Cleantech

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

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

Investment in renewable energy and clean technology continues to grow. Despite setbacks due to COVID-19, global green recovery efforts have been a boon for the cleantech market.

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, including hydrogen and energy storage installations.

With 2022 in full swing, here’s a look at the top Canadian cleantech stocks on the TSX and TSXV. CSE-listed stocks were considered, but none made the cut. All companies listed had market caps of at least C$10 million as of July 14, 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: 26.83 percent; market capitalization: C$149.25 million

First Hydrogen has two focus areas: zero-emission vehicles and supercritical carbon dioxide extractor systems. Via 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.

Previously known as Pure Extraction, First Hydrogen has had a busy year. In the first quarter of 2022, the company signed a hydrogen collaboration agreement with Cambridge University, announced the establishment of a business division focused on the production and distribution of green hydrogen and announced plans to commence 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. Shares of the cleantech stock peaked at C$3.57 on April 19.

2. Polaris Renewable Energy (TSX:PIF)

Year-to-date gain: 24.31 percent; market capitalization: C$412.53 million

Polaris Renewable Energy is engaged in geothermal and hydro projects and acquisitions in Latin America. Currently, Polaris operates a 72 megawatt (MW) geothermal facility in Nicaragua and three run-of-river hydroelectric facilities in Peru, with approximately 5 MW, 8 MW and 20 MW of capacity each. The company also operates a solar photovoltatic project in the Dominican Republic with 32.6 MW direct current (MWdc) capacity, and two solar projects in Panama with an expected total capacity of approximately 13 MWdc, currently under construction.

In May, Polaris announced a quarterly dividend of C$0.15 per share. This Canadian cleantech stock spiked to its highest point in 2022 on June 6, hitting C$21.05.

3. Boralex (TSX:BLX)

Year-to-date gain: 24.12 percent; market capitalization: C$4.4 billion

Quebec-based 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 under a request for proposals in New York state.

Boralex’s share price hit C$44.50, its highest point so far in 2022, on June 10.

4. Capital Power (TSX:CPX)

Year-to-date gain: 18.25 percent; market cap: C$5.39 billion

Headquartered in Edmonton, Alberta, 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. The firm has also made significant investments in carbon capture as a means toward reducing carbon impacts. The company is also 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 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 year 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$46.51, its highest point so far in 2022, on June 8.

5. ATCO (TSXV:ACO.X)

Year-to-date gain: 8.17 percent; market cap: C$5.15 billion

Based in Calgary, Alberta, ATCO is the parent company of a diversified group of subsidiaries providing products and services to the energy, housing, transportation and infrastructure industries. The company has a goal of owning, developing or managing more than 1,000 MW of renewable energy by 2030.

In April, ATCO signed an offtake contract with Microsoft (NASDAQ:MSFT) through its subsidiary Canadian Utilities (TSX:CU,OTC Pink:CDUUF). The agreement will see the tech firm purchase the total output of a 37 MW solar park. "Renewable energy supply contracts like this agreement with ATCO are key to meeting our goal of contracting 100% of our energy consumption with renewable sources by 2025," said Kevin Peesker, president of Microsoft Canada.

ATCO’s share price peaked for the year at C$49.94 on April 14.

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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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