As the shift to cleaner energy gets increasingly more prominent, new investment opportunities have emerged.
From solar energy to biofuels, numerous green energy companies are growing steadily and gaining attention.
Here are three US-listed green energy stocks worth watching closely this year.
Enphase Energy Inc (NASDAQ: ENPH)
Enphase Energy is known for its microinverter technology which enables commercial solar systems to generate, store and manage their energy.
In the first quarter of 2025 (1Q 2025) ending 31 March 2025, Enphase reported an increase in revenue of 35.2% year-on-year to US$356 million.
The firm also saw a massive turnaround from a net loss of US$16.1 million in 1Q 2024 to a net profit of US$29.7 million in 1Q 2025.
This reversal from losses to profits can be attributed to Enphase taking advantage of the Inflation Reduction Act tax credits on US-manufactured products by scaling production in their US factories.
The swing to profits can be seen in the company’s strong US manufacturing performance, shipping 1.21 million microinverters and 44.1 megawatt-hour (MWh) of IQ Batteries.
On 6 February 2025, Enphase announced that it plans to expand its grid services programmes in Puerto Rico, Colorado, and Nova Scotia, Canada through the use of IQ Battery 5P.
These programmes provide upfront incentives for homeowners when they allow their IQ Battery 5P units to contribute to virtual power plants.
Therefore, this expansion will not only open up more revenue streams for Enphase but also increase customer retention in its ecosystem, enhancing the lifetime value of users.
Bloom Energy Corp (NYSE: BE)
Bloom Energy is a manufacturer of power generation infrastructure such as hydrogen fuel cells, biogas and natural gas, with a focus on decarbonisation.
In 1Q 2025, Bloom Energy reported revenue growth of 38.6% YoY to US$326 million.
The company also saw its gross margin climb 11.2 percentage points YoY to 28.7%.
This growth is largely supported by the growth in artificial intelligence (AI), which drives the demand for electrification by data centres that the firm was well-positioned to capture.
Another factor would also be the successful strategic partnership with SK ecoplant which committed to purchase 500MW of energy servers from Bloom Energy through 2027, as part of the extension of its Preferred Distributor Agreement.
Moreover, the company will implement 1.8 megawatts (MW) of Solid Oxide Electrolyzer (SOEC) technology to develop green hydrogen at scale for use as transport fuel on Jeju Island, which is the renewable energy hub of South Korea, in late 2025.
These strategic developments in South Korea may result in an uptick in revenue for the renewables giant in international markets.
Furthermore, on 20 February 2025, the firm plans to focus its efforts on the AI market with the announcement of the expansion of their power agreement with Equinix Inc (NYSE: EQIX), a global digital infrastructure company.
This expansion increases Bloom Energy’s electricity capacity to support Equinix’s International Business Exchange data centres across the US to over 100MW.
Sunrun Inc (NASDAQ: RUN)
Sunrun is a residential solar energy and battery storage solutions company with a solar subscription model for its customers.
For 1Q 2025, Sunrun reported revenue growth of 10% YoY to US$504 million.
The firm also saw a return to profitability with a net profit of US$50 million as compared to the net loss of US$88 million in the same quarter of the previous year.
This turnaround is largely attributable to the surge in two main segments, aggregate subscriber value and contracted net value creation.
In this quarter, aggregate subscriber value jumped 23% YoY to US$1.2 billion.
The jump is due to an increase in subscriber additions of 7.4% YoY together with a record high attachment rate of battery storage of 69%.
Meanwhile, contracted net value creation skyrocketed 104% YoY to US$164 million.
The strong performance can be credited to the aforementioned increase in subscriber additions and the increase in contracted subscriber value of 14% YoY which more than offset the rise in related expenses of 7% YoY.
On 24 March 2025, Sunrun announced its partnership with Pacific Gas and Energy Company or PG&E (NYSE: PCG), an energy transmission and delivery company.
The partnership involves a virtual power plant where PG&E will analyse and sound off grid hotspots where homes with Sunrun’s storage units can dispatch a small battery discharge to alleviate constraints on local grids.
This collaboration gives Sunrun a strong new source of revenue stream from grid service management.
Get Smart: Capitalising on the green energy wave
As talk about decarbonisation starts getting more attention, firms rooted in the renewable energy space stand to benefit.
These three companies are carving out a sizable niche within this evolving landscape.
For Smart Investors seeking exposure to long-term sustainability trends, these firms offer a good balance of growth prospects and environmental impact.
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Disclosure: Gabriel Lim does not own shares in any of the companies mentioned.
