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Which cleantech stocks have performed the best so far this year? Here’s a look at the top-performing cleantech stocks on the TSX and TSXV year-to-date.
While the cleantech sector as a whole is often subjected to political debate, it is also said that there is a growing consensus of enabling Canadian companies to grow and compete in what is tipped to be an enormous market going forward.
Although Q3 was dramatic as we saw several Canadian cleantech companies wind down thanks to the Ontario government — and impacting their stock prices as a result — few companies in this space still made gains over the quarter.
The Investing News Network (INN) takes a look back on the third quarter as to who the biggest gainers were on the TSX and TSXV.
The companies listed below all have market caps of less than $500 million, with all numbers and figures in Canadian dollars and current as of market close on October 16. The list was generated using the stock screener from CapitalCube.
1.Xebec Adsorption (TSXV:XBC)
Market cap: $36.64 million; year to date gain: 40.35 percent; current share price: $0.77
First on the list of top gaining cleantech stocks on the TSX and TSXV year-to-date is Xebec Adsorption. The company engages in design and manufacturing of products which transforms raw gases into sources of clean and renewable energy. The company operates through four key sectors which includes clean technology, oil and gas, processing and industrial compressed air and gas treatment.
The company was fairly active in the third quarter. Its major news was being selected by Enbridge Gas Distribution (TSX:ENB) to be the supplier of a biogas upgrading system for Toronto’s first Renewable Natural Gas (RNG) facility. Further, the company announced that it has obtained C$23 million of additional financial support from Export Development Canada (EDC) to support the company’s ’s accelerated growth.
2.Naikun Wind Energy (TSXV:NKW)
Market cap: $7.47 million; year to date gain: 37.50 percent; current share price: $0.11
Based in British Columbia, Naikun Wind Energy is second on our list of top gaining cleantech stocks on the TSX and TSXV year-to-date.
The company is currently at an advanced stage of development with its project in northwest B.C. Once the project is completed, it could generate 396 MW and provide electricity to 130,000 homes in the province.
3. Alaska Hydro (TSXV:AKH)
Market cap: $2.21 million; year to date gain: 25 percent; current share price: $0.05
With its headquarters in North Vancouver, British Columbia, Alaska Hydro is engaged in the development of renewable energy projects. The company is currently focused on the More Creek hydroelectric project in northwest BC, a project site that is approximately 130 km north of the town Stewart.
In September, the company announced that its consultant, Sigma Engineering, had completed a revision to its 75 MW More Creek hydroelectric project pre feasibility study. Alaska Hydro said that the revision included the diversion of water from the Forrest Kerr watershed into the More Creek watershed. The company said that with the diversion, the annual generation and revenue potential of the project will see an increase.
4. Etrion Corp (TSX:ETX)
Market cap: $90.21 million; year to date gain: 8 percent; current share price: $0.27
Etrion engages in the production of renewable energy with a focus on development, building and operation of utility scale solar power generation plants.
Major news from the company in Q3 were its second quarter results, noting that its revenues were up 22 percent from the same period in 2017. Further, the company said that it has completed the refinancing of its corporate bonds that has reduced the interest rate while extending the maturity date.
5. Solarvest BioEnergy (TSXV:SVS)
Market cap: $5.34 million; year to date gain: 5 percent; current share price: $0.21
Capping off our top five cleantech stocks on the TSX and TSXV year-to-date list is another company based in British Columbia, Solarvest BioEnergy, The company is engaged in algae technology with its platform providing an flexible system capable of producing clean energy.
In July, the company announced that it has closed a non-brokered private placement to which the company raised C$70,000 through the issuance of 350,000 units at a price of $0.20 per unit.
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Securities Disclosure: I, Bala Yogesh, hold no direct investment interest in any company mentioned in this article.
