4 Solar Stocks to Put on your watchlist for 2024
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The global transition to clean energy is attracting investors to solar and renewable sources, driven by government policies and incentives. The increasing demand for eco-friendly solutions, along with advancements in technology and decreasing production costs, positions solar companies as potentially appealing investments. The pursuit of energy independence, stability, and innovation further enhances their attractiveness. In a world adopting cleaner energy sources, investments in solar and renewable energy offer not only financial gains but also contribute to a sustainable global energy landscape
This surge in investor interest aligns with the Inflation Reduction Act (IRA), which commits $369 billion for renewable energy growth over the next decade. As solar becomes not just a clean energy source but a compelling investment, our exploration will introduce four distinctive solar stocks in this dynamic sector.
SinglePoint, Inc. (CBOE:SING) stands out as a diversified holding company committed to providing innovative renewable energy solutions and energy-efficient applications. Through its subsidiaries, The Boston Solar Company LLC and Box Pure Air LLC, SinglePoint focuses on integrated solar energy solutions and air purification technologies. This comprehensive approach aligns with the company's primary goal of sustainability, contributing to better health and living.
SinglePoint's subsidiary, Boston Solar, has recently made waves in the renewable energy sector by partnering with Energizer Solar. This groundbreaking collaboration positions Boston Solar as the first US company to offer Energizer Solar products, emphasizing its commitment to top-tier customer service and cutting-edge renewable energy solutions. The partnership merges Boston Solar's expertise in solar energy with Energizer Solar's innovative energy storage technology, addressing the increasing demand for reliable home energy solutions.
The company's strategic initiatives extend beyond operational excellence to its recent uplisting on the Cboe Exchange (formerly OTCQB:SING). This move not only enhances SinglePoint's visibility among investors but also reflects its commitment to sustained growth. The public offering of 800,000 shares of common stock at $5.00 per share, with expected gross proceeds of $4,000,000, underscores SinglePoint's dedication to fueling expansion and advancing its diverse portfolio of subsidiaries.
SinglePoint's financial performance showcases resilience and substantial growth potential. With gross revenue reaching $6,914,934 for the quarter ending September 30, 2023, and year-to-date revenue of almost $21 million, the company has demonstrated remarkable achievements in a challenging market environment. Notably, the strategic collaboration with Boston Solar has contributed to this success, emphasizing commercial solar projects and a growing multi-million-dollar backlog of contracted projects in 2024.
In a strategic overview provided on January 5, 2024, SinglePoint outlined its 2023 accomplishments and unveiled plans to increase shareholder value in 2024. The company, listed on the CBOE BZX Exchange, is poised to accelerate its acquisition strategy in the renewable energy sector. This includes a focus on rolling up sector companies, specifically national premier solar installation businesses specializing in engineering, procurement, and construction (Solar EPC's).
SinglePoint's CEO, Wil Ralston, emphasized the company's pride in navigating significant industry challenges in 2023 and highlighted the removal of barriers to executing transformative-sized deals. The uplisting to the CBOE market positions SinglePoint to efficiently pursue strategic acquisitions, with the recent partnership between Boston Solar and Energizer Solar exemplifying the company's expanding business footprint on a national scale.
CEO Wil Ralston's appearance on ABC's Morning Blend further emphasized SinglePoint's strategy to target diversified solar, energy, and clean air market opportunities through its diversified products and services portfolio. The company's initiatives for 2024 include potential market expansions, accretive acquisitions, and industry partnerships, with detailed updates and presentations planned in the near term.
SinglePoint's multifaceted approach, strategic partnerships, financial performance, and forward-looking initiatives position it as a key player in the renewable energy and sustainable solutions industry. As the company continues to navigate dynamic market landscapes, investors and stakeholders can anticipate sustained growth and impactful contributions to the green energy sector.
Array Technologies, Inc. (NASDAQ: ARRY) is making waves in the solar sector, solidifying its position with strategic expansions and innovative solutions. The company, a global leader in utility-scale solar tracker technology, has been a key player in advancing cost-effective and sustainable energy.
In a significant announcement on November 2, 2023, Governor Michelle Lujan Grisham and Array Technologies CEO Kevin Hostetler revealed plans for a $50 million manufacturing campus in Bernalillo County, New Mexico. This expansion aims to secure hundreds of jobs, marking a milestone for Array's three-decade legacy in Albuquerque. The investment reflects the company's commitment to its roots and the global renewable energy mission.
Assisted by $2.5 million in Local Economic Development Act funding, Array's new 216,000-square-foot campus on Albuquerque's west side is set to create nearly 100 new jobs, covering various roles from production to engineering. The economic impact is projected to exceed $300 million over ten years, reinforcing Array's dedication to the local community.
