Rivian Automotive (NASDAQ:RIVN) burst on the scene earlier this month. The electric vehicle developer was worth more than $150 billion at one point despite not generating any meaningful revenue. The driving factor is the increasing investor interest in companies working to address climate change.
While Rivian holds lots of promise, it will take some serious sales growth to live up to that valuation. So, investors who like Rivian's potential should love Brookfield Renewable (NYSE:BEPC)(NYSE:BEP). The renewable energy giant has enormous growth potential as it develops renewable energy projects. Because of that, it could create significant value for investors in the coming years.
Brookfield Renewable is everything Rivian Automotive strives to be one day. It's a global leader in reducing carbon emissions. The company currently operates 20 gigawatts of renewable energy assets around the world. That's enough capacity to avoid 28 million tonnes of carbon dioxide equivalent, equal to 100% of London's annual emissions or removing 6 million vehicles from the road each year.