5 Best-performing Canadian Cleantech Stocks of 2024

Year-to-date gain: 105.05 percent; market cap: C$1.66 billion; share price: C$14.35

BIOREM is a cleantech engineering company that develops air emissions abatement technologies using biological processes like biotrickling filtration, a process by which polluted gas is absorbed and degraded by microorganisms into harmless substances.

BIOREM's Q1 2024 financial results revealed revenue of C$5.9 million, an 87 percent increase year-over-year. Gross profit accounted for 30 percent of its revenues, up significantly from Q1 2023, when gross profit accounted for just 4 percent of revenues.

“Bidding activity has remained strong through the first quarter and we expect to report significant new bookings in coming months,” said BIOREM President and CEO Derek S. Webb in a statement issued with the report’s release.

Year-to-date gain: 40 percent; market cap: C$52.77 million; share price: C$0.35

Anaergia is a global company that specializes in converting wastewater and agricultural and municipal solid waste into renewable energy. It has operations in 17 countries spanning North America, Africa, Asia and Europe.

Its Q1 2024 financial results, released on July 6, revealed a decrease in revenue year-over-year due in part to lower capital sales brought on by project delays. However, gross profit was up 28 percent to C$6.5 million.

On July 10, Anaeriga announced the completion of strategic investment when the company closed the third tranche of a C$40.8 million investment deal with Marny Investissement. The deal gives Marny a controlling interest in Anaergia as it now owns over 60 percent of the company's outstanding shares, providing Marny with significant influence over Anaergia's strategic decisions and future direction.

Year-to-date gain: 27.35 percent; market cap: C$2 billion; share price: C$17.14

NFI Group is one of the largest bus manufacturing companies in North America, with 50 facilities in Canada and the US. Headquartered in Winnipeg, Manitoba, the company also owns a number of subsidiaries in both countries.

NFI makes zero-emission buses (ZEBs) that run on electricity and alternative fuel sources such as hydrogen fuel cells. Although the company also makes traditional diesel-powered buses, its goal is to produce 100 percent ZEBs by 2040.

In its Q2 2024 results, NFI reported revenue of US$851 million, up 34 percent year over year. Its ZEBs made up 23 percent of its deliveries during the period.

Year-to-date gain: 5.56 percent; market cap: C$70.4 million; share price: C$0.19

DynaCERT specializes in improving the fuel efficiency of diesel engines with its HydraGEN technology. The system adds hydrogen to the air intake of the engines, which reduces emissions of pollutants like nitrogen oxide, resulting in cleaner combustion. The company's technology works with traditional diesel engines and is being used across a wide range of heavy-duty industries, including transportation, mining and construction.

In recent years, DynaCERT has been collaborating with another alternative fuel company, Cipher Neutron, to accelerate the development of Cipher Neutron’s Alkaline Exchange Membrane Electrolyser technology, a cheaper, more efficient method of producing green hydrogen. On June 11, DynaCERT acquired 15 percent ownership of Cipher Neutron, with the potential for further investments.

Year-to-date gain: 2.74 percent; market cap: C$6.62 billion; share price: C$8.62

Algonquin Power & Utilities, an investment holding company, centers on energy generation and water distribution endeavors. It operates under two segments: the Regulated Services Group and the Renewable Energy Group. The renewable energy segment concentrates on managing a diverse portfolio of renewable and thermal electric generation assets, contributing to the company's overall energy generation activities.

On May 10, the company declared dividends for both its common and preferred shares for Q2 2024. Its Q2 results will be released on August 9.