Conventional lithium-ion batteries have become incredibly important for the electrification movement. From powering electric cars to powering devices in everyday use, these batteries have become the focal point of most investors. That said, this existing battery technology may have reached its maximum potential due to physical constraints. On the flip side, solid-state batteries or ‘forever batteries’ deliver superior energy density and safety compared to lithium-ion batteries, pointing to a superior future ahead. As this new form of battery technology evolves and improves, investors should consider betting on these top forever battery stocks.

The EV revolution is in full swing and shows no signs of slowing down. Global EV sales skyrocketed more than 60% in the first six months of 2022. This is an amazing achievement, especially considering the weakness in the global economy.

For the electric vehicle segment to truly reach its potential, battery technology must be taken to the next level. Forever batteries have been hailed as a transformative step forward for clean energy transportation. Solid-state battery technology enables greater power density in lighter-weight cells, which will be essential as the world seeks greater sustainability and mobility.

Solid Power (SLDP)

Solid Power (NASDAQ:SLDP) is an exciting high-risk option for investors to consider in the emerging solid-state battery space. The company has made great strides in recent months, installing a pilot line that can produce 15,000 solid-state battery cells per year and partnering with leading automotive giants such as Ford (NYSE:F) and BMW (OTCMKTS:BMWYY).

The firm is looking to commercialize its technology, so the stakes are understandably high for the company. However, with strong financial backing from its automotive partners and a multi-billion dollar market, the firm is poised for tremendous long-term growth.

Solid Power expects to have silicon EV cells ready for validation testing by the first quarter of next year, setting the company up for huge potential gains. I think any sort of positive news on this front could boost the company’s share price in a big way next year. All things considered, SLDP stock may truly be one of the most thrilling opportunities among the forever battery stocks on this list.

QuantumScape (QS)

QuantumScape (NYSE:QS) is hands-down the leader in the commercialization of solid-state battery technology. The company will likely close out 2022 with $1 billion in cash, indicating the company has a fully financed runway for the next 24 months. Moreover, QuantumScape has teamed up with Volkswagen (OTCMKTS:VWAGY) to build a pilot facility in the U.S. or Germany. If this capital is put to work correctly, and validation testing can be carried out successfully, I think QS stock is likely to rally.

There’s a lot of “ifs” with this stock. However, if QuantumScape succeeds in claiming around half of the solid-state battery market, it could potentially be looking at billions of dollars in revenues heading into 2030. Investing in this technology now benefits investors who want to stay ahead of the growth curve and set their sights on a profitable future. In the EV sector alone, there’s a massive opportunity for growth worth considering.

But that’s not all, folks. QuantumScape also believes that its technology can expand into consumer electronics, a potential $14 billion market by 2025. Therefore, if the company can continue ticking off its development objectives as it has in the past, it’s in for spectacular long-term valuation expansion ahead.

Toyota Motors (TM)

Like many other major car companies who have partnered with battery tech start-ups, Toyota Motors (NYSE:TM) has opted to take a different route, building in-house competencies in developing the next generation of batteries. Toyota plans to spend a whopping $13.6 billion developing solid-state batteries this decade. Hence, the company is clearly showing its commitment to internal research and development, highlighting how important driving innovation in the battery technology space will be.

In January this year, the automotive player announced plans to have its first vehicle with forever batteries on sale by 2025. Moreover, a study conducted by Nikkei said that Toyota is a leader in patents for solid-state batteries. Therefore, the company has effectively positioned itself as one of the market leaders in the space. If Toyota is able to capture only a fraction of the market over the next few years, this is a company that might rake in billions in new revenues.

On the date of publication, Muslim Farooque 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.