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Renewable energy often gets lumped into the energy sector, but it's really all about technology. And as Money Morning Defense and Tech Specialist Michael Robinson often says, "The road to wealth is paved with tech."
You see, unlike commodities like oil and gas, renewable energy sources are unlimited. It's just a matter of developing the technology that harnesses them, especially in solar. That also means investing in renewable power is more like investing in the latest tech breakthrough than a typical energy stock.
In fact, the price of renewable power is already plummeting, all thanks to technological improvements.
But there's one key area the industry still needs, and it's 100% about technology, even as alternative energy sources are becoming cheaper than fossil fuels.
It is a potential gold mine, too.
By 2050, clean energy investments will total $10 trillion. Already, the costs of wind and solar power have finally dropped below the cost of coal-fired power plants across much of the United States.
Solar and wind produced 7% of the world's electricity in 2018. By 2040, that could grow by 400%, according to the International Energy Agency.
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But there is a problem with such success. Wind does not always blow, and sunshine does not always reach the ground, both thanks to the weather. Therefore, we have to gather wind and solar power when they are available and store it for when they are not. And the energy storage sector hasn't quite caught up with other technological advances.
That's changing in a hurry, and we have one renewable energy stock worth keeping your eye on right now…