Penny stocks get a bad rep due to their volatility, and many investors choose to stay away. There is a solid justification for thinking that way. However, investors willing to accept some risk with penny stocks could benefit hugely if they play their cards right. Those with the foresight to know when a stock is about to take off can make large profits from penny stocks.

These three penny stocks are worth watching for investors looking for such an opportunity. Shortly after landing the biggest deals in these companies’ respective histories, jumping on the bandwagon seems more lucrative than ever. While future success is not guaranteed, the odds shifted significantly.

Given their tremendous room to grow, we’ll detail why the most recent news surrounding these companies is so exciting for investors and what the future may hold.

Blink Charging (BLNK)

Blink Charging (NASDAQ:BLNK) is an electric vehicle charging company that has not yet made its mark in the charging world. The company’s stock has fallen significantly since the height of EV hype in the early 2020s and has struggled to find its way back to stable profitability.

However, last month, the company closed its biggest deal since its beginning. Blink Charging completed an agreement with the state of New York to be one of the official providers of EV charging equipment and services for the state.

As a somewhat overlooked company in the charging industry, this news is fantastic for Blink and current investors. New York is ranked fourth in terms of population in the United States. With such a vast population, major cities like New York City are home to a broad demographic, including wealthier and more progressive individuals.

Such individuals are the primary consumers of EVs, and the increased use of EV tech multiplied by the factor of a relevant demographic further multiplied by a massive population means Blink receives precisely what it needs: demand and notoriety. 

This deal is tremendous news for Blink charging. Although many details have not yet been disclosed, investors can comfortably bet that this stock will take off following its full implementation into the state’s infrastructure.

Rocket Lab USA (RKLB) 

Rocket Lab USA (NASDAQ:RKLB) is a satellite and rocket launch tech company that has been on the rise recently. Although the company has fallen far from its peak, it has slowly returned to prominence through contracts with major customers, including national security agencies and consumer-level companies. 

As Rocket Lab USA slowly gains momentum in its comeback, the recent news from this company will surely excite investors everywhere. The company has the biggest contract in its history: a deal with French company Kineis, a global Internet-of-Things (IoT) connectivity provider. 

The deal includes a total deployment of 25 satellites across five electron missions. Kineis is backed by the French government’s space agency, Centre National d’Études Spatiales (CNES), and operates in the Argos system.

The Argos system is a scientific collaboration among major agencies worldwide, including CNES, the National Oceanic and Atmospheric Administration, the European Organization for the Exploitation of Meteorological Satellites, and the Indian Space Research Organization. 

With launches of such magnitude viewed by audiences globally, Rocket Lab will gain recognition for its tech and further cement its name at the top of the launch tech industry not to mention the funding it will receive for such a massive project. 

Investors don’t want to wait too long to get shares while they can before this stock reaches new heights and is at the top of buyers’ lists everywhere.

Archer Aviation (ACHR)

As unrealistic as it sounds, EVs are not just set to take over ground transportation. Archer Aviation (NYSE:ACHR) is leading the way for a fully electric flight-based taxi service. Electric aircraft used for commercial travel seems far from reach, but Archer is inching closer to its realization. 

Unlike EVs on the ground, Archer has to navigate a different series of regulations imposed by the U.S. Federal Aviation Administration (FAA). However, the company recently made a huge step toward clearing this hurdle after receiving the Part 135 Air Carrier & Operator certificate for its electric vertical takeoff and landing (eVTOL) aircraft.

This certificate is a huge step for Archer, as it allows the company to begin operating commercial aircraft and brings it closer to its goal of boarding real passengers in 2025. Archer requires one more certification before being fully cleared for takeoff, but the company is closer than ever before.

Despite a limited, wealthy customer base, upon Archer’s public debut, the stock is sure to take flight, and you don’t want to miss out.

On the date of publication, Joel Lim 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 InvestorPlace.com Publishing Guidelines.