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ARTICLE · 23 NOVEMBER 2023

Canadian Cleantech Is Growing

Goodmans LLP
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In October 2023, Export Development Canada (EDC) published its annual report on Canadian clean technology ("cleantech").

CanadaStrategy
Noa Rapaport (Articling Student-at-Law)
Noa Rapaport (Articling Student-at-Law)
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In October 2023, Export Development Canada (EDC) published its annual report on Canadian clean technology ("cleantech"). The report highlights two major industry trends: (1) a dramatic increase in investment activity; and (2) a disconnect in conversion from startups to scaleups.

The global market for cleantech is expected to hit US$26 trillion within the next ten years, signalling an increase in opportunities for Canadian companies to enter the space. In 2022, venture capital investment in Canada reached C$1.2 billion across 46 deals, marking a 63 percent increase from 2021. The investment activity was broken down into $40 million in seed investment, $452 million in Series A and B investment, and $621 million in late-stage investment. The first quarter of 2023 saw C$174 million in investments across 21 deals. This signals growth in the number of annual deals, but a decline in the average deal value.

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