It’s been a good year so far for the cleantech sector in Canada; as the Federal Government plans invests nearly $1.4 billion into the sector over the next few years, there’s certainly no shortage of companies for investors to choose from.
Already, there’s a wide range of cleantech stocks on Canadian exchanges, Canada is well positioned to be a force to be reckoned with in the industry. Case in point, the country has skyrocketed to fourth in a 2017 Global Cleantech Innovation Index, which scores countries on their cleantech funds, organizations and clusters, venture capital investment, and late-stage investment, to name a few.
With that in mind, here the Investing News Network (INN) looks at the top TSX cleantech stocks that have seen the largest share price increase year-to-date. The companies listed below have market caps of less than $650 million but not less then $50 million, with data compiled from Google Finance. Read on to learn more about what these companies have been up to so far in 2017.
1. 5N Plus (TSX:VNP)
Market cap: $245.52 million; year-to-date percentage gain: 68.72 percent; current share price: $3.02
First on our top TSX cleantech stocks list is 5N Plus, a company that produces speciality metal and chemical products used in the pharmaceutical, electronic and industrial industries. The company has two segments: the Electronic Materials and Eco-Friendly Materials, which manufacture, sell refined bismuth chemicals, low melting-point alloys, and refined selenium and selenium materials.
In late February, the company released its results for the fourth quarter and year-end of 2016, while in May it reported its financial results for the first quarter of 2017. The release highlighted the company’s net earnings for the first quarter reached $4.2 million, while net revenue totalled $60.09 million.
2. Ballard Power Systems (TSX:BLDP)
Market cap: $632.42 million; year-to-date percentage gain: 63.06 percent; current share price: $3.62
Ballard Power Systems provides proton exchange membrane (PEM) fuel technology with a main focus on power product markets of heavy-duty motives–such as bus and tram applications–portable power, material handling and backup power, and even delivering technology solutions.
Ballard Power Systems has had a lot on the go in 2017, with highlights such as: a $25 million deal with Broad-Ocean, announced in February; an $11 million deal with Broad-Ocean, announced in April; and its most recent press release from mid-June stating its subsidiary, Protonex, received its first order for fuel cell systems to power commercial UAVs.
3. Village Farms (TSX:VFF)
Market cap: $82.91 million; year-to-date percentage gain: 60 percent; current share price: $2.16
Middle of the pack on our top TSX cleantech stocks list is Village Farms, a company that produces greenhouse-grown tomatoes, bell peppers and cucumbers around North America. Village Farms operates between two segments: the Produce and Energy businesses.
Village Farms’ energy business produces power that it sell for each long-term contract to its customers.
Highlights of the year Village Farms has had include: being named to the 2017 OTCQX Best 50 in February; and it, together with Emerald Health, signing a joint venture for large-scale greenhouse cannabis production in June.
4. Ecosynthetix (TSX:ECO)
Market cap: $ 155.98 million; year-to-date percentage gain: 20.7 percent; current share price: $2.74
Next is Ecosynthetix, who is a renewable chemicals company that is involved in developing bio-based technologies as a replacement solutions for synthetic, petrochemical-based adhesives all around the world. The company’s flagship products include: DuraBind and EcoSphere, which are used to make wood composites, paper and packing, and improve performances, economic benefits and sustainability.
In May, Ecosyntetix released its first quarter 2017 results, highlighting its net sales totalled $3.6 million–a 22 percent increase for the same period year-on-year.
5. Carmanah Technologies (TSX:CMH)
Market cap: $98.43 million; year-to-date percentage gain: 3.83 percent; current share price: $4.07
Closing out our top TSX cleantech stocks list is Carmanah Technologies. The company has been in the business for over 20 years, and develops and distributes renewable technologies, such as solar-power light emitting diode (LED) lighting and solar powered systems.
In April, the company announced the completion of sale of its solar power engineering, procurement and construction business. Then in May, Carmanah released its first quarter 2017 fiscal results, highlighting revenue of $11.1 million, a slight drop from $11.9 million for the same period year-on-year.
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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.