It's not happening today, and it's not happening tomorrow. But it is going to happen. History tells us that a bull market is surely waiting in the wings. And when it does emerge, savvy investors who have planted the seeds for growth will be rewarded.

But which seeds to plant? There are hundreds of growth stocks to consider, and it can feel overwhelming trying to find the most compelling tickers. A great place to start is with these three companies that are sitting in the bargain bin: Li-Cycle Holdings (LICY 1.11%), PureCycle Technologies (PCT -4.52%), and Rocket Lab (RKLB 1.36%).

1. Li-Cycle Holdings

Look in the lanes beside you or even in your neighbors' driveways. It's no secret that electric vehicles (EVs) are gaining in popularity, and EV adoption is expected to accelerate considerably in the years to come. PwC projects that the domestic EV battery and powertrain market will surge to $128 billion in 2035 from $10 billion in 2021.

While EV sales are expected to grow, there is a potential bump in the road: The sourcing of materials for EV batteries. By helping to address the sourcing of materials for lithium-ion battery production, Li-Cycle is emerging as an innovator in developing systems to recycle used lithium-ion batteries. And it's gaining recognition for its achievements. For example, the company recently won a Bloomberg New Energy Finance Pioneers Award for 2023, receiving recognition in the Sustainable Metals and Materials for an Electrified Future category.

Employing a patented process for recovering metals, Li-Cycle collects used lithium-ion batteries at its spoke facilities and converts them into "black mass," a product that contains critical materials for the production of new batteries. In late 2023, Li-Cycle expects to commence operations at its hub facility in Rochester, New York, where it will process the black mass and produce battery-grade lithium, cobalt, and nickel.

Over the past year, shares of Li-Cycle have plunged more than 37%. Disconcerting as this may be, it's important to recognize that the stock's decline isn't attributable to something materially wrong with the business. Rather, it's a sign of investors' interests in eschewing growth stocks at the higher end of the risk spectrum.

2. PureCycle Technologies

Another recycling stock that has market-beating potential is PureCycle Technologies. Unlike Li-Cycle, PureCycle focuses on converting discarded plastics to ultra-pure recycled (UPR) resin. Over the past three months, shares of PureCycle have tumbled about 12%. However, the company hasn't reported anything that necessitates a red flag. In fact, PureCycle has announced some positive developments, illustrating how the company's growth remains on track.

Last month, PureCycle announced that its first commercial-scale facility, Ironton, received certification regarding its mechanical completion -- a major step toward commencing operations. In the coming weeks, PureCycle expects to begin producing pellets from virgin feedstocks, then transitioning to post-consumer feedstocks shortly thereafter at the flagship facility. When operations have fully ramped up, Ironton is expected to have an annual production capacity of 107 million pounds of UPR resin.

Besides Ironton, PureCycle is developing several other locations. For one, the company is working in the state of Georgia to develop its first multiple-line facility in Augusta. With its sights on global expansion, PureCycle is also developing facilities in South Korea and Belgium. By 2030, PureCycle aspires to have 30 commercial recycling lines open, with an additional 20 lines becoming operational by 2035.

Since PureCycle is currently unprofitable and there's no guarantee that the company will achieve profitability, picking up shares should be left to those comfortable with a speculative investment. Nonetheless, PureCycle is an innovator, branding itself as "the first company to solely focus on recycling and reintegrating PP [polypropylene] upstream into high-value, consumer-facing applications." 

3. Rocket Lab

Of course, it's not only recycling stocks that offer exciting growth options. Those businesses operating among the stars, like Rocket Lab, also provide out-of-this-world opportunities. According to Euroconsult, a consulting company specializing in the space industry, the space economy was valued at $464 billion in 2022, and many experts expect significant growth on the horizon. Morgan Stanley, for example, projects that the space economy will be valued at $1 trillion in 2040.

Among the limited number of companies operating in space, Rocket Lab is an industry leader. The company's Electron rocket, which has deployed a total of 159 satellites, is the second most frequently launched rocket in the United States annually. But the company's not resting on its laurels with Electron. It's also developing a more powerful rocket: Photon. Unlike the Electron rocket that delivers small satellites into low Earth orbit, Photon is designed for missions with larger payloads. In addition, management contends that it will have the ability to travel to Mars. In 2024, for example, NASA plans on using the Photon rocket for a mission to the Red Planet to study Mars' magnetosphere.

Over the past six months, shares of Rocket Lab have tumbled back to Earth, falling nearly 27%. The space stock encountered some turbulence in February and March that rattled investors' nerves, but those factors don't spell doom for the company's prospects. Rocket Lab still affords patient investors an exciting way to gain exposure to the rapidly growing space industry.

Grab these growth stocks while they're hanging on the discount rack

Whether it's recycling companies like Li-Cycle and PureCycle or a space specialist like Rocket Lab, there are several great growth stocks that patient investors can find in the bargain bin. However, savvy investors know not to be distracted by the lower price tag. All three of these businesses are unprofitable, meaning there's a fair degree of risk with each of them. That being said, any or all of them are worth digging further into for those comfortable with a more speculative investment.