For Day Two of Green Week, Cramer recommended a play on water and electricity management, Itron, which may not be “flamboyantly green,” as he said, but is an important part of the energy conservation business, which is only going to get bigger.

What does Itron

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[ITRI  Loading...      ()   ] do exactly? The company helps utilities measure and manage the flow of water and electricity by making the meters and infrastructure that support automatic metering. But this isn’t just meter reading, Cramer said. It’s all about optimizing the delivery and usage of water and electricity and analyzing how companies can best manage their flow.

Itron owns half the domestic market for its metering business and, even better, has 20% international market share. A host of potential catalysts exist as the company is in the running for long-term contracts from a slew of states this year. With every contract it is awarded, the stock is almost certain to go up, Cramer said.

Sure, Itron’s business isn’t as sexy as, say, solar. But the numbers speak for themselves. Cramer’s fundamentals show him that the stock is cheap – “massively underpriced,” even. Throw in a big upgrade cycle – another catalyst that can produce big results as new products bring on new sales – and Itron, in all its subdued green glory, has the opportunity to go much higher in Cramer’s view.

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