In 2019, the global alternative fuel vehicle market was worth $392.92 billion, with a CAGR of 15.5 percent expected to reach $1,244.4 billion by 2027. The number of petrol stations in the United States alone is staggering. According to reports, Tesla is negotiating a battery supply arrangement with EVE Energy, a Chinese battery manufacturer. Elon Musk is rumored to be selling Bitcoin and buying other cryptocurrencies instead, according to online discussion. Innovative ways to change the way electricity is used are being developed by innovators all over the world. In an attempt to compete with Tesla, Inc., Toyota Motor Corporation unveiled a new hydrogen-powered fuel cell vehicle. Toyota Motor Corporation has a market capitalization of $216.4 billion dollars. The stock of TM has increased by 33% in the last year. The market capitalization of Nikola Corporation is approximately $4.7 billion. The company’s zero-emission trucks are powered by hydrogen fuel cell technology. The company plans to lease 5,000 hydrogen-fueled vehicles by 2024. Nikola Corporation’s stock has risen 10% in the last month.
Insider Monkey takes a look at the 10 best alternative fuel stocks to buy now. In the ranking of the ten greatest alternative fuel stocks to purchase right now, Atlantica Sustainable Infrastructure plc is ranked tenth. It is a solar energy firm established in the United Kingdom that maintains and operates natural gas reserves. The company agreed to pay $170 million for Coso Geothermal Power Holdings, LLC in March 2021. The 9th greatest alternative fuel stock to purchase right now is Renewable Energy Group, Inc. The biodiesel manufacturer, situated in Iowa, operates 13 biorefineries and one feedstock processing unit. Renewable Energy Group’s stock has increased 162 percent in the last year. The geothermal and recovered energy-based power plants owned by the alternative fuel firm total 933 megawatts. Ormat Technologies, Inc. pays a dividend yield of 0.72 percent and had $705.3 million in revenue in 2020. The major worldwide bank, situated in Florida, with over 200 million customer accounts. NextEra Energy Partners has agreed to buy Brookfield Renewable’s wind portfolio in the United States, which totals 391 megawatts. NextEra Energy’s stock has increased by 28 percent in the last year. Covanta Holding Corporation, a New Jersey-based energy-from-waste and industrial waste management company, is ranked sixth among the top ten alternative fuel stocks to purchase right now. The company was created in 1986 and now operates more than 30 waste-to-energy power plants around the world. Covanta and North Hempstead teamed up to develop a long-term trash management strategy. For more details, click 10 Best Alternative Fuel Stocks To Buy Now.