Cleantech has gained a lot of steam lately due to environmental concerns worldwide. President Biden’s infrastructure bill has provisioned billions of dollars for the development of alternative fuel transportation technologies, which is in turn expected to boost the cleantech industry. Consequently, Wall Street analysts are bullish on cleantech stocks Plug Power (NASDAQ:PLUG), QuantumScape (QS), Renewable Energy Group (NASDAQ:REGI), and Canadian Solar (NASDAQ:CSIQ). Thus, we think these stocks could be worth buying now. Let’s discuss these names.Clean technology or cleantech refers to the sector in which companies with technologies that strive for environmental sustainability can be found. The sector aims to reduce the harmful impact of conventional technologies or energy generation methods, such as coal and other fossil fuels.
Environmental concerns have led to the rise of cleantech. The Infrastructure Investment and Jobs Act, which was signed in November, has billions of dollars provisioned for alternative fuel transportation technologies and other projects. The Build Back Better bill proposal also has delivers significant clean alternative energy and transportation spending.
Furthermore, the global clean energy technologies market size is expected to grow at a 6.9% CAGR to $423.70 billion by 2026. Thus we think Cleantech stocks Plug Power Inc. (PLUG), QuantumScape Corporation (QS), Renewable Energy Group, Inc. (REGI), and Canadian Solar Inc. (CSIQ) could be solid buys now, especially given Wall Street analysts' expectations of potential gains.