Clean-Tech Stocks Finally Have Enough Muscle to Buck a Downturn
The jump in share prices reflects a growing confidence that the once-hyped and risky clean-tech industry is now a ‘legitimate energy play,’ says one analyst
Contractors move a Sunrun Inc. solar panel up to the roof of a new home in Sacramento, California.
Photographer: David Paul Morris/BloombergEven as the pandemic continues to drive down consumer spending and depress oil prices, investors are spending big on clean-tech companies. Shares are now at or near record highs, the latest sign that wind and solar are no longer fringe bets.
Electric-carmaker Tesla Inc. has grabbed much of the attention with a 251% jump this year. But the stock surge is hitting across clean tech, from solar installers to fuel-cell providers to wind companies. Vivint Solar Inc. has tripled, and Sunrun Inc. nearly tripled. SolarEdge Technologies Inc. soared as much as 21% Tuesday to a record high. And the WilderHill New Energy Global Innovation Index of 87 companies has soared 31% this year, eclipsing the Nasdaq’s 21% gain–and hitting highs last seen 12 years ago.