11 Best Alternative Energy Stocks to Buy Now

2. GE Vernova Inc. (NYSE:GEV)

Number of Hedge Funds Holders: 111

GE Vernova Inc. (NYSE:GEV), an international energy company, offers a variety of products and services for electricity generation, transmission, and storage. The company functions through three segments: Power, Wind, and Electrification. Wind segments focus on onshore and offshore wind turbines, whereas the Power segment centers around gas, hydro, nuclear, and steam technologies. The Electrification segment, on the other hand, facilitates grid solutions, solar, storage, and electrification software.

GE Vernova Inc. (NYSE:GEV) reported record orders of $44.1 billion, a 7% organic growth, as it continues to solidify its position as one of the best clean energy stocks in 2024. With orders increasing by 19% due to rising demand for grid modernization and clean energy solutions, the Electrification segment witnessed strong growth. The wind segments acquired more than 1 gigawatt of U.S. onshore wind repowering orders, highlighting a 76% growth from the year before. To improve its onshore wind manufacturing facilities in New York, North Dakota, and Florida, the company plans to invest approximately $100 million, further solidifying its position in the renewable energy industry.

Furthermore, GE Vernova Inc. (NYSE:GEV) is planning to invest almost $600 million in its U.S. factories over the next 2 years to broaden its energy portfolio, while expecting to generate approximately 1,500 new jobs. This investment is a component of a $9 billion capital expenditure and R&D plan through 2028.

Moreover, in the nuclear sector, to support the development of next-generation small modular reactors and nuclear fuel technology, GE Vernova Inc. (NYSE:GEV) is contributing more than $50 million to its Wilmington, North Carolina facility. To support domestic manufacturing of FLEXINVERTER technology for utility-scale solar and energy storage applications, the company is broadening its Electrification segments with a $10 million investment in Pittsburgh, Pennsylvania.

To support the increasing electricity demands of AI and data centers, GE Vernova Inc. (NYSE:GEV) has also teamed up with NRG Energy Inc. and Kiewit to produce 5 gigawatts of clean energy projects, integrating natural gas and renewable energy. Thus, GE Vernova remains one of the best clean energy stocks for prolonged growth with its robust financial performance and continued investments in clean energy.