If we look at some of the major trends towards decarbonization, carbon capture is becoming increasingly relevant. According to the International Energy Agency, “40 commercial facilities are already in operation applying carbon capture, utilization and storage.” Further, growth estimates for the industry are optimistic through the decade. This makes a strong case for investing in some of the best carbon capture stocks.

And, with growth potential, the amount of CO2 being captured today is 43 million tons. It’s expected that by 2030, CO2 being captured will increase to 279 million tons, accounting for just 0.6% of today’s emissions. Therefore, robust growth visibility exists even beyond the decade.

The multi-fold growth in CO2 capture will translate into strong revenue and cash flow upside for the best carbon capture companies. Over a five-year horizon, a few multibagger stocks are likely from the sector.

Let’s discuss three names that look attractive.

Aker Carbon Capture ASA (AKCCF)

Aker Carbon Capture (OTCMKTS:AKCCF) stock has been sideways in the last 12 months. With strong potential for order inflows, I am bullish on AKCCF stock for multibagger returns from current levels.

First, the company is a pure-play in carbon capture technology. Laser-focused business with positive industry tailwinds is likely to translate into robust growth. Further, Aker Carbon has a proven technology. In fact, seven carbon capture units have already been delivered with 60,000 operating hours.

For Q3 of 2023, Aker Carbon reported revenue growth of 236% year over year (YOY) to 440 million Norwegian krone. Robust revenue growth is likely to sustain, with the company having an order backlog of 3 billion Norwegian krone. Further, the company is targeting contracts to capture 10 million tons of CO2 per annum by 2025. This seems entirely likely with geographic diversification, making AKCCF stock a potentially massive value creator.

Bloom Energy (BE)

Bloom Energy (NYSE:BE) is another interesting pick among carbon capture companies. As an overview, Bloom Energy is leveraging on its fuel cell platform for various applications. This includes hydrogen fuel cell, heat capture, carbon capture, among others.

Specific to carbon capture technology, the company “captures and recycles hydrogen and water from the fuel cell exhaust and then separates emitted water vapor and CO2.” Further, the CO2 can be permanently sequestered in the ground or utilized in new applications. In the next five years, I expect carbon capture segment to increasingly contribute to total revenue and potential revenue acceleration.

For Q3 2023, Bloom Energy reported healthy revenue growth of 36.9% to $400.3 million. However, operating level loss was $103.7 million. With the solid-oxide fuel cell system having a wide application, losses could narrow on operating leverage. Additionally, the company is pursuing cost-cutting measures, and it’s likely that EBITDA margin will improve coming quarters.

Fluor Corporation (FLR)

Fluor Corporation (NYSE:FLR) is an engineering, procurement, and construction company. However, the energy solutions segment is involved in business that include carbon capture, renewable fuels, waste-to-energy, among others. With FLR stock trading at a forward price-earnings ratio of 14.4, it seems like a good accumulation opportunity.

In June, Fluor and Carbfix announced a collaboration to pursue integrated carbon capture and storage (CCS) solutions. In the partnership, Fluor will be providing its proprietary Econamine FG Plus carbon capture technology.

Notably, FLR’s technology has is already being used in 30 facilities over the last few decades. So, Fluor will leverage on its technology to seek further growth in the carbon capture business. Revenue is impressive, with Fluor reporting an order backlog of $26 billion across businesses in Q3 of 2023. With a strong backlog and high financial flexibility, the company is positioned to make aggressive investments in emerging areas like carbon capture.

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