It’s a good time to talk about penny ideas with the meme stocks back in action. In my view, the price-action in penny stocks* will be bigger in the coming quarters. Possible rate cuts will translate into easy money flowing into the financial system. Therefore, speculative activity is likely to increase.

Importantly, even in a meme stock rally, the price-action can be different depending on sectors. The reason for choosing clean energy penny stocks is the fact that the clean energy sector has multi-decade tailwinds. Hence, when speculative activity peaks, investors can grab hot clean energy stocks.

In a euphoric rally, multibagger returns come at the blink of an eye. So, we will look at the ideas as a trading bet with a holding horizon of 6 to 12 months. Let’s explore the reasons to be bullish on these clean energy penny stocks.

Aker Carbon Capture ASA (AKCCF)

Aker Carbon Capture ASA (OTCMKTS:AKCCF) is among the most attractive clean energy penny stocks to buy. The penny stock can deliver 10x returns in quick time.

Aker Carbon Capture ASA is a provider of products, solutions and technology related to carbon capture. The company’s proven technology has over 60,000 operating hours with seven carbon capture units delivered.

Considering the market potential, this is just the beginning for AKCCF. With presence in Europe and America, the addressable market is significant. And now, the company is making the right moves.

In March 2024, Aker Carbon Capture ASA announced a joint venture with Schlumberger (NYSE:SLB) to combine the respective carbon capture businesses. Once the transaction is completed, Schlumberger will own 80% of the entity with Aker Carbon Capture ASA owning 20%. The combined technology coupled with the financial backing of Schlumberger is likely to translate into significant value creation.

Plug Power (PLUG)

Plug Power (NASDAQ:PLUG) was among the hottest clean energy stocks during 2021. However, there has been a sustained meltdown in PLUG stock to current levels of $3.2. While Plug Power has ambitious growth plans, the markets have been concerned about financing and execution. That’s the key reason for the big correction.

However, at current levels, PLUG stock is deeply oversold. With positive tailwinds for the hydrogen economy, I am positive on a sharp rally from current levels. My view is underscored by several positive business developments.

The most important is a conditional loan commitment of $1.66 billion from the U.S. Department of Energy (DOE). This financing will be used for development, construction and ownership of up to six green hydrogen production facilities. The loan commitment from the DOE adds significant credibility to the company’s growth story.

Notably, Plug Power has been expanding internationally. Recently, the company signed a basic engineering and design package with Allied Green Ammonia in Australia. The package is for a three-gigawatt (GW) electrolyzer plant for supplying hydrogen.

NANO Nuclear Energy (NNE)

NANO Nuclear Energy (NASDAQ:NNE) is an interesting pick for two reasons. First, the company has been recently listed and flies under the radar. Further, NNE claims to be the first nuclear micro-reactor company to be listed in the U.S.

Also, NANO Nuclear Energy commands a market valuation of just $110 million. It’s a high-risk bet, but returns can be multi-fold if the products under development can support growth.

Presently, the company is developing a portable micro-reactor technology along with nuclear fuel fabrication and transportation services. Also, the company is involved in the nuclear energy consulting services.

Therefore, the business is likely to be well-diversified in the next few years. The U.S. is the largest producer of nuclear power and accounts for 30% of global nuclear electricity. Expect the nuclear support and consultancy business to gain traction next year. But keep in mind that the advanced nuclear micro-reactor is still in the development stage. So, it will require investments in the next few years before licensure.

*On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.

Read More: Penny Stocks — How to Profit Without Getting Scammed

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.