Over the past decade, many countries prioritized the development of renewable energy solutions to curb their greenhouse emissions. From 2025 to 2033, Grand View Research expects the global renewable energy market to keep expanding at a compound annual growth rate (CAGR) of 14.9% as that secular trend continues. That expansion is generating tailwinds for many green energy companies, but it can be tough to separate the winners from the losers in this fragmented market.
So today, I'll take a closer look at three promising companies in the electric vehicle (EV), hydrogen, and nuclear markets: Nio (NIO +0.61%), Plug Power (PLUG +2.01%), and Cameco (CCJ 0.39%). All three of these stocks are speculative, but they might just churn a modest $100 investment into thousands of dollars over the next few years.
Image source: Getty Images.
The EV play: Nio
Nio is a major Chinese EV maker which is gradually expanding into Europe. It differentiates itself from its competitors with its removable batteries, which can be quickly swapped out at its power swap stations across China and Europe. Its drivers can pay for those battery swaps individually or pay a monthly fee for lower rates.
Nio's namesake brand sells higher-end sedans and SUVs. Its newer Onvo and Firefly sub-brands sell cheaper SUVs and compact cars, respectively. From 2020 to 2024, Nio's annual deliveries rose more than fivefold, its revenue grew at a CAGR of 42%, and its number of year-end battery-swapping stations jumped from 155 to 3,445.
NYSE: NIO
Key Data Points
Most of its recent growth was driven by brisk sales of Nio's higher-end sedans, its gradual growth in Europe, and the recent launches of its Onvo and Firefly vehicles.
From 2024 to 2027, analysts expect Nio's revenue to grow at a CAGR of 26% as it continues to grow its market share in China and disrupt the European market. It isn't profitable yet, but it's growing at an impressive rate for a stock which trades at less than one times this year's sales.
The hydrogen play: Plug Power
Plug Power is the world's largest pure play hydrogen charging and storage company. It mainly provides hydrogen fuel cells and charging stations for warehouse forklifts, and its top customers include Amazon and Walmart. It's already deployed more than 70,000 fuel cell systems and over 250 fueling stations across the world.
In 2024, Plug Power's revenue plunged 29% as its net loss widened. That decline was caused by the challenging macroheadwinds, which throttled the market's demand for new hydrogen-charging projects, and tough year-over-year comparisons to two big acquisitions (which expanded its smaller, cryogenic-systems business) in 2022 and 2023.
NASDAQ: PLUG
Key Data Points
But from 2024 to 2027, analysts expect Plug's revenue to grow at a CAGR of 30% as the macroenvironment stabilizes and the hydrogen market heats up again. It also aims to narrow its losses with Project Quantum Leap, a cost-cutting plan aimed at reducing its expenditures by $150 million to $200 million each year.
A new $1.66 billion loan guarantee from the U.S. Department of Energy (DOE) for the construction of six green hydrogen manufacturing plants should help it stay solvent as it tries to expand its business again. That outlook seems promising, yet Plug trades at less than three times this year's sales. Therefore, any positive news about the hydrogen market could drive its stock a lot higher.
The nuclear play: Cameco
Cameco, which is based in Canada, is the world's second-largest uranium miner after Kazakhstan's national miner Kazatomprom. It mined about 17% of the world's uranium in 2024, and it operates its mines and mills in Canada, the U.S., and Kazakhstan.
The company's revenue declined every year from 2011 to 2021. That decline started after the Fukushima disaster in 2011, which drove many countries to reevaluate their nuclear energy plans. As uranium's spot price plunged, Cameco suspended its biggest mines to conserve its cash. The COVID-19 pandemic then hampered its recovery.
But from 2021 to 2024, Cameco's revenue grew at a CAGR of 29% in Canadian dollar (CAD) terms as its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) surged at a CAGR of 206%. That recovery was driven by soaring uranium spot prices (which rose from $29.63 in January 2021 to $78.50 this June), its restarted mines, and its acquisition of a 49% stake in the nuclear power plant designer and builder Westinghouse Electric in late 2023.
NYSE: CCJ
Key Data Points
Uranium's comeback was driven by the market's rising demand outstripping its tight supply, supply chain disruptions in Kazakhstan, Russia, and Niger, as well as the rapid growth of the power-hungry cloud and AI data center markets. From 2024 to 2027, analysts expect its revenue to grow at a CAGR of 8% (in CAD terms) as its adjusted EBITDA rises at a CAGR of 16%.
Those are impressive growth rates for a stock which trades at just 25 times this year's adjusted EBITDA, so Cameco's stock could still have plenty of room to run.
