering centers in Denmark and Germany and training facilities in the U.S. and Spain.

On November 7, TPI Composites (NASDAQ:TPIC) reported financial results for the third quarter that ended September 30. The company’s net sales increased 2.8% to $380.8 million year over year, despite a 10% decrease in production. This growth was largely driven by 89% utilization of plants as the company made progress on starting up 10 lines with next-generation workhorse blades. TPI Composites (NASDAQ:TPIC) has also strategically divested from its Automotive business and shut down the underperforming Nordex Matamoros plant to eliminate losses.

According to Precedence Research, the global wind energy market, valued at $98.74 billion in 2024, is projected to grow to $260.81 billion by 2034 at a CAGR of 10.2%, TPI Composites (NASDAQ:TPIC) is well-positioned to benefit from this growth, with ten manufacturing lines currently in startup or transition phases expected to enhance production capacity.