From Six Figures to Seven: 3 Battery Stocks Set to Make Millionaires


  • Charge up your portfolio with these compelling battery stocks.
  • General Motors (GM): While not a pure play, GM could swing higher on its Ultium battery.
  • Solid Power (SLDP): Solid Power focuses on the enticing solid-state battery technology.
  • Freyr Battery (FREY): Freyr Battery may be on the cusp of generating revenue for the first time.
Battery Stocks - From Six Figures to Seven: 3 Battery Stocks Set to Make Millionaires

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When it comes to speculating on the future of mobility and transportation, battery stocks may be your best bet. Sure, targeting individual electric vehicle brands may give you the greatest reward potential. But as we’ve seen lately, this dynamic also works in the opposite direction.

Another worrisome aspect of going the “direct” EV route is that you just don’t know which brand will win out. Again, we’ve already seen once-heralded enterprises succumb to unprecedented pressure. Rather than dealing with this volatility, it may be better to consider ideas that can lift the entire space rather than a specific brand.

Stated differently, you may want to consider selling tickets to the game rather than betting on which team will win. On that note, below are intriguing battery stocks to put on your watch list.

General Motors (GM)

Image of General Motors (GM) logo on corporate building with clear sky in the background.
Source: Katherine Welles /

One of the top automotive manufacturers in the world, General Motors (NYSE:GM) admittedly doesn’t represent a pure-play candidate for battery stocks. However, I wouldn’t outright dismiss the company because it’s still very much relevant. In particular, the automaker revealed an all-new electric modular platform along with its proprietary Ultium battery.

With Ultium, GM aims to deliver comprehensive performance. We’re talking about a range of over 300 miles along with blisteringly fast acceleration. Just as well, the company commands the financial performance to match its ambitions. In fiscal year 2023, the automaker posted an average positive earnings surprise of 15.33%.

For fiscal 2024, the consensus target for earnings per share lands at $8.29. That’s above last year’s print of $7.09. In addition, they believe revenue will hit $162.25 billion, a 2.3% lift from last year’s sales of $158.64 billion.

Overall, analysts rate shares a consensus moderate buy with a $50.16 price target, implying about 11% growth potential. Further, the high-side estimate calls for $95, more than double the current equity price.

Solid Power (SLDP)

Smartphone with logo of American battery company Solid Power Inc. on screen in front of business website. Focus on center-left of phone display.
Source: T. Schneider /

Based in Louisville, Colorado, Solid Power (NASDAQ:SLDP) focuses on the research and development of solid-state battery (SSB) technologies. Per its public profile, the company sells its sulfide-based solid electrolyte. It also licenses its solid-state cell designs and manufacturing processes. Since the start of the year, SLDP gained over 51% of its market value.

Undeniably, SLDP has its moments, making it one of the most exciting ideas among battery stocks. However, prospective investors must prep for extreme wildness. In the past 52 weeks, the security lost almost 30%. Since making its public market debut, it’s down roughly 79%. Still, Solid Power continues to march onward due to the paradigm-shifting potential of SSBs.

Because the enterprise isn’t profitable, the underlying enthusiasm largely centers on the possible upside narrative. That said, experts anticipate a big year in fiscal 2024, with revenue possibly running up to $21.33 million. If so, we’re talking year-over-year growth of 22.5%.

Admittedly, SLDP is a consensus analyst hold. However, the average price target is $3.17, implying over 56% growth potential. Thus, it could be one of the speculative battery stocks to consider.

FREYR Battery (FREY)

Mobile phone with logo of Norwegian battery company Freyr AS (FREY) on screen in front of business website. Focus on left of phone display. Unmodified photo.
Source: T. Schneider /

Based in Luxembourg, FREYR Battery (NYSE:FREY) falls under the broad category of electrical equipment and parts. Per its corporate profile, FREYR engages in the production and sale of battery cells for energy storage systems, electric mobility, and marine and aviation applications in Europe and internationally. Since the beginning of the year, FREY is down almost 12%.

Of course, the other major statistic to consider is the nearly 80% loss that FREY suffered in the past 52 weeks. Just to put this into rudimentary context, 52 weeks ago, if you had invested $1,000 in FREY, you would have $201.40 today. So, the technical narrative here is that FREY stock has reached a bottom. However, you really have no idea if it did or not.

Still, the financial narrative is that Wall Street anticipates big things coming up for Freyr. Specifically, revenue may reach $1.7 million in fiscal 2024 and hit $8.9 million one year later. At the moment, Freyr is a pre-revenue enterprise so yes, this is a massive deal.

FREY is a consensus hold. Still, the average price target is $3, implying almost 79% upside potential.

On the date of publication, Josh Enomoto did not have (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 Publishing Guidelines.

A former senior business analyst for Sony Electronics, Josh Enomoto has helped broker major contracts with Fortune Global 500 companies. Over the past several years, he has delivered unique, critical insights for the investment markets, as well as various other industries including legal, construction management, and healthcare. Tweet him at @EnomotoMedia.

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