The number of Canadian firms considered to be among the top cleantech startups in the world continues to rise, according to the 13th edition of the Global Cleantech 100.
Assembled by San Francisco-based market research firm Cleantech Group, the Global Cleantech 100 highlights the privately-held cleantech companies deemed most likely to have a significant market impact over the next five to 10 years by a panel of experts.
The 2022 list names 13 Canadian cleantech startups, up from 11 last year, and 10 in 2020.
The 2022 Global Cleantech 100 names 13 Canadian startups, up from 11 last year and 10 in 2020, counting Canada as the second-most represented country on the list next to the United States, which dominated with 50.
This year’s list featured seven returnees, including CarbonCure, Carbon Engineering, Effenco, MineSense, Opus One Solutions, Svante, and CarbiCrete, which returned after making the 2020 list but failing to crack the 2021 edition.
The latest list also saw six new entrants: Ekona, e-Zinc, General Fusion, GHGSat, Ionomr Innovations, and Pani Energy.
Over half of the 13 Canadian firms listed—Carbon Engineering, Ekona, General Fusion, Ionomr Innovations, MineSense, Pani Energy, and Svante—hail from British Columbia (BC), highlighting the province’s dominance as a hub for cleantech innovation.
Burnaby-based General Fusion, which is developing a proprietary, magnetized, and targeted fusion system, and Victoria-based Pani Energy, which provides a water facility management platform, have both recently raised fresh funding to fuel their growth, raising $166 million CAD and $8 million, respectively.
By city, Burnaby saw the most representation, as it plays host to three of the 13 companies on the list. Burnaby was followed by Vancouver, Montréal, and Toronto, each with two apiece.
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Outside of BC, Montréal-based global emissions monitoring company GHGSat and Halifax-based CarbonCure, which implements carbon capture solutions by storing CO₂ and recycling waste from concrete products, have seen some success over the past year.
CarbonCure won the Global Carbon XPrize last April, securing $7.5 million USD in funding, while GHGSat scored $20 million CAD in funding from Sustainable Development Technology Canada (SDTC) to bolster its satellite tech.
As for the overall list, the cleantech sub-category of energy and power was the most populous by a wide margin, accounting for 41 of the 100 companies named. Listed startups focused on energy and power have also drawn the most cumulative investment by far, as they have raised $6.3 billion to date, according to the report.
Meanwhile, Toronto-based smart home company Ecobee, which has been acquired by Generac in a deal worth up to $770 million USD, was among the group of firms that did not make the 2022 list after being featured on it in 2021.
You can find the full list of Canadian companies named to the 2022 Global Cleantech 100 here:
- CarbiCrete (Montréal, QC)
- CarbonCure (Halifax, NS)
- Carbon Engineering (Squamish, BC)
- Effenco (Montréal, QC)
- Ekona (Burnaby, BC)
- e-Zinc (Toronto, ON)
- General Fusion (Burnaby, BC)
- GHGSat (Montreal, QC)
- Ionomr Innovations (Vancouver, BC)
- MineSense (Vancouver, BC)
- Opus One Solutions (Toronto, ON)
- Pani Energy (Victoria, BC)
- Svante (Burnaby, BC)
Feature image of Burnaby by Roshan Raj via Unsplash