11 Small Cap EV Stocks to Invest In

9. Plug Power Inc. (NASDAQ:PLUG)

Number of Hedge Fund Holders: 15

Plug Power Inc. (NASDAQ:PLUG) is a U.S. company specializing in hydrogen fuel cell systems that serve as alternatives to traditional batteries in electric-powered vehicles and equipment. It is building a complete green hydrogen system that includes production, storage, delivery, and energy generation. It takes its place among our best EV stocks to invest in.

Its GenDrive system combines fuel cells produced by the company and Ballard Power Systems with a hydrogen storage solution, enables quick recharge times of just minutes, unlike the hours required for lead-acid batteries. This technology allows hydrogen-powered forklifts to maintain steady power while fitting into spaces designed for conventional batteries.

The company has created a market for hydrogen fuel cell technology, deploying over 69,000 fuel cell systems and more than 250 fueling stations worldwide To support its goals, the company is working on a green hydrogen highway across North America and Europe.

Plug Power (NASDAQ:PLUG) has also built a new Gigafactory to produce electrolyzers and fuel cells, with plans for several hydrogen production plants to start operating by the end of 2028. It delivers its green hydrogen solutions directly to customers and through partnerships in many areas, including material handling, electric vehicles, power generation, and industrial uses.

At its latest earnings call, management mentioned its potential growth from strong revenue potential from its electrolyzer deployment. The company is on track to deploy an additional 100 megawatts of electrolyzers by the end of 2024, building on the successful commissioning of 55 megawatts in the second quarter, which is projected to contribute $70 million in revenue.

While immediate revenue recognition may be limited, the company has already collected cash for much of this. The company’s 7.5 gigawatts in basic design and engineering contracts could yield over $1.5 billion in revenue, which shows substantial market potential.

In the second quarter, Plug Power’s (NASDAQ:PLUG) shares were held by 15 hedge funds at a combined value of $10.78 million. As of June 30, Coatue Management holds 2.6 million company shares, worth $6.073 million and is the largest shareholder of the company.