The company's commitment to innovation was further emphasized on November 3, 2023, with the launch of comprehensive field services and customer training solutions. These offerings, designed to meet industry demands, underscore Array's dedication to supporting solar farm operations and customer needs. Kevin Hostetler, CEO of Array, highlighted the company's commitment to being a trusted partner through every stage of utility-scale solar projects.
Array's financial performance in the third quarter of 2023 showcased robust operational execution, with revenue reaching $350.4 million and executed contracts totaling $1.6 billion. The company continues to thrive in the market, reporting a net income of $10.1 million and adjusted EBITDA of $57.4 million.
In a recent development on December 6, 2023, Array Technologies named Jessica Lawrence-Vaca as Senior Vice President, Policy and External Affairs. With over 20 years of experience in solar and government affairs, Lawrence-Vaca will play a crucial role in shaping policy, driving brand awareness, and executing Array's sustainability strategy.
Array Technologies' strategic expansions, commitment to innovation, and strong financial performance position the company as a noteworthy player in the solar sector, deserving a closer look in the coming year.
Shoals Technologies Group, Inc. (NASDAQ: SHLS) stands out as a leading provider of electrical balance of systems (EBOS) solutions, contributing significantly to the renewable energy landscape. One notable achievement is Shoals' extensive global presence, with solutions deployed on over 62 gigawatts (GW) of solar systems. This widespread adoption underscores the company's influence in the renewable energy sector.
A recent milestone for Shoals was its partnership with the U.S. Department of the Air Force, deploying the Fuel by Shoals eMobility solution. This innovative solution supports a Leidos-led Electric Vehicle Charging-as-a-Service (EVCaaS) pilot project aimed at providing a resilient and secure power infrastructure for the Air Force's non-tactical vehicles. Fuel by Shoals, known for its efficiency and cost-effectiveness, aligns with the Air Force's Climate Action Plan, paving the way for a zero-emission fleet.
While Shoals Technologies Group's stock performance experienced a temporary decline, down 43% over the past three months, the company's long-term potential is evident. Shoals demonstrated robust financial results for the third quarter of 2023, with record quarterly revenue of $134.2 million, representing a 48% year-over-year increase. The adjusted EBITDA also saw substantial growth, rising by 81% year-over-year to $48.0 million.
Shoals' consistent growth in revenue and earnings and a strong value proposition position it as a notable player in the solar sector. Despite short-term fluctuations, the company's commitment to innovation, sustainability, and expanding international business make it a compelling choice for investors interested in the solar energy equipment sector. The recent ramp-up of its third facility in Tennessee further boosts Shoals' capacity to meet growing demand, enhance production efficiency, and maintain attractive margins into 2025. With positive trends in earnings estimates, Shoals Technologies Group (NASDAQ: SHLS) appears to be a promising stock worth considering for those exploring opportunities in the solar sector.
Brookfield Renewable (NYSE: BEPC) (TSX:BEPC) has made significant strides in the renewable energy sector, underscoring its leadership through recent announcements and robust financial results.
In its latest move towards sustainable financing, the company announced on January 8, 2024, its intention to issue C$400 million in green bonds, Series 17, maturing on January 10, 2054. This initiative reaffirms Brookfield Renewable's commitment to environmentally conscious financing, further solidifying its position as a trailblazer in responsible investment within the industry.
Brookfield Renewable reported a 7% increase in Funds From Operations (FFO) to $253 million for the third quarter of 2023, with $1.29 per unit year-to-date. The company's success in closing strategic acquisitions, including X-Elio and Deriva Energy, and progressing with others like Westinghouse Electric and Origin Energy, positions it for sustained growth in the renewable energy market.
The operational achievements of the quarter were notable, with the commissioning of approximately 2,200 megawatts of capacity, surpassing development plans. Brookfield Renewable's ability to execute non-recourse financing, generating over $800 million in upfinancing proceeds, enhances its financial flexibility and underscores its commitment to responsible financial management.
With a diverse portfolio encompassing hydroelectric, wind, utility-scale solar, and storage facilities globally, Brookfield Renewable maintains its pivotal role in shaping the renewable energy landscape. The recent green bond issuance aligns seamlessly with the company's broader strategy of responsible financing, emphasizing a multifaceted approach to sustainable energy solutions. As it continues to achieve consistent revenue and earnings growth, coupled with a steadfast commitment to innovation and sustainability, Brookfield Renewable is strategically positioned for further expansion and success in the evolving renewable energy market.
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