5 Best Green Energy Penny Stocks to Buy Now

In this article, we discuss the 5 best green energy penny stocks to buy now. To read the detailed analysis of the renewable energy industry, go directly to the 10 Best Green Energy Penny Stocks to Buy Now.

5. Broadwind, Inc. (NASDAQ:BWEN)

Number of hedge fund holders: 8

Broadwind, Inc. (NASDAQ:BWEN) fabricates components for clean energy and other industrial purposes. In 2022, the company generated a revenue of $176.8 million and had non-GAAP adjusted EBITDA of $2.4 million. For 2023, Broadwind, Inc. (NASDAQ:BWEN) expects the revenues to increase and guided it to the range of  $200 million to $220 million. The outlook for non-GAAP adjusted EBITDA for the year is $14 million to $16 million.

In the last three months, Broadwind, Inc. (NASDAQ:BWEN) stock was covered by 2 Wall Street analysts and both of them maintain a Buy rating on the stock with a $12 price target. The analysts’ price target shows an over 200% upside to the stock price of $3.82 at the time of market close on June 30.

In the first quarter of 2023, 8 hedge funds held a stake in Broadwind, Inc. (NASDAQ:BWEN). AIGH Investment Partners, Marshall Wace LLP, Two Sigma Advisors, and Schonfeld Strategic Advisors initiated new positions in the company with a combined value of over $4.7 million. The total stake value of all 8 hedge funds was over $5.3 million.

4. FuelCell Energy, Inc. (NASDAQ:FCEL)

Number of hedge fund holders: 10

FuelCell Energy, Inc. (NASDAQ:FCEL) is a green energy company that manufactures, sells, and operates stationary fuel cell power plants. The company has also signed a joint development agreement with Exxon Mobil Corporation (NYSE:XOM) for a carbon capture and storage project.

FuelCell Energy, Inc. (NASDAQ:FCEL) reported its second quarter 2023 earnings on June 8. The company generated a revenue of $38.3 million in the period, up 134% YoY and outperformed the estimates by $11.52 million. However, the company’s net loss of $0.09 per share missed the analyst estimates by one cent.

FuelCell Energy, Inc. (NASDAQ:FCEL)’s stake was held by 10 hedge funds in the first quarter of 2023. D E Shaw increased its shares in the company by 44% in Q1 to 14.458 million shares worth over $41.2 million.

3. ESS Tech, Inc. (NYSE:GWH)

Number of hedge fund holders: 10

ESS Tech, Inc. (NYSE:GWH) is an Oregon-based company that develops iron flow batteries for energy storage applications.

On June 15, ESS Tech, Inc. (NYSE:GWH) signed an agreement with the German clean energy company, LEAG. The companies agreed to establish renewable energy generation and long-duration energy storage with a 50/500 MWh iron flow battery system. The battery system will be built at Boxberg Power Plant and is expected to be commissioned by 2027.

ESS Tech, Inc. (NYSE:GWH) has been covered by six analysts in the last three months. Four analysts established a Buy or Overweight rating while two analysts maintain a Hold rating. The analysts’ average price target of $2.81 shows an over 91% upside to ESS Tech, Inc. (NYSE:GWH) stock price of $1.47 as of June 30.

2. Gevo, Inc. (NASDAQ:GEVO)

Number of hedge fund holders: 12

Gevo, Inc. (NASDAQ:GEVO) is a renewable chemicals and biofuel company.

In July 2022, Gevo, Inc. (NASDAQ:GEVO) signed a 5-year deal with American Airlines Group Inc. (NASDAQ:AAL) to provide 500 million gallons of aviation fuel over the next 5 years. Later in October, the company signed an agreement with Qatar Airways Partners to provide 25 million gallons of aviation fuel for the next 5 years. Finally, in November 2022, Gevo, Inc. (NASDAQ:GEVO) signed an agreement with Iberia Airlines to provide 6 million gallons of sustainable aviation fuel per year for 5 years starting in 2028.

On June 27, Stifel analyst Derrick Whitfield maintained a Buy rating on Gevo, Inc. (NASDAQ:GEVO)’s shares and lowered the price target to $2.70 from $3.

1. Heliogen, Inc. (NYSE:HLGN)

Number of hedge fund holders: 16

Heliogen, Inc. (NYSE:HLGN) is a renewable energy technology company developing artificial intelligence-enabled solar solutions and tops our list of best green energy penny stocks. The company was founded in 2013 and is headquartered in California. On June 20, Heliogen, Inc. (NYSE:HLGN) announced its partnership with NantG Power, LLC, a battery technology company to establish a pilot solar thermal calcination facility.

In Q1 2023, 16 hedge funds had a stake worth $1.736 million in Heliogen, Inc. (NYSE:HLGN).

You can also look at the 10 Special Situation Penny Stocks With Near Term Catalysts and the 10 Hot Penny Stocks To Buy.

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