Energy & Critical Metals
3 Solid-State Battery Stocks for Electrifying Long-Term Gains
Solid-state battery technology could be a game-changer. In fact, according to InvestorPlace contributor Luke Lango, “Solid-state batteries are among…
Solid-state battery technology could be a game-changer. In fact, according to InvestorPlace contributor Luke Lango, “Solid-state batteries are among the most amazing and innovative technological breakthroughs of the 2020s.” It’s the top reason why investors are looking for some of the best solid-state battery stocks to buy.
Even better, solid-state batteries could be the next big thing for electric vehicle companies. That’s because solid-state batteries can reportedly help improve performance and lead to a longer vehicle lifespan. We also have to consider that solid-state batteries are safer than others because they are considered to be chemically stable. This is thanks the fact they are made from a polymer or ceramic material.
Moving forward, analysts say the global solid-state battery market, worth $47.2 billion in 2022, could be worth about $177.4 billion by 2033. That being said, here are some of the top solid-state battery technology stocks to buy.
Solid Power (SLDP)
Source: T. Schneider / Shutterstock.com
While its chart is nothing to write home about, keep an eye on Solid Power (NASDAQ:SLDP). It could have long-term potential. For one, analysts at Needham just reinstated its buy rating, with a $5 price target. In addition, the firm added that SLDP is a “well-funded call option.” Solid Power has been working to expanded its relationship with BMW (OTCMKTS:BMWYY) through a joint development agreement. That agreement helped the company see $3.8 million in revenue in the first quarter of 2023, up $1.6 million year-over-year.
Also, earlier this year, the U.S. Department of Energy awarded the company over $5 million to develop its technology, which according to electrek.com “could significantly help lower the price of EV batteries.”
Global X Lithium & Battery Tech ETF (LIT)
Source: JLStock / Shutterstock.com
If you’re looking for broader exposure to the battery market, you can always pick up the Global X Lithium & Battery Tech ETF (NYSEARCA:LIT), which invests in the full lithium cycle. Some of the ETF’s top holdings include Albemarle (NYSE:ALB), BYD Co. (OTCMKTS:BYDDY), Tesla (NASDAQ:TSLA), LG Chem Ltd. (OTCMKTS:LGCLF), Livent Corporation (NYSE:LTHM) and dozens more, offering solid diversification among top lithium and battery tech names. With an expense ratio of 0.75%, the LIT ETF provides coverage for everything from mining and refining the metal through battery production.
Nissan (NSANY)
Source: Memory Stockphoto / Shutterstock
By 2025, Nissan (OTCMKTS:NSANY) plans to have a pilot solid-state battery plant up and running. It then wants to have completed engineering on the technology by 2026 and potential mass production by 2028. Even more exciting, the company works with scientists and the University of Oxford to develop the technology. The company also noted that its solid-state technology was truly solid, removing all liquid elements.
David Moss, Nissan’s senior vice president for research and development in Europe, did an interview with Autocar where he said “We think we have something quite special and are in a group leading the technology. We want to get the cost down [compared with lithium-ion batteries] by 50%, to double the energy density and to offer three times the charging speed.” If the company is able to pull that off they could become a major contender in the EV market.
On the date of publication, Ian Cooper did not have (either directly or indirectly) any positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Ian Cooper, a contributor to InvestorPlace.com, has been analyzing stocks and options for web-based advisories since 1999.
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