The Beginning of the Climate Tech Boom

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The Inflation Reduction Act of 2022 includes $369 billion in funding for climate tech and clean energy provisions. Some of the pieces included in the bill include $40 billion in investment and production tax credits for manufacturing products such as electric vehicles, energy storage solutions, solar energy systems, and wind turbines. Also included is a $27 billion provision to establish a clean technology accelerator to develop technologies that curb emissions.

The electric vehicle space is the frontrunner in the green technology sector and gets most of the press, however, they aren’t the only way to gain exposure. Emission reduction technology for traditional energy sources, air purification, water and wastewater treatment, recycling, and waste reduction are some of the many areas that make up green tech. Let’s look at a few stocks to watch in the space.

Improving existing infrastructure is an important piece of the clean tech puzzle, as it is often much more cost-effective to make modifications rather than replace entire systems. This is where a company like Perma-Pipe International (NASDAQ: PPIH) comes in. This $89 million market cap company manufactures specialty pipe products and leak detection systems for a variety of uses including heating and cooling, hazardous materials transportation, chemical transport, and moving petroleum products. Their offerings include jacketing that increases efficiency for heating and cooling pipes, and coating and insulation of transportation pipes to prevent leakage. The stock is up 11.5% year to date and the width and depth of the company’s product line has Perma-Pipe poised to continue its impressive performance.

Clean air is another area with an increased focus over the past few years, and CECO Environmental (NASDAQ: CECE) is working to reduce air pollution via its portfolio of industrial air quality systems. The $350 million market cap company specializes in systems designed to eliminate air and water-borne emissions from industrial sites. Through tools like dampers, converters, oxidizers, filters, scrubbers, and cyclonic technologies the company helps customers in sectors like energy and heavy manufacturing greatly reduce their emissions. CECO has been on a tear this year, up almost 59% year to date as customers find more uses for the company’s solutions.

Climate tech also involves cutting-edge innovations such as water desalination, which is the process of converting seawater into drinkable fresh water. A company that is at the forefront of reverse osmosis desalination is Energy Recovery (NASDAQ: ERII) which is a $1.28 billion market cap provider of systems to convert seawater and wastewater back to fresh water. The company’s portfolio includes recirculation pumps, hydraulics, turbochargers, and energy recovery systems. Year to date the stock has returned 6.8% and as the Western United States continues to struggle with drought conditions, desalination will only grow in importance.

Disclosure: No position. Spotlight Growth has no relationships with any of the companies mentioned in this article and did not receive payment in any form for its creation. This is an opinion article and is not meant to be financial advise. We are not broker-dealers or investment professionals. Please conduct your own due diligence. For more information on our disclosures, please visit: https://spotlightgrowth.com/disclosures/

The Beginning of the Climate Tech Boom

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