The Top 3 Battery Stocks to Buy in March 2024

Ian Cooper

March 7, 2024 4 min read

Battery stocks may be one of the most boring opportunities out there. But with the world fighting to go green, demand makes these top battery stocks to buy must-haves.

After all, batteries play an important role in renewable energy. As noted by Energy5.com, “By storing excess energy during periods of high production, battery storage systems enable a consistent and reliable supply of electricity, even when the sun isn’t shining or the wind isn’t blowing. This not only improves the overall efficiency of renewable energy but also contributes to grid stability and resilience.”

Fueling further upside, the U.S. Department of Energy announced it would provide $3.5 billion to increase domestic production of advanced batteries and battery materials. In addition, according to ResearchandMarkets.com, the global battery market – valued at $112.9 billion in 2022 – could be worth up to $322.2 billion by 2030.

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That being said, here are a few of the top battery stocks to buy today.

Piedmont Lithium (PLL)

Person holding cellphone with logo of US mining company Piedmont Lithium Inc. (PLL) on screen in front of business webpage. Focus on phone display. Unmodified photo.

Source: T. Schneider / Shutterstock.com

One of the top battery stocks to buy is Piedmont Lithium (NASDAQ:PLL).

At the moment, the company is trying to advance a lithium project in North Carolina. If it can, the mine could be one of North America’s biggest sources of lithium for batteries.

So far, we know North Carolina’s review process is still advancing. According to a company release, “We continue to make advances towards our mining permit in North Carolina for our Carolina Lithium Project, with the most recent set of questions from the state indicating that the review process for this important milestone could be approaching its conclusion. Our Carolina and Tennessee projects are strategically located in the growing Battery Belt and critical to the goal of achieving some level of lithium self-sufficiency in America.”

Any positive feedback from North Carolina could be a powerful catalyst for the PLL stock. Helping, analysts at BMO Capital recently initiated coverage of Piedmont Lithium with a Market Perform rating, with a price target of $20.

QuantumScape (QS)

Source: JHVEPhoto / Shutterstock.com

Down but not out, QuantumScape (NYSE:QS) is worth watching. For one, earlier this year, the company recently announced that Volkswagen (OTCMKTS:VWAPY) subsidiary, PowerCo confirmed the QS battery completed more than 1,000 charging cycles.

Two, according to Jagdeep Singh, Founder & CEO of QuantumScape “These results from the Volkswagen Group’s PowerCo testing make clear that QuantumScape’s anodeless solid-state lithium-metal cells are capable of exceptional performance. While we have more work to do to bring this technology to market, we are not aware of any other automotive-format lithium-metal battery that has shown such high discharge energy retention over a comparable cycle count under similar condition,” as quoted in a Volkswagen press release.

Three, the 1,000 charging cycles equate to 300,000 miles an electric vehicle can travel without losing battery range. That’s comparable to current EVs having a range of 250 to 300 miles, says Motley Fool contributor Howard Smith, which has discouraged consumers from wanting an EV.

In short, solid-state batteries may be a game-changer in EV demand. Unfortunately, the technology may not be ready for commercialization for another two years. Still, I consider QS to be another one of the top battery stocks to buy now.

Amplify Advanced Battery Metals and Materials ETF (BATT)

Solid-state battery pack design for electric vehicle (EV) concept, new research and development batteries with solid electrolyte energy storage for future car industry, 3d Illustration. forever battery

Source: JLStock / Shutterstock.com

Or, if you’d prefer to diversify with battery-related stocks, we can also look at a cheaper alternative, such as the Amplify Advanced Battery Metals and Materials ETF (NYSEARCA:BATT).

With an expense ratio of 0.59%, the ETF holds stocks that generate income from the development, production, and use of lithium battery technology, including battery storage solutions, battery metals & materials, and electric vehicles, according to AmplifyETFS.com.

Some of its top holdings include BHP Group (NYSE:BHP), Tesla (NASDAQ:TSLA), Panasonic Holdings (OTCMKTS:PCRFY), and TDK Corp. (OTCMKTS:TTDKY) to name a few.

Also, while its chart has been a disaster thanks to the pullback in lithium stocks, it’s now cheap at less than $9 a share. With patience, I’d like to see the ETF rally back to resistance around $10.75 initially. Again, ETFs are typically a good bet. Not only do they allow you to diversify with top industry names, but they’re also inexpensive, as the BATT ETF is now.

On the date of publication, Ian Cooper did not hold (either directly or indirectly) any positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Ian Cooper, a contributor to InvestorPlace.com, has been analyzing stocks and options for web-based advisories since 1999.