- By William Baldwin William Baldwin is Forbes’ Investment Strategies columnist.

That “In ation Reduction Act” is quite the extravagan­za of handouts to favored industries. But maybe crony capitalism is tolerable if you own shares in the cronies. While vendors of solar panels are the obvious bene ciaries, there’s also money to be made on the periphery of alternativ­e energy—for example, from companies that supply the ba eries, so ware and grid connection­s for commercial solar and wind installati­ons.

Fluence Energy and Stem are in this line of work. They are speculativ­e bets. Neither is yet in the black and they’re fairly expensive, with enterprise values, respective­ly, of two and 13 times revenue.

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