The Canadian cleantech sector was in the spotlight in the first quarter of 2019, thanks to opposing stances of Canadian political parties.
During the quarter, the Canadian government put more focus on the sector in its 2019 budget while the Ontario government upped its ante against the federal government on the carbon tax issue.
Despite varying opinions on cleantech policies, several companies on the Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV) made their mark in the quarter. The Investing News Network takes a look back on the first quarter as to which the biggest gainers were on the TSX and TSXV.
Analysts say look beyond cobalt and lithium
There are many great opportunities to profit in the cleantech space
The companies listed below all have market caps between C$50 million and C$500 million. All numbers and figures listed below are in Canadian dollars and current as of market close on April 8, 2019. The list was generated using the stock screener from CapitalCube.
1. Xebec Adsorption (TSXV:XBC)
Market cap: $81.66 million; year to date gain: 105.48 percent; current share price: $1.42
With a gain of over 100 percent, Xebec Adsorption is the top stock in the cleantech space on the TSX and TSXV. The company is focused on developing products that help transform raw gases into sources of clean and renewable energy. Xebec Adsorption operates in four key sectors, including clean technology, oil and gas processing and industrial compressed air and gas treatment.
Xebec kicked off the year by announcing its first project in Italy, a biogas upgrading plant that become functional in January. The plant converts the biogas produced from local organic waste and turns it into biomethane, a compound also known as renewable natural gas. In March, the company announced the signing of a $6 million contract for another biogas upgrading plant in Italy.
Market cap: $91.68 million; year to date gain: 72.97 percent; current share price: $0.315
Second on the list is DynaCERT, a company that manufactures carbon emission reduction technologies for internal combustion engines. DynaCERT’s patent-pending technology feeds in hydrogen and oxygen which are then supplied to an engine’s air intake that enhances combustion and fuel efficiency while reducing carbon emissions.
The company was fairly active throughout the quarter. It kicked off the year by announcing orders from two of the 29 states in India.DynaCERT said it received a bulk order of 1,000 HydraGEN units to be installed on buses and service trucks in Rajasthan, India. Additionally, the company also received a letter of intent to show its technology from Uttarakhand Transport.
In late March, the company announced that it had commenced process for carbon credit applications relating to ts HydraGEN technology. Apart from the potential increase in mileage in diesel engines, it can also eliminate carbon emissions, which increases its appeal in the marketplace.
Analysts say look beyond cobalt and lithium
There are many great opportunities to profit in the cleantech space
3. Questor Technology (TSXV:QST)
Market cap: $120.73 million; year to date gain: 35.03 percent; current share price: $4.50
Next on the list is Questor Technology, a company that is engaged in clean air technologies that are to improve air quality cost effectively.
In January, the company announced it received a purchase order worth $5.8 million for its technology which will be used at three oil and gas production facilities in Mexico.
4. Atlantic Power (TSX:ATP)
Market cap: $367.45 million; year to date gain: 15.20 percent; current share price: $3.35
Fourth on the list is Atlantic Power, which has its assets in nine US states and two provinces in Canada. The company operates power projects in industries including gas, hydro and biomass.
Major news from the company was in February when it reported its fourth quarter and year-end results for 2018. In the release, the company also provided updates on its projects. Atlantic Power said that four of its projects have power purchase agreements (PPA) that will expire in 2019 and 2020.
5. Carmanah Technologies (TSX:CMH)
Market cap: $126.74 million; year to date gain: 12.17 percent; current share price: $6.72
Taking the final spot on our list is Carmanah Technologies. The company’s products are focused on energy optimised LED solutions. Carmanah’s business falls into three segments, namely signals, illumination and offshore.
Major news for the company in the quarter include its asset sale to SPX for US$77 million. The company said that a bulk of its assets were sold to SPX, although its management haven’t revealed plans for the use of proceeds from the transaction.
Don’t forget to follow us @INN_Technology for real-time news updates.
Securities Disclosure: I, Bala Yogesh, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: DynaCERT is a client of the Investing News Network. This article is not paid-for content.
Analysts say look beyond cobalt and lithium
There are many great opportunities to profit in the cleantech space
