Truly 'Alternative' Energy Stocks That Could Shine

Among Robinson's favorites is WFI Industries . It's listed in Toronto but is based in Fort Wayne, Ind. "Nobody really knows about it in the States, but it's approaching a $100 million run rate in sales, and it's growing like crazy," Robinson says.

WFI, which stands for Water Furnace Industries, makes systems you can install in your home that will heat it using underground energy. You may only have to go down about five feet to tap the Earth's power. A typical system might cost about $12,000 to install.

WFI stock is C$25.00. While some estimates suggest that that's around 35 times the company's likely earnings for 2007, Robinson believes the company will do better than that. He puts the price/earnings ratio down in the 20s. That's pretty cheap for a fast-growing company. At these levels, there's even a 2.3% dividend yield.

Another stock he's following is US Geothermal (UGTH Quote - Cramer on UGTH - Stock Picks). (Note: This is a speculative stock that trades over the counter.) The company is working geothermal energy from the other end -- building big power plants to harness underground energy and then selling that energy into the grid.

The first plant, in Idaho, is under construction and will open by the end of this year, Robinson says. Although it will start by producing 20 megawatts, he believes that could go as high as 200 megawatts in time.

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