Renewable energy is a vital part of a sustainable future. Fossil fuels and other nonrenewable energy sources still take up the lion’s share of the energy market around the world. But, ever so slightly, with improved regulations, benefits for companies producing renewable energy, and overall social sentiment, renewable energy sources such as solar, wind, nuclear and hydroelectric are becoming more and more prevalent as time goes on.
Companies that focus on providing renewable energy infrastructure, such as the ones I mention below, have been attracting more investors due to future profits these types of companies may bring to the table as the industry grows and becomes a viable alternative to fossil fuels.
The companies I discuss below all carry importance in the renewable energy market, from innovative energy storage solutions and extensive infrastructure to growing renewable energy businesses and significantly influencing the future of solar panel technology.
NextEra Energy (NEE)
NextEra Energy (NYSE:NEE) is an electric power provider in Juno Beach, Florida. The company generates electricity through wind, solar, natural gas and nuclear facilities. The company’s principal subsidiaries are Florida Power & Light, Florida’s largest utility and NextEra Energy Resources. NextEra’s business segment focuses exclusively on renewable energy sources. The business also sells energy commodities within the wholesale markets.
On July 25, NextEra Energy released its second-quarter earnings, which stated net income more than doubled and revenue growth of 42% compared to the second quarter of 2022. Revenue for its renewable energy segment more than tripled within the same period. The company also announced a dividend of $0.47 per share, payable September 15.
Fluence Energy (FLNC)
Fluence Energy (NASDAQ:FLNC), located in Arlington, Virginia, is a company that offers renewable energy storage solutions using artificial intelligence technology for application around the world. The energy storage products include Gridstack, Sunstack and Edgestack, all offering unique scalable energy storage capabilities.
Fluence Energy began trading publicly back in late 2021, and over the year, it has seen a 59% jump in its share price. Fluence Energy reported second-quarter earnings on August 9, which stated revenue growth of 124% to $536 million and net loss shrank by 42% compared to the second quarter of 2022. Following its second-quarter earnings release, the company decided to increase its fiscal year 2023 guidance for total revenue between $2.0 to $2.1 billion.
In March of this year, the company released its newest energy storage product called the Ultrastack, which is its most advanced battery storage technology and helps address many lingering issues with energy transmission, like network infrastructure congestion and system instability.
First Solar (FSLR)
First Solar (NASDAQ:FSLR), headquartered in Tempe, Arizona, provides solar energy solutions; it produces cadmium telluride solar modules that create energy from sunlight. The company also makes structures and components for solar energy solutions.
Over the past year, the company has seen a 78% in its overall share price. First Solar announced its second-quarter earnings results on July 27, which stated net income tripled and revenue growth of 31% compared to the second quarter of 2022. Earnings per share grew from $0.52 in the second quarter of 2022 to $1.59 a year later.
On May 12, First Solar announced it acquired Evolar A.B., a European leader in thin film production. The acquisition came in at $38 million and a possible extra $42 million possible if certain technical milestones were reached. The acquisition helped improve the company’s solar panel technology.
First Solar recently announced it plans to invest up to $1.1 billion to build its fifth U.S. manufacturing facility. The facility is scheduled to be completed sometime in 2026.
On the date of publication, Noah Bolton did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.