Due to the surge in electric vehicle ownership worldwide, a growing number of industries are spawning that will ultimately form the backbone that enables EV ownership across a global scale.
From charging networks that stretch across continents to inverter technologies that unlock increased performance and driving ranges, electric vehicle technology solutions that will shape the future are being developed today.
With global electric vehicle purchases forecasted to rise to more than 10 million vehicles annually by 2025, investors are looking for the next Tesla-type gains in a crowded field of EV technology stocks. Here are the top 5 EV tech stocks to keep a close eye on:
1. Hillcrest Energy Technologies (OTCMKTS: HLRTF) (CSE: HEAT) (FRA: 7HIA)
Hillcrest Energy Technologies is developing a new class of high performance power conversion technologies and digital control systems for next-generation powertrains and grid-connected renewable energy systems.
The company’s adaptable inverter technology provides higher efficiency, more powerful capabilities, and improved system reliability across a wide range of power applications. Successful development of the company’s technology could also represent a key innovation towards unlocking new electric vehicle efficiency and range gains.
Hillcrest recently released a technical white paper study confirming that its proprietary inverter technology would result in improved electric motor efficiency using higher switching frequencies. Based on the positive early findings, a 250kW, 800V commercial prototype is on-track to be available for internal testing in Q3 with delivery to customers scheduled for Q4.
Nearly every power application, from renewable energy to electric charging stations, require some form of inverter conversion capabilities. Due to this requirement and the adaptable nature of Hillcrest’s inverter technology, the potential for further large-scale deployments exist across a wide range of power applications including grid-connected renewables, EV charging networks, energy storage systems, and more.
Shares of Hillcrest Energy Technologies trade in the U.S under the symbol HLRTF as well as in Canada on the Canadian Securities Exchange under the symbol HEAT. For more information visit www.hillcrestenergy.tech.
2. Blink Charging (NASDAQ: BLNK)
Blink Charging manufactures, owns and operates one of the world’s largest electric vehicle charging networks. The company has deployed over 30,000 charging ports across 18 countries to date.
Blink also continues to expand its global footprint and recently announced the acquisition of Electric Blue Ltd., a leading provider of EV charging solutions in the United Kingdom. The acquisition adds more than 1,150 electric vehicle chargers to Blink’s network and marks the first entrance for the company into the UK.
Shares of Blink Charging trade on the NASDAQ under the ticker symbol BLNK.
3. Romeo Power (NYSE: RMO)
Founded in 2016, Romeo Power is an energy technology company delivering advanced electrification solutions for commercial vehicle applications. The company has developed a suite of advanced battery electric products that, when combined with its battery management system, delivers safety, performance and reliability to its customers.
The company was recently selected to be the sole provider of lithium-ion batteries to a U.S. manufacturer of low-speed electric vehicles. Commenting on the deal, Romeo Power CEO Susan Brennan stated: ““Romeo Power’s high-quality lithium-ion battery solutions, which are designed and assembled in the U.S., suit the fit, form and function needed for our customer’s vehicles, while delivering high performance and superior safety properties. Our premium battery product will support our customer’s goal to deliver a high reliability LSEV for domestic and international markets.”
Romeo Power trades on the NYSE under the ticker symbol RMO.
4. Exro Technologies (OTCMKTS: EXROF)
Exro Technologies is a clean technology company developing control technologies that expand the capabilities of electric motors, generators and batteries. The company’s advanced motor control technology expands the capabilities of electric powertrains by enabling intelligent optimization for efficient energy consumption.
Exro has signed two recent deals to supply its coil drive system units to electric vehicle manufacturers. The first deal announced in early May creates the opportunity for Exro to deliver up to 2,500 coil drive system units over a 36-month period to North American commercial electric vehicle manufacturer Vicinity Motor (NASDAQ: VEV).
The second deal includes delivery of 1,000 coil drive system units beginning in 2023 to Boston-based ev Transportation Services, a specialty manufacturer of last-mile electric solution vehicles.
Share of Exro Technologies trade in the U.S. under the ticker symbol EXROF and in Canada under the symbol EXRO.
5. Dana Incorporated (NYSE: DAN)
Based in Maumee, Ohio, Dana Incorporated designs and manufactures propulsion and energy-management systems for power vehicles and machines across global mobility markets.
The company recently announced a long-term supply relationship with Lion Electric Co. (NYSE: LEV) to supply electric drive systems as well as axles and driveshafts for use in Lion’s lineup of zero-emission buses and trucks.
"The bus and medium-duty truck segments are among the fastest growing for electrified products and we have developed our portfolio to enable a seamless integration for our customers vehicles," said Ryan Laskey, senior vice president of Dana Commercial Vehicle Drive and Motion Systems. "We are excited to support Lion Electric as they deliver on their mission to help electrify urban transportation for buses and medium and heavy-duty trucks."
Shares of Dana Incorporated trade on the NYSE under the ticker symbol DAN.
Other electric vehicle technology stocks to watch:
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