Top Canadian Cleantech Stocks

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With 2021 now in full swing, investment in renewable energy and clean technology looks strong despite setbacks due to the unexpected COVID-19 pandemic. 

Analysts expect a few key trends to dominate the global cleantech sector in 2021, such as offshore wind energy, electric vehicles (EVs), EV infrastructure and clean energy commercial long-haul transportation solutions, such as hydrogen and energy storage installations.

Moving into the second half of the year, here’s a look at the top Canadian cleantech stocks on the TSX and TSXV so far in 2021. All companies listed had market caps of at least C$10 million as of July 12, 2021. Numbers and figures were current at that time, with data gathered using TradingView’s stock screener.

1. Thermal Energy International (TSXV:TMG)

Year-to-date gain: 86.36 percent; current share price: C$0.21

Thermal Energy International is a global cleantech company with a fully accredited professional engineering firm and a portfolio of proprietary and proven energy-efficiency and emission-reduction technologies for the industrial and institutional sectors. The company designs, builds and supplies clean technologies that are able to capture up to 80 percent of wasted energy from boiler plant and steam system operations, and cost-effectively recycle the energy back into these processes. Its customers include many Fortune 500 and multinational companies across a wide range of industries.

In mid-March, the company was commissioned to design and implement an extensive US$1.18 million heat-recovery project with a major US dairy group. In the year ended May 31, 2021, order intake for Thermal Energy’s proprietary GEM steam trap technology hit a record high, coming in at more than 25 percent over each of the last two years. Orders for the company’s HeatSponge products also hit a record, clocking in at 28 percent ahead of the previous year and 47 percent more than two years before. The cleantech stock hit C$0.29 on April 9, its highest point so far in 2021.

2. Solarvest BioEnergy (TSXV:SVS)

Year-to-date gain: 76.32 percent; current share price: C$0.34

Solarvest BioEnergy is a research and development company with a proprietary advanced micro-algae technology platform. It has a portfolio of diverse applications based on this platform, including Omega-3 fatty acids for the global nutraceutical market and the biological production of clean energy hydrogen.

Solarvest’s patented process is able to harvest solar energy and induce algae’s natural enzymes to break water down into oxygen and hydrogen to create a clean-burning fuel. In early April, news of Solarvest’s partnership with the Scoular Company helped drive the company’s share price to its highest point so far in 2021 — C$0.56 on April 9. Together, the duo will develop commercial production of Omega-3 fatty acids based on Solarvest’s algae technology platform.

3. Eguana Technologies (TSXV:EGT)

Year-to-date gain: 65.64 percent; current share price: C$0.35

Eguana Technologies offers a complete line of proprietary utility-interactive energy storage systems for residential and commercial fuel cell, photovoltaic and battery applications in Asia, Australia, Canada, Europe and the US. The company provides for residential and small commercial applications.

In late January, Eguana released its 2020 financial statement, showing that revenue increased year-over-year by 132 percent to C$7.9 million. The company went on to raise C$20 million in a private placement completed in late February. Shares reached their highest point in 2021 on February 17 at C$0.61.

4. Spark Power Group (TSXV:SPG)

Year-to-date gain: 51.03 percent; current share price: C$2.18

Spark Power Group provides end-to-end electrical contracting, operations and maintenance services to the industrial, commercial, utility and renewable asset markets in North America. The top Canadian cleantech stock also offers energy sustainability solutions to those same markets.

Spark Power started off the year with the launch of its first EV fleet, and later in the spring announced the continued expansion of its operational footprint in the US with the opening of new branches in Minnesota, North Carolina, New York and Texas. In May, Spark Power launched energy-efficiency services for small- to medium-sized manufacturers in the commercial and industrial space in both Canada and the US. Heading into the summer, the company completed a C$5.6 million private placement and announced a partnership with GP JOULE, a global renewable energy company, on the construction of three new solar power projects in Western Canada.

The highest point for the cleantech stock so far in 2021 was C$2.89, which it reached on January 28.

5. Sparta Capital (TSXV:SAY)

Year-to-date gain: 37.5 percent; current share price: C$0.06

Sparta Capital manufactures and distributes energy-saving technologies and provides green energy services to commercial sectors. It has three business segments: capturing lost waste energy; converting existing waste for other uses and into new consumable forms; and optimizing energy efficiencies.

The top Canadian cleantech stock pivoted toward joining the fight against COVID-19 earlier in the year, helping push its share price to its highest point so far in 2021, reaching C$0.32 on March 1. In late February, Sparta announced that its COVID-19 Safety System had been authorized by Health Canada and could begin to offer “the Canadian trucking industry, as well as individuals in other business sectors, both antibody and antigen rapid tests as they endeavor to maintain a healthy workforce.”

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Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.