The demand for electric-vehicle batteries is continuing to rise. All areas of the economy that benefit from electrification should continue.to grow  Here are some underrated battery stocks that can rise tremendously from the electrification trend.

Because of the aggressive switch to EVs, the world will need more battery factories, enhanced supply chains, human  capital, and, of course, batteries. By 2030, global battery consumption is anticipated to increase by more than 30%, reaching 4,500 gigawatt-hours annually.

Thus, it’s no surprise that the prices of lithium and other metals have skyrocketed. The quickly-increasing demand for EV batteries has caused lithium’s price to increase four-fold in the 12 months that ended in September 2022. And the price would be considerably higher if the U.S. dollar hadn’t appreciated so much.

As newer technologies, such as solid-state batteries, are developed and existing players deliver high-quality batteries to the supply chain, there are plenty of options from which investors can choose. Here are three of the best battery stocks to buy right now.

Panasonic (PCRFY)

One of the largest and most significant players in battery technology, Panasonic (OTC:PCRFY) remains among the best under-the-radar battery stocks to buy for the long-term. Given Panasonic’s large share of the global EV battery market, it remains among the best ways to play the electrification trend.

That said, there are plenty of other catalysts that investors may want to consider. Among the more recent catalysts is a multi-year agreement which was signed between Panasonic and Lucid Group (NASDAQ:LCID), under which the Japanese company will provide batteries for Lucid’s luxury electric EV Lucid Air and the forthcoming Gravity SUV.

The Lucid Air is regarded as one of the most powerful, fast-charging EVs, and the  deal will help advance Panasonic’s aspirations to generate profits from additional U.S. factories.

Panasonic has disclosed that it will launch a new a battery plant in Kansas and  a new factory in Japan.

According to Lucid CEO and CTO Peter Rawlinson, the deal will enable Lucid “to satisfy the increased demand for lithium-ion batteries as we continue to scale up production of the full Lucid Air line-up in 2023 and intend to start producing our Gravity SUV in 2024.”

I think this deal is more significant than many are appreciating right now. Accordingly, I expect Panasonic’s fundamentals to continue to improve, as its growth accelerates in the quarters to come.

QuantumScape (QS)

A more speculative battery stocks is QuantumScape (NASDAQ:QS). This early-stage maker of solid-state batteries has some rather compelling technology and is a good choice for investors truly looking forward to the future.

The battery start-up’s stock price has jumped in recent days, largely due to the enthusiasm about growth stocks in general. However, technical analysts also think that QS stock could be about to break out. That’s because QS stock is moving toward the upper trendline of its parallel declining channel. Also noteworthy is that huge investors like Bill Gates and Volkswagen (OTC:VWAGY) own QS stock.

Recently, QuantumScape revealed that it had sent its first 24-layer lithium-metal battery cell prototypes to vehicle makers for testing. Delivering these cells, also known as A0 samples, was a crucial milestone on the path to commercialization.

The company believes that these cells will be able to be utilized by companies in the automotive and consumer electronics sectors.

Lithium Americas (LAC)

Lithium Americas (NYSE:LAC) searches for lithium deposits in the United States and Argentina. The Canada-based firm was launched in 2007.

Analysts’ average earnings projection for the company has dropped as a result of a minor deceleration of the growth of lithium demand. But according to a recent research note from investment bank TD Securities, LAC’s lithium will be virtually sold out for the foreseeable future, and the bank raised its price target on LAC stock to $40 from $38.

Following a hearing on Jan. 5 in U.S. district court regarding  LAC’s Thacker Pass, Nevada lithium mine, Lithium Americas reported that it expects a final ruling from the court on whether its mine will be approved “in the next couple of months.” The update caused its stock price to pop 1.3%.

I believe that LAC stock will be well-positioned, leaving its stock poised to climb further, if the court decision on its  Thacker Pass mine is favorable.  I expect that the outcome of the case will indeed be positive for LAC.

On the date of publication, Chris MacDonald 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.