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Top 5 Canadian Cleantech Stocks of 2023

The global transition to a green economy has been a boon for the cleantech market — it’s helping investment in renewable energy and clean technology continue to grow, allowing the sector to keep building momentum.

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

With 2023 heading into the second half, 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 July 19, 2023. Numbers and figures were current at that time, with data gathered using TradingView’s stock screener.

1. Black Swan Graphene (TSXV:SWAN)

Company Profile

Year-to-date gain: 81.25 percent; market cap: C$13.24 million; share price: C$0.145

Black Swan Graphene is focused on the large-scale production and commercialization of patented graphene products derived from graphite. The company is targeting a number of industrial sectors, such as concrete, polymers and lithium-ion batteries.

This year, Black Swan entered into a strategic partnership with Nationwide Engineering Research and Development to create a fully integrated supply chain for graphene-enhanced concrete for global markets. Cement manufacturing currently accounts for about 8 percent of global carbon emissions, and graphene-enhanced concrete can “significantly increase the strength of the material in mix designs, allowing for cement reduction and lowering of carbon footprint on construction projects,” as per the company.

2. Green Impact Partners (TSXV:GIP)

Company Profile

Year-to-date gain: 46.81 percent; market cap: C$161.38 million; share price: C$8.06

Clean energy firm Green Impact Partners is focused on developing a portfolio of renewable natural gas (RNG) projects. RNG is a pipeline-quality gas that is fully interchangeable with conventional natural gas. Currently, the company’s RNG projects under development represent over $2 billion in capital expenditures over the next three years.

Green Impact Partners has achieved a number of milestones so far in 2023. For one, the GreenGas Colorado RNG facility achieved its first natural gas production in the first quarter, with full plant capacity expected to be reached by the middle of the year. The company is also advancing toward construction of its Future Energy Park in Alberta.

3. H2O Innovations (TSX:HEO)

Company Profile

Year-to-date gain: 21.40 percent; market cap: C$288.02 million; share price: C$3.17

H2O Innovation specializes in custom water and wastewater solutions using membrane technologies, which involve the use of membranes to catch solids and other substances in water filtration. Applications for the company’s solutions encompass drinking water, water reuse and wastewater treatment for municipal, industrial and corporate entities.

H2O Innovations announced in July that its Water Technologies & Services business line was awarded six new water treatment projects valued at C$9.4 million. This increased the business’ backlog to C$62.1 million. Also in July, the company launched its mobile fleet of water and wastewater treatment systems and was able to to secure three new leasing contracts totaling C$3.4 million.


Press ReleasesCompany Profile

Year-to-date gain: 19.44 percent; market cap: C$89.72 million; share price: C$0.215

DynaCERT manufactures and distributes emissions-reduction technology for internal combustion engines. The company’s patented HydraGEN technology for diesel engines creates hydrogen and oxygen on demand through an electrolysis system that then supplies those gases through air intake. The result is lower carbon emissions and improved fuel efficiency. The technology is compatible with a variety of diesel engines, including heavy vehicles, mining equipment, marine vessels and locomotives.

In February, the company announced a collaborative agreement with Cipher Neutron for the development, production and marketing of an anion exchange membrane electrolyzer technology designed to produce green hydrogen for large-scale infrastructure projects, as well as reversible fuel cell technology for long-term hydrogen storage.

In July, Cipher Neutron received an initial purchase order for a 10 kilowatt AEM electrolyzer stack and signed a memorandum of understanding with Kuber Group Africa, an infrastructure development group headquartered in Ghana.

5. NanoXplore (TSX:GRA)

Press ReleasesCompany Profile

Year-to-date gain: 16.67 percent; market cap: C$524.99 million; share price: C$3.08

NanoXplore is a manufacturer and supplier of high-volume graphene powder for use in industrial markets. The company provides graphene-enhanced plastic and composite products to various customers in transportation, packaging and electronics, as well as other industrial sectors.

In May, NanoXplore shared its latest quarterly revenues, reporting a figure of C$31.6 million, an increase of 11 percent compared to the year-ago period. This prompted the company to raise its revenue guidance for the fiscal year ended on June 30, 2023, to a range of C$120 million to C$125 million, up from C$115 million to C$120 million previously.

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

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