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Which NASDAQ cleantech stocks made the biggest gains in 2018? We run through the five top risers in this article.
In Canada and the US, cleantech faced political headwinds in 2018.
In Ontario, Premier Doug Ford discarded more than 700 renewable energy contracts, a huge blow to the industry. In the US, President Donald Trump proposed to scrap the Climate Power Plan in favor of the Affordable Clean Energy Rule — not good news for cleantech investors.
Even so, hopes are high for the future, and with that in mind here we look back on the top NASDAQ cleantech stocks of 2018. The companies listed below had market caps between US$50 million and US$1 billion as of December 18, 2018, and all data was compiled using CapitalCube.
1. Enphase Energy (NASDAQ:ENPH)
Current share price: US$5.53; year-to-date gain: 129.46 percent
First on our top NASDAQ cleantech stocks list is Enphase Energy. This company develops energy management technology for the solar market, and says it helps clients receive solar power simply and more affordably. Its products include microinverters, the Envoy, Enlighten, AC modules and energy services for homeowners and professionals.
Created in 2006, the company is headquartered in California and has 11 offices spanning the US, Europe and Asia-Pacific. In its latest quarterly results release, Enphase points to its “strong balance sheet” and says that moving forward it will be addressing the challenge of meeting additional demand.
2. Renewable Energy Group (NASDAQ:REGI)
Current share price: US$24.19; year-to-date gain: 105 percent
Renewable Energy Group specializes in clean, low-carbon-intensity products and services. Some of its products include biomass-based diesel, renewable chemicals and advanced biofuel. It converts natural fats, sugars, oils and greases into less emission-intense products.
Founded in 1996 as West Central and incorporated as Renewable Energy Group in 2006, the firm now has 14 active biorefineries and a feedstock-processing facility. In November, President and CEO Randy Howard described the company’s Q3 as “very positive,” pointing to adjusted EBITDA of $34.6 million.
3. Tecogen (NASDAQ:TGEN)
Current share price: US$3.50; year-to-date gain: 29.63 percent
Middle of the pack on our top NASDAQ cleantech stocks list is Tecogen, a manufacturer, installation and maintenance company of clean heat and power products. These include air-conditioning systems, gas engine-driven cogeneration, emissions control and high-efficiency gas heat pumps.
The company was founded in the 1960s as the research and development arm of Thermo Electron, and became a separate entity in 1987. In the latest quarter, Tecogen reported a drop in overall revenues; however, CEO Benjamin Locke said the period “saw a lot of progress in terms of positioning the company for future growth.”
4. Hanwha Q CELLS (NASDAQ:HQCL)
Current share price: US$9.74; year-to-date gain: 38.75 percent
Another clean energy stock in the solar space is Hanwha Q CELLS. The photovoltaic manufacturer is headquartered South Korea, and has its technology and innovation headquarters in Germany. The company produces solar cells, modules and systems for the global market, and its target demographics include government, commercial, residential and utility clients around the globe.
Hanwha made headlines in 2018 when it agreed to go private in a deal valued at $825 million. Under the agreement, a subsidiary of Hanwha Chemical (KRX:009830) will acquire the portion of Hanwha Q CELLS that it does not already own; ultimately Hanwha Q CELLS will merge with Hanwha Group’s Advanced Materials business. Closure is expected in Q1 2019.
5. TPI Composites (NASDAQ:TPIC)
Current share price: US$24.28; year-to-date gain: 18.67 percent
TPI Composites closes out our top NASDAQ cleantech stocks list. The company is innovating the wind power space with its composite wind blades, related precision molding and assembly systems.
Founded in 1968, the company got into composite wind blade manufacturing in 2001, and has become the largest US-based independent manufacturer in the space. Headquartered in Arizona, the company has over 10 facilities around the world. The company expects net sales and total billings of between $1.5 and $1.6 billion in 2019.
Which cleantech stock would you invest in? Tell us in the comments.
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Securities Disclosure: I, Amanda Kay, hold no direct investment interest in any company mentioned in this article.
