Scaleup Venture of the Year finalists

The Scaleup Venture of the Year Award recognizes high-growth cleantech companies with established market traction.

1. Arbios Biotech

Arbios Biotech specializes in converting underutilized biomass, such as forest residues, into renewable bio-oil through Licella’s Cat-HTR hydrothermal liquefaction (HTL) technology. The world’s largest HTL factory, the Chuntoh Ghuna facility, was completed on February 3. It’s located in Prince George, BC, and was developed in partnership with the Lheidli T’enneh First Nation. Arbios commissioned a small-scale HTL plant in Somserby, New South Wales, Australia, in 2021.

The privately held company is headquartered in Vancouver. Its strategic alignment with Shell Catalysts & Technologies aims to leverage Shell's refining expertise to further optimize and scale Arbios' bio-oil production.

2. Lucent Bio

Lucent Bio is a Canadian biotechnology company focused on developing sustainable agricultural solutions.

Its flagship product, called Soileos, is a sustainable micronutrient fertilizer created by upcycling crop-processing co-products, such as pea, lentil and oat hulls. The company's other two products, Agreos and Nutreos, provide controlled-release fertilizer coatings and enhanced seed treatments, respectively.

Soileos’ patented technology has shown the ability to increase crop yields and soil health. Performance data shows an increase in yield for a range of crops, including canola, soybeans, oats, corn and wheat.

3. Mangrove Lithium

Mangrove Lithium specializes in developing processes for refining lithium. Its Clear-LiTM technology uses an electrochemical process to produce high-purity, battery-grade lithium hydroxide and lithium carbonate from diverse lithium sources, including lithium brines, hard-rock deposits and recycled batteries.

With IDTechEx projecting a US$4.2 billion second-life electric vehicle (EV) battery market by 2035, Mangrove Lithium’s technology could play a major role in the sustainable recovery of lithium from these batteries in Canada.

On January 28, the company secured C$35 million from major backers, including Bill Gates’ Breakthrough Energy Ventures, Mitsubishi (TSE:8058), Export Development Canada and Orion Industrial Ventures. The funds will be used to finance the construction of a lithium-refining plant in Delta, BC, slated to be operational in late 2025.

4. Moment Energy

Moment Energy repurposes used EV batteries to provide stationary energy storage solutions for commercial and industrial buildings, microgrids and remote communities. The company has five projects in BC, Alberta and Manitoba.

The firm is collaborating with TUGLIQ Energie, an energy company that provides sustainable energy solutions for remote communities and industrial sites, to use its Flora battery energy storage systems to enhance energy produced by solar arrays and wind turbines, creating a microgrid solution that’s being used to reduce diesel consumption.

5. pH7 Technologies

pH7 Technologies is a Vancouver-based company focused on reducing the environmental footprint of metal production by creating alternatives to traditional mining methods. Its solvometallurgical processes use non-aqueous solvents to increase mining recoveries while reducing environmental impacts.

In Q4 2024, pH7 received C$1.5 million from PacifiCan. It plans to use the funds for the procurement and installation of specialized equipment to improve production capabilities and efficiency.

Startup Venture of the Year finalists

The Startup Venture of the Year Award highlights emerging companies with strong innovation and growth potential.

1. Green Manganese

Green Manganese is a Canadian startup dedicated to creating a green supply chain for manganese, a critical mineral used in battery production and various additional industries. The company utilizes mining, chemical and civil industry processes and equipment to create an innovative technology that produces a full range of chemically pure manganese products made from ores, polymetallic nodules and manmade waste.

2. Lite-1

Lite-1 develops devices and software used for advanced color measurement and management solutions. Its technology is designed to improve color accuracy in applications such as printing, manufacturing, photography and displays.

Colorants are produced using engineered microorganisms that consume waste materials and generate pigments through natural biological processes. The resulting pigments then retain select properties of the microbes, such as UV protection and anti-microbial applications.

3. SkyAcres Agrotechnologies

SkyAcres Agrotechnologies develops controlled-environment agriculture systems, specifically indoor vertical farms, to address challenges in food production. The company's approach allows for year-round production of crops in locations where traditional farming may be limited.

“Our goal is to empower the next generation of farmers by equipping them with the technology, tools, knowledge, and skills needed to cultivate their own produce locally,” the company’s COO, Zaffia Laplante, told CanadianSME Business Magazinelast year.

4. TreeTrack

TreeTrack is a technology company that leverages data-driven insights to optimize sustainability and efficiency in forest management and environmental monitoring. It uses a variety of data-gathering tools, including remote sensing and swarm drones, to identify areas damaged by disease or insects and target locations for reforestation. The company has also developed an advanced formula for producing seedpods that it says ensures high germination rates.

5. Veritree

Veritree is a technology company that focuses on reforestation and ecosystem restoration by providing a platform that connects businesses with tree-planting projects around the world.

It uses blockchain technology to track the lifecycle of trees, from planting to growth. According to its website, Veritree has partnered with over 20,000 businesses involved in restoration projects, including Telus (TSX:T,NYSE:TU), ASML Holding (NASDAQ:SML) and Samsung Electronics (KRX:005930).