As the world marches towards a greener and more electrified future, investing in solid-state battery stocks is easily one of the best ways to play the burgeoning EV space.

Solid-state batteries, dubbed the forever batteries, are set to revolutionize the EV sector and beyond.

It’s no wonder that analysts are predicting a bright future for the global solid-state battery market. It was worth $47.2 billion in 2022, and could grow to a staggering $177.4 billion by 2033.

Here are three of the top wagers in the forever battery space, followed by a commentary on who I feel is ahead in the game at this point.

QuantumScape (QS)

QuantumScape (NYSE:QS) is arguably the best forever battery stock pick from a technological standpoint.

Since unveiling a single-layer cell three years ago, the firm has rapidly advanced its technology, boasting a 24-layer cell prototype that might reshape the EV sphere.

To put things in perspective, its cutting-edge battery technology could charge EVs within a 400-mile range within 15 minutes.

It has already started shipping prototypes to its partners, and early reports are positive. Hence, if it can execute its ambitious strategy, it could print billions in profits within the next few years.

It has the backing of stalwarts in the automotive realm, including leading German vehicle manufacturer Volkswagen.

QuantumScape’s ambitious roadmap involves completing equipment designs for upgraded, higher-volume production, positioning it further ahead of its competition.

Solid Power (SLDP)

Solid Power (NASDAQ:SLDP) is another top pure-play in the forever battery space, thanks to its blossoming relationship with automotive giant BMW.

It also has the backing of Ford, which effectively smoothens its journey toward commercializing its solid-state battery technology.

Its collaborations have already proven fruitful, with the firm yielding $3.8 million in revenues in the first quarter. The U.S. Department of Energy has recognized the company’s potential, granting over $5 million to advance its technology.

It is expected to send its EV cells for validation testing to its automotive partners in the next few months, putting it in an enviable position in the sector.

With a solid liquidity buffer of $355 million to $375 million, the company has sufficient funds to continue to move aggressively toward commercialization.

Toyota Motors (TM)

Toyota Motors (NYSE:TM) has opted for a more proactive approach toward developing the solid-state battery. It plans to swim with the sharks and compete with the pure plays discussed in the article. Moreover, it has a staggering $13.6 billion earmarked for research and development for its forever battery this decade.

It revved up plenty of excitement last year, announcing plans to roll out its first solid-state battery vehicle by 2025. These next-generation cars are estimated to offer twice the range of the firm’s current offerings.

It received a nod of approval from Japanese media giant Nikkei, which crowned it as the leader in solid-state battery patents, further solidifying its position in the industry. As Toyota’s endeavors unfold, investors might turbo charge their portfolios over the long run.

The Best Solid-State Battery Bet?

QuantumScape faces many more risks concerning product demand, competitive pressures, and supply-chain disruptions. This leads to higher operational costs, as indicated in its most recent quarterly report. It has guided for operational expenses to fall in the $225 million to $275 million range this year.

Solid Power is looking at around $70 million to $80 million this year.

Finally, you have an established automotive giant in Toyota with a solid base business to support its endeavors. An investor with a low-risk appetite might want to favor TM stock. Regarding QS and SLDP stock, I think SLDP carries a considerably lower risk and is priced more attractively.

On the date of publication, Muslim Farooque did not have (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.