Thirteen Canadian tech companies have been named to the 2024 Global Cleantech 100 list.
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 number of Canadian companies on the 2024 list is up from 12 last year.
The total number of Canadian companies on the 2024 list is up from 12 last year but tied with 2022. This year’s list places Canada as the second-most represented country on the list behind the United States, which once again dominated the list.
Of the 13 Canadian companies on the list, seven returned from the 2023 list, including Carbon Upcycling, Eavor Technologies, e-zinc, Ionomr Innovations, Mangrove Lithium, Moment Energy, Pani, and Svante. The five new entrants include Cyclic Materials, Genecis, MineSense, pH7 Technologies, and Summit Nanotech.
Continuing a trend from 2023, British Columbia dominated the Canadian list, with seven of the 13 companies cracking the list. Alberta also made a strong showing with three companies named to the list, tied with Ontario.
A few of the Canadian companies on the 2024 Global Cleantech 100 list had an eventful 2023. Calgary-based Eavor, a returning company to the 2024 list, closed $90 million from the federal government’s clean energy investment fund, which brought its Series B round to $182 million. The startup has developed geothermal technologies for producing energy.
Toronto-based Genecis Bioindustries, which converts food waste into bioplastics, a biodegradable alternative to conventional plastic, received funding from Amazon in March. BC-based Ionomr Innovations, which develops ion-exchange membranes and polymers for the hydrogen economy, closed a $26.7-million CAD Series A extension in December.
An October report released by Export Development Canada found that cleantech investment in Canada nearly quadrupled between 2018 and 2022. Still, the sector still faces numerous challenges. EDC’s report specifically pointed to inadequate levels of private research and development (R&D) spending per capita, difficulty converting startups to scaleups, as well as a lack of local investors.
Those findings are also in line with a June report that found less than one-fifth of climate tech investor dollars remain in Canada, with the vast majority flowing into the United States.
You can find the full list of Canadian companies named to the 2024 Global Cleantech 100 here:
- Carbon Upcycling
- Cyclic Materials
- Ionomr Innovations
- Mangrove Lithium
- Moment Energy
- pH7 Technologies
- Summit Nanotech