Top 3 Canadian Cleantech Stocks of 2022

Cleantech Investing
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Interested in the top Canadian cleantech stocks? Here are the three biggest gainers of the year on the TSX and TSXV.

Click here to read the previous top Canadian cleantech stocks article.

Despite setbacks due to COVID-19, the global transition to a green economy has been a boon for the cleantech market, and investment in renewable energy and clean technology continues to grow.

Analysts see a few key trends dominating the cleantech sector worldwide, such as offshore wind energy, agricultural technology, electric vehicles (EVs), EV infrastructure and clean energy commercial long-haul transportation solutions.

With 2022 nearly over, here’s a look at the top Canadian cleantech stocks on the TSX and TSXV year-to-date. CSE-listed stocks were considered, but none made the cut. All companies listed had market caps of at least C$10 million as of December 8, 2022. Numbers and figures were current at that time, with data gathered using TradingView’s stock screener.

1. First Hydrogen (TSXV:FHYD)

Year-to-date gain: 100 percent; market cap: C$258.31 million

Previously known as Pure Extraction, First Hydrogen has two focus areas: zero-emission vehicles and supercritical carbon dioxide extractor systems. Through agreements with AVL Powertrain UK and Ballard Power Systems, the company is working on a light commercial vehicle powered by hydrogen fuel cell technology; its extractor systems will also run on fuel cells.

First Hydrogen has had a busy year. In Q1, the company signed a hydrogen collaboration agreement with Cambridge University, established a business division focused on the production and distribution of green hydrogen and announced plans to start demonstrations of its green hydrogen vans through its partnerships with AVL Powertrain UK and Ballard Power Systems. In April, First Hydrogen set about securing four locations in the UK and Canada for developing green hydrogen production projects.

In August, First Hydrogen completed initial commissioning trials of its two demonstrator vehicles. As of late August, a total of 12 fleet operators working across a range of industries, including telecommunicationss, utilities, infrastructure, delivery, grocery and healthcare, had signed on to participate in further demonstrations. Shares of the cleantech stock peaked at C$5.30 on August 25.

2. Capital Power (TSX:CPX)

Year-to-date gain: 22.74 percent; market cap: C$5.69 billion

Capital Power is a wholesale power producer focused on sustainable energy. The company builds, owns and operates utility-scale generation facilities that include renewables and thermal power. The firm has also made significant investments in carbon capture as a means to reduce carbon impacts. The company is focused on cutting coal, with a commitment to be off it in 2023.

Across North America, Capital Power owns 27 facilities with approximately 6,600 megawatts (MW) of power-generation capacity. Additionally, the company has a pipeline of advanced development projects that includes approximately 385 MW of owned renewable generation capacity in North Carolina and Alberta, as well as 512 MW of incremental natural gas combined cycle capacity in Alberta.

In May, Capital Power announced a contract renewal of four and half years with BC Hydro for the Island Generation facility, which provides reliable backup power to Vancouver Island and Metro Vancouver. Capital Power’s share price hit C$51.90, its highest point so far in 2022, on August 30. The company is a dividend-paying stock.

3. Boralex (TSX:BLX)

Year-to-date gain: 9.19 percent; market cap: C$3.85 billion

Boralex produces renewable wind, solar, hydroelectric and thermal energy in Canada, France and the US. The company is France’s largest independent producer of onshore wind power. In Canada, Boralex has 21 wind projects across Quebec, Alberta, Ontario and BC; nine hydroelectric projects across Quebec, Ontario and BC; one solar project in Ontario; and one thermal project in Quebec.

Boralex’s five year plan for 2021 to 2025 includes investing US$6 billion to roughly double its capacity by adding 4,400 MW. In April, the renewable energy company shared that through its partnerships with Énergir and Hydro-Québec it will develop 1.2 gigawatts worth of wind projects in Canada. In early June, five Boralex solar farms totaling 540 MW of electric generation and 77 MW of storage were selected after New York state solicited proposals. In August, the company shared its Q2 financial results, highlighting 89 percent growth in consolidated operating income and 15 percent growth in EBITDA from the previous year's Q2. In the same quarter, Boralex added 177 MW of wind and solar projects and 26 MW of storage projects to its project portfolio.

Boralex’s share price hit C$51.55, its highest point so far in 2022, on August 24.

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

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