Canadian Cleantech Deals of the Year: 2024

2024 may have felt like a tough year for cleantech, with investment pullback and policy backtracking (particularly in the U.S.) casting a long shadow over the sector’s global outlook. But the data tells a different story in Canada.

Clean energy investment rose by 19% to USD $35 billion, placing Canada 8th globally and signalling steady momentum in the face of broader market pullback. Strong public incentives, expanding infrastructure, and a healthy mix of institutional, corporate, and government capital helped sustain activity across the sector.

Below, we spotlight the standout deals, emerging players, and trends that shaped Canada’s cleantech landscape in 2024.

Top Cleantech Deals of 2024

• Canadian Solar (Guelph) – Raised $200M in convertible notes from PAG, reinforcing its leadership as a global solar pure play.
• FLO (Québec) – Secured $136M in growth funding to expand its EV charging network across North America.
• Svante (Burnaby) – Closed a $100M round from the Canada Growth Fund to accelerate carbon capture tech commercialization.
• Li-Cycle (Mississauga) – Raised $75M in convertible notes from Glencore for lithium-ion battery recycling.
• Cyclic Materials (Kingston) – Landed $53M in Series B funding to scale rare earth circular supply chain solutions.
• UgoWork (Québec) – Raised $51M in Series C funding for energy-as-a-service solutions for industrial fleets.

Emerging Startups to Watch

• Maia Farms (Vancouver) – Raised $2M to scale sustainable mycelium-based protein.
• Opalia (Montréal) – Raised $1M to develop cell-based dairy products.
• Moment Energy (Surrey) – Received $20M in US Department of Energy grants for second-life EV batteries.
• Planetary (Dartmouth) – Raised $11M for its ocean-based carbon removal platform.
• GHGSat (Montreal) – Closed a $44M Series C to expand satellite-based methane monitoring – an emerging cleantech niche.

Sector Trends Shaping 2024

• Energy Storage & Batteries featured prominently, with more than a dozen deals, spanning lithium recycling, zinc, vanadium, and second-life use cases.
• EV Infrastructure held investor focus, with major rounds from FLO, Swtch Energy, and UgoWork.
• Carbon Capture & Circularity received strong backing, from Svante and Carbonova to recycling innovators like ChopValue and Polystyvert.
• AI & Space Tech became mainstream, with companies like GHGSat (satellite emissions) and Pani Energy (AI for industrial water) raising capital.
• FoodTech & Bioplastics emerged as fast-growing niches with companies like Opalia, Maia Farms, and Bioform Technologies in the mix.

Top Investors Driving Canadian Cleantech

• BDC Capital built on its $1.6 billion climate and cleantech commitment with nearly $1 billion for late-stage innovators and continued deployment of its $150 million Sustainability Venture Fund.
• Export Development Canada (EDC) exceeded its 2025 cleantech target two years early, providing over $12 billion in support to nearly 450 companies.
• Desjardins Capital met its $2.1 billion renewable energy investment goal ahead of schedule, with transition assets now making up 69% of its total energy portfolio.
• Evok Innovations backed leading Canadian climate startups, including Ekona Power and Rotoliptic, both named to the Foresight 50 list of the country’s most investable cleantech ventures.

Notable Exits & Acquisitions

• Drop Mobility – Acquired by The Sharing Group
• Loop Energy – Acquired by Teralta Hydrogen Solutions
• Solar Flow-Through – Acquired by SolarBank Corporation

Investment Funds Fueling the Future

• Brookfield Asset Management raised $10B for its second Global Transition Fund.
• ArcTern Ventures closed $335M for its third climate tech fund.
• MKB, Pangea Ventures closed $145M and $85M respectively for new funds targeting energy transition and hardtech.

What’s Next?

The election of Prime Minister Mark Carney and the Liberal Party signals continued support for Canada’s cleantech sector at a pivotal moment. Their platform prioritises climate investment, policy stability, and accelerating clean growth to lead the energy transition, which Carney has previously called “the greatest commercial opportunity of our time”.

Meanwhile, policy and investment volatility south of the border creates an opportunity for Canada to attract capital, talent, and partnerships as a more stable environment for clean energy development and innovation.

The market is forecast to grow at a compound annual rate of 13.6 percent, reaching USD $44.9 billion by 2030 as climate funds expand and commercialization gains speed. With generous tax credits, upcoming transition bonds, and growing public-private investment, 2025 is expected to drive major progress across energy storage, EV infrastructure, carbon capture, and circular economy solutions.