As the world races to meet rising power demand driven by artificial intelligence and advanced computing, cleantech is stepping into a new era of opportunity.
Developing and scaling innovative energy technologies has never been more accessible or cost-efficient, thanks to breakthroughs in AI-driven design, automation and data analytics that are speeding up everything from materials science to grid optimization.
While US climate finance leadership appears uncertain, Canada is emerging as a strong contender for global influence, backed by supportive policy frameworks, abundant natural resources and a deep bench of innovation-focused companies.
Here’s a look at the best-performing Canadian cleantech stocks on the TSX 2025 by year-to-date gains. CSE-listed companies were considered, but none made the list at this time.
Data for this article was gathered on December 16, 2025, using TradingView’s stock screener. Only companies with market capitalizations greater than C$50 million were considered.
1. Anaergia (TSX:ANRG)
Year-to-date gain: 187.23 percent
Market cap: C$472.75 million
Share price: C$2.70
Anaergia is a global company that specializes in converting waste, including wastewater and agricultural and municipal solid waste, into renewable energy, clean water and organic fertilizer.
The company has operations in 17 countries spanning North America, Africa, Asia and Europe. In 2025, Anaergia has expanded its global reach through partnerships with companies in Italy and Spain, as well as through a partnership agreement to build a biogas facility in South Korea.
In July 2024, Anaergia closed the third tranche of a C$40.8 million investment deal with Marny Investissement that gave Marny a controlling interest of about 60 percent in Anaergia, supporting the company’s pivot to employ a greater focus on technology sales and operations and maintenance contracts.
The company’s September investor presentation highlights its new strategy of streamlined operations, expanding through global partnerships and selective Build-Own-Operate delivery.
In its Q3 2025 results, the company reported strong financials, with revenue increasing 77 percent year-over-year to C$51.4 million, gross margins expanding to 28.8 percent and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of C$2.6 million.
2. Tantalus Systems (TSX:GRID)
Year-to-date gain: 150.53 percent
Market cap: C$250.03 million
Share price: C$4.76
Tantalus Systems provides technology that gives utilities greater control and insight into their electric grids.
This includes advanced metering infrastructure (AMI), load management systems and grid analytics, all of which contribute to a more efficient and reliable power grid.
One of its key products, TRUConnect AMI, provides real-time data on energy consumption and grid conditions. The TRUFlex Load+DER Management system helps manage energy demand and integrate distributed energy resources like solar power, while TRUGrid Automation optimizes grid operations and improves response to events like power failures.
On July 7, Tantalus announced that it was extending its partnership with EPB in Chattanooga, Tennessee, to deploy 20,000 TRUSense Ethernet Gateways over the next five years, integrating with EPB’s fiber network to enhance grid modernization and operational efficiency.
The company’s annual recurring revenue has grown at an approximate compound annual growth rate of 18 percent since 2016, according to its October presentation.
Its Q3 revenue hit C$14.2 million, up 22.5 percent year-over-year, driven by growth of 30 percent in connected devices and 10 percent in software and services. Its adjusted EBITDA doubled year-over-year to C$1.2 million.
3. Ballard Power Systems (TSX:BLDP)
Year-to-date gain: 50.21 percent
Market cap: C$1.09 billion
Share price: C$3.65
Ballard Power Systems is a hydrogen fuel cell technology company that develops, manufactures and sells proton exchange membrane (PEM) fuel cell products that convert hydrogen into clean electricity with zero emissions. The company targets heavy-duty applications like buses, trucks, trains, marine vessels and stationary power.
Recent deals include a December memorandum of understanding with Kolon Industries for fuel cell components and market expansion and a May multi-year agreement for 50 fuel cell engines with Egypt’s MCV to power its intercity buses.
In Q3 2025, Ballard’s revenue surged 120 percent year-over-year to C$32.5 million led by bus and rail deliveries, with gross margins improving to 15 percent and cash reserves at C$525.7 million. The company also cut total operating expenses by 36 percent.
4. Algonquin Power & Utilities (TSX:AQN)
Year-to-date gain: 32.29 percent
Market cap: C$613 billion
Share price: C$8.48
Algonquin Power & Utilities operates regulated electric, water, wastewater and natural gas utilities across the US, Canada, Bermuda and Chile, alongside a retained Hydro Group after divesting its larger renewables business as part of its pure-play regulated utility pivot.
The company completed the sale of its renewable energy assets, excluding hydro, to LS Power in January 2025 for approximately US$2.5 billion. The company declared a Q4 2025 dividend of US$0.065 per common share.
5. Brookfield Renewable Partners (TSX:BEP.UN)
Year-to-date gain: 15.41 percent
Market cap: C$11.41 billion
Share price: C$38.27
Brookfield Renewable Partners owns and operates a global portfolio of hydroelectric, wind, solar and energy storage assets. It also offers sustainable solutions such as nuclear services and carbon capture. The company’s strategy emphasizes long-term power purchase agreements and asset recycling.
Major 2025 deals include a hydropower framework with Brookfield Asset Management (TSX:BAM,NYSE:BAM) and Alphabet (NASDAQ:GOOGL) for up to 3 gigawatts of hydroelectricity capacity, starting with US$3 billion in contracts for 670 megawatts capacity in Pennsylvania.
Securities Disclosure: I, Meagen Seatter, hold direct investment interest in one or more companies mentioned in this article.
