Top Cleantech Deals of 2025
Meldora Land Management (Québec) – Raised $250M AUS ($165M USD) to develop a large-scale carbon credit-generating agricultural platform in Australia, backed by La Caisse and Australia’s CEFC, with Rio Tinto as offtake partner.Eavor (Calgary) – Secured $89M CAD from the Canada Growth Fund for its closed-loop geothermal technology, with an additional $48M CAD available upon milestone completion for a total commitment of up to $138M CAD ($100M USD).
Lithium Americas (Vancouver) – Secured amendments to its $2.23B DOE loan facility and raised $100M in equity to advance construction of the Thacker Pass lithium mine in Nevada.
Mangrove Lithium (Delta) – Raised $85M in Later Stage VC to commercialize its modular lithium refining technology.
General Fusion (Richmond) – Raised $81 M in Later Stage VC to advance its magnetized target fusion power system and achieved first plasma in its Lawson Machine 26 fusion demonstration – a major technical milestone toward commercial fusion power.
Electra Battery Materials (Toronto) – Raised $74M in combined financing and debt restructuring to fully fund North America’s first cobalt sulfate refinery.
Emerging Startups to Watch
Moment Energy (Coquitlam) – Raised $15M for its second-life EV battery repurposing technology
SenseNet (Vancouver) – Raised $15M in Series A for its AI and satellite wildfire detection platform.
Veritree (Vancouver) – Raised $6.5M in Series A for its restorative project tracking and verification platform.
Adaptis (Toronto) – Raised $4M in Seed funding for its net-zero building carbon accounting and optimization platform.
Sector Trends Shaping 2025
Critical Minerals & Battery Supply Chain led deal flow, with Mangrove Lithium, Lithium Americas, Summit Nanotech, and Electra Battery Materials all raising significant rounds.
Deep Energy Technologies made headlines, with General Fusion ($81M) and Eavor (up to $138M CAD) signalling institutional confidence in fusion and deep geothermal as commercial energy sources.
Climate Intelligence & Monitoring emerged as a distinct category, led by GHGSat (satellite emissions), SenseNet (wildfire AI), EarthDaily Analytics, and GeologicAI.
Carbon Capture & Nature-Based Solutions attracted the year’s largest deal – Meldora’s $250M – alongside Deep Sky and Exterra Carbon Solutions.
Green Hydrogen gained ground, with Charbone Hydrogen ($50M) and Next Hydrogen ($20M across two rounds) securing infrastructure-grade capital.
Top Investors Driving Canadian Cleantech
Canada Growth Fund – backed Eavor (up to $138M CAD), Mangrove Lithium ($85M round), and dcbel ($55M), deploying capital across geothermal energy, lithium refining, and clean energy.
Export Development Canada – backed Hydrostor ($55M), Mangrove Lithium ($35M round), and Next Hydrogen ($5M), deploying capital across energy storage, critical minerals, and green hydrogen.
Breakthrough Energy Ventures – participated in Mangrove Lithium and GeologicAI, with BHP Ventures joining the GeologicAI round, reflecting the convergence of energy transition and critical minerals capital.
BDC Capital – remained one of the ecosystem’s most active investors, participating in 16 of the top 100 deals from seed to Series B, including GHGSat, Summit Nanotech, and MarineLabs.
Notable Exits & Acquisitions
BoPaq (Montréal) – Acquired by Tricentris
BrainBox AI (Montréal) – Acquired by Trane Technologies (Ireland)
Canada Waterworks (Toronto) – Acquired by Core & Main (USA)
HyperLume (Ottawa) – Acquired by Credo Technology Group (USA)
ORF Technologies (Halton) – Acquired by Temas Resources
PotisEdge (Burnaby) – Acquired by LONGi (China)
Li-Cycle (Toronto) – Filed for bankruptcy; assets acquired by Glencore (Switzerland)
Lion Electric (Saint-Jérôme) – Filed for bankruptcy; assets acquired by Quebec investor group
Investment Funds Fueling the Future
MKB Partners (Montréal) – Closed $225M for Fund III, targeting power, mobility, built environment, and industrial efficiency.
Brookfield Asset Management (Toronto) – Closed $100M for its Catalytic Transition Fund from the IFC, focused on clean energy in emerging economies.
Active Impact Investments (Vancouver) – Announced a final close of $81M for its third early-stage climate technology fund targeting circular economies, clean energy, infrastructure, carbon, and sustainable food and water.
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