Cleantech

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

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, electric vehicle 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, TSXV and CSE. All companies listed had market caps of at least C$10 million as of April 25, 2022. Numbers and figures were current at that time, with data gathered using TradingView’s stock screener.


1. EarthRenew (CSE:ERTH)

Year-to-date gain: 67.57 percent; market cap: C$25.54 million

Based in Calgary, Alberta, EarthRenew develops and manufactures high-value regenerative fertilizer products for sustainable agricultural practices. The company’s regenerative fertilizers are derived from residues upcycled through a proprietary granulation process; they are formulated to improve soil health and yields in conventional farming. Regenerative fertilizers also help to address climate change by sequestering carbon dioxide in the soil.

EarthRenew says its objective is “to become the dominant player in the regenerative soil nutrient market within our served geographies by 2025, growing from 40kt/yr to 400kt/yr.” In early February, the company announced the commissioning of its expanded manufacturing facility in Beiseker, Alberta. It can now produce over 20,000 metric tons (MT) of regenerative fertilizer and an additional 46,000 MT of blended product.

The cleantech stock reached a 2022 high of C$0.40 on April 20.

2. First Hydrogen (TSXV:FHYD)

Year-to-date gain: 58.85 percent; market cap: C$161.89 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 commenced demonstrations of its green hydrogen vans through its partnerships with Ballard Power Systems and AVL Powertrain UK. 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.

3. Cielo Waste Solutions (TSX:CMC)

Year-to-date gain: 27.5 percent; market cap: C$168.89 million

Cielo Waste Solutions is a waste-to-fuel environmental technology company with a patented process that can convert waste feedstocks to fuel, including plastics, rubber, organic material and wood derivative waste. The company sources waste feedstocks from industrial producers and converts them into valuable fuels.

In mid-April, Cielo shared that its development projects are well underway and advancing toward completion, with operations at the Fort Saskatchewan Research & Development Facility set to launch in August. The commissioning of the Aldersyde Facility Phase 2 project remains on target for September.

This Canadian cleantech stock spiked to its highest point in 2022 on January 17, hitting C$0.40.

4. Boralex (TSX:BLX)

Year-to-date gain: 12.46 percent; market cap: C$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 megawatts (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.

Boralex’s share price hit C$41.97, its highest point so far in 2022, on April 8.

5. ATCO (TSXV:ACO.X)

Year-to-date gain: 7.85 percent; market cap: C$5.27 billion

Based in Calgary, Alberta, ATCO is the parent company of a diversified group of subsidiaries providing products and services to 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). It 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$46.05 on April 26.

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

ERTH:CNX

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