The company has been selling its energy storage units for years as an alternative to traditional gas-fired plants and it’s now on track for a big bump in sales as the global economy recovers from the global financial crisis.
V8 announced its first-quarter earnings Monday, which showed its net profit rose by 29 per cent to $2.75 billion, or $14.90 per share, after net income rose to $5.45 billion, $10.80 per share.
Analysts expect the company’s sales to rise to $20 billion by 2021, and by that time the company will have sold more than 4.2 million V8 units.
V8 shares closed up 2.8 per cent at $32.75.
The stock had dropped about 30 per cent this year, but has now rebounded by more than 70 per cent in the past year.
V6 Energy is another company that has been looking to expand into the energy storage space, which is a very different business model from traditional gas power plants.
The V6 energy storage unit is a type of battery that can store energy for up to two years and it can also be used to power cars.
The company recently completed a $1.6 billion deal with the Chinese company Energi Energy Group to develop and manufacture its V6 battery for its vehicles.
It plans to sell the battery unit for $6.99 per kilowatt-hour by 2021.
The company’s V8 energy storage is priced at about $7 per kilawatt-hours, according to V6.
V6 said its V8 battery could be the first of its kind to be produced in the United States.
The energy storage company’s shares are up almost 40 per cent over the past two months, with its market cap climbing from $2 billion to $3.3 billion.
V7 Energy, which makes and markets wind turbines and solar panels, said it expects its quarterly earnings to be about $2 million.
V5 Energy Inc., which sells energy storage products, said its earnings will be about the same as last year’s.
V5 is also looking to sell its V5 battery unit.
V9 Energy, the largest producer of solar panels and energy storage devices in the world, said last week it expects to report earnings this year of $3 million, a slight decline from last year.
The market is expecting V9 to report quarterly earnings of $6 million, according a research note by Morningstar analyst Peter W. Johnson.
V9’s shares closed at $35.70 last week.
V20 Energy, a division of American Electric Power Co., which is also part of V8, said in a statement Monday that its quarterly results are expected to be better than expected.
The stock closed at the high end of a range of $40 billion to as much as $50 billion.
The unit sells energy-storage equipment and is the largest U.S. energy storage producer.
V24 Energy Inc. said its results for the first quarter are expected “to be better” than the $4.8 billion in net income it reported for the quarter last year, which ended Dec. 31.
V25 Energy Inc.’s earnings are expected in the range of more than $20 million to as little as $25 million.
The electric utility said its quarterly profit is expected to “improve over the year and potentially exceed last year.”
V9 has been working to expand its portfolio of solar, wind and energy-turbine technology.
V22 Energy Inc has been expanding into the solar business, building on the company and V8’s portfolio of energy-related products.
The U.K.-based company announced last month it would invest $1 billion in new solar power plants and said it would build two more solar farms in Australia and India.
V22 also plans to invest in wind power in Australia, as well as in new wind farms in the U.P.
V30 Energy, an energy storage division of the U,K.-headquartered solar and wind power firm PV Tech, said the results of its third quarter will be the company ‘s best ever.
“V8 Energy said its energy-sink unit, the V8 Sustainability Power Storage Unit, is on track toward achieving its full year of production, including the completion of its second-generation battery unit, according.