11 Small Cap EV Stocks to Invest In

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9. Plug Power Inc. (NASDAQ:PLUG)

Market Capitalization: $2.10 Billion

Number of Hedge Fund Holders: 10

Plug Power Inc. (NASDAQ:PLUG) is an American company focused on developing hydrogen fuel cell systems, which serve as alternatives to traditional batteries in electric-powered vehicles and equipment. The company produces electrolyzers and fuel cells that serve various applications like material handling, e-mobility, and power generation. Hydrogen fuel cells improve runtime and charging efficiency, allowing hydrogen-powered engines to extend their range and carry more payload compared to other electric vehicle power solutions. Plug Power Inc. (NASDAQ:PLUG) ranks among the best EV stocks to buy.

In May 2024, the company secured a conditional commitment for a $1.66 billion loan guarantee from the Department of Energy (DOE) to finance the development of up to six green hydrogen production facilities. This funding will enable Plug Power Inc. (NASDAQ:PLUG) to supply major companies with locally produced green hydrogen, further solidifying its market position. Additionally, in the third quarter of 2024, the company received a $10 million grant from the DOE to develop advanced hydrogen refueling stations in Washington State, enhancing its infrastructure for medium and heavy-duty vehicles.

Plug Power’s (NASDAQ:PLUG) existing facilities in Georgia and Tennessee are critical to its operations, with a new plant in Louisiana set to become fully operational in early 2025. The company aims to significantly increase production capacity to meet rising customer demand efficiently. Plug Power Inc. (NASDAQ:PLUG) is focused on improving its hydrogen fuel margins as it effectively utilizes its network of hydrogen plants. Although maintenance at its facilities in Georgia and Tennessee limited margin contributions in the third quarter of 2024, higher utilization is expected to enhance margins in the fourth quarter. With its innovative approach and focus on expanding production capabilities, Plug Power Inc. (NASDAQ:PLUG) is well-positioned to take advantage of the shift toward sustainable energy solutions and grow in the evolving electric vehicle market.

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