8 Best EV Battery Stocks To Buy in Late 2024

3. EnerSys (NYSE:ENS)

Number of Hedge Fund Holders: 30

EnerSys (NYSE:ENS) specializes in energy storage solutions for industrial applications, designing and manufacturing a range of products, including motive power and specialty batteries, chargers, and outdoor enclosures. The company operates in over 100 countries and is structured into four segments: Energy Systems, Motive Power, Specialty, and New Ventures.

On September 20, the company announced it is in negotiations for a $199 million award from the U.S. Department of Energy (DOE) to support a lithium-ion cell production facility in Greenville, South Carolina. The funding is part of the Bipartisan Infrastructure Law, which aims to improve U.S. battery manufacturing.

EnerSys (NYSE:ENS)  plans to invest $615 million over four years to build a 500,000-square-foot plant that will create around 500 jobs and produce five-gigawatt hours (GWh) of lithium-ion cells annually for several applications, including commercial, industrial, and defense. An additional $50 million will go towards a specialized production line for the Department of Defense.

The company is also collaborating with European firm Verkor SAS to strengthen its manufacturing capabilities and domestic supply chain. It is expanding its focus on EV batteries and advanced energy storage technologies, producing high-performance batteries suitable for electric vehicles and industrial applications, such as electric forklifts.