Nine Canadian tech companies, but few new faces, have been named to the 2025 Global Cleantech 100 list.
This is the first year Canada has had fewer than 10 companies on the list since 2015.
The Global Cleantech 100, developed by San Francisco-based research and consulting firm Cleantech Group, showcases private cleantech companies globally that are predicted by a panel of experts to make a substantial impact on the market in the next five to 10 years.
The total number of Canadian companies on the 2025 list dropped by four from last year’s 13, and this is the first time since 2015 Canada has had fewer than 10 companies featured. Additionally, there’s only one new Canadian company on this year’s list, with eight of the nine having also been named to the 2024 Global Cleantech 100.
“The lower representation of Canadian companies this year highlights the need for ongoing investment and support to maintain our competitive edge in this critical area,” Tyler Hamilton, senior director of climate at MaRS, said in a statement. “Innovation remains strong, but government, industry, investors and other stakeholders must work better together to generate opportunities that will see more Canadian cleantech leaders grow and compete globally.”
The returnees include Cyclic Materials, e-Zinc, Ionomr Innovations, Mangrove Lithium, Pani, pH7 Technologies, Summit Nanotech, and Svante. Companies that did not return include Carbon Upcycling, Genecis, MineSense, and Moment Energy.
The lone new company on the list is Toronto-based Enersion, which develops a compressor-less heat pump that uses water vapor instead of synthetic and potentially harmful refrigerants. The company claims its green cooling and heating technology consumes 10 times less electricity than a traditional heat pump.
Cyclic Materials, which debuted on the Global Cleantech 100 last year, is looking to expand its rare earth recycling infrastructure in the United States and Europe after raising a $71-million CAD ($53-million USD) Series B round this past September.
Moment Energy is notably absent from the list it was on last year. The Port Coquitlam, BC-based EV battery startup was awarded $28.1 million CAD ($20.3 million USD) by the United States Department of Energy to establish a new gigafactory in Texas this past October. The company also secured a $15-million USD Series A round co-led by Amazon’s Climate Pledge Fund and Voyager Ventures this week. The company said in a statement that it has raised $52 million USD to date.