5 Canadian cleantech exporters driving global growth in 2026

Urgent global needs for secure energy, resilient supply chains and reliable technologies are creating new opportunities for Canadian cleantech companies.

Turning those opportunities into international growth raises important questions for exporters: Where are the best opportunities? How do you scale into new markets? And what does it take to stay competitive as global conditions change?

Those questions are at the heart of the five companies featured in this year's Cleantech Export Stars and Ones to Watch, and of Export Development Canada's (EDC) 10th annual Cleantech Export Summit, on Oct. 13, 2026, in Toronto. This year's theme, Canada's cleantech moment: The decade that defines leadership, explores what it will take for Canadian companies to turn innovation and global demand into commercial growth.

The one-day event brings together exporters, investors and industry leaders to discuss the opportunities and challenges shaping Canada's cleantech sector.

“Cleantech companies are operating in an environment that’s both challenging and full of opportunity. Trade uncertainty, evolving policies and access to growth capital are all factors to watch,” says Jeremy Melhuish, EDC’s vice-president of Sectors and International Advisory.

“At the same time, global demand for innovative solutions that support energy security, economic competitiveness and sustainability continues to grow,” Melhuish says.

“EDC’s commitment is to support these companies with the financing, risk management solutions and international connections they need to become the next generation of Canadian export champions,” he says.

EDC’s support has grown significantly with the sector. Since 2012, EDC has facilitated close to $60 billion in support to cleantech companies and, in 2025, helped more than 500 Canadian cleantech companies with their export goals.

Each year, EDC recognizes outstanding Canadian cleantech companies—identified as Export Stars and Ones to Watch—for expanding internationally with innovations designed to fight climate change and support energy transition. This year’s honorees show what that looks like in practice—and offer lessons for other exporters in the sector.

Canada’s cleantech moment is an opportunity to lead

Canadian cleantech exporters are entering a decade in which global leadership will depend on turning proven innovation into commercial growth, diversifying clean technology exports and adapting to changing geopolitical and market conditions.

Visit EDC’s cleantech hub to explore market insights, financing solutions and international connections to find support for your next stage of global growth.

The common thread among this year’s honorees is practical, adaptable cleantech innovation built for real-world operating conditions and costly customer problems: 

• Solving specific, high-value problems: Each company answers urgent, measurable and commercially relevant needs—whether it’s recovering wasted heat, recycling critical minerals, treating water or supplying reliable power.
• Designing for real operating conditions: The clean technology from each company is adaptable: It works within existing facilities, supply chains and customer requirements.
• Commercializing while they innovate: They build supply, customer relationships, service capacity, financing and a route to market alongside the technology—not after it’s finished. 
• Expanding selectively and building locally: Each company prioritizes markets where demand, policy and operating conditions align, then develops trusted local teams and partnerships to navigate the market.
• Scaling talent and operations before demand outpaces capacity: They invest in the people, partnerships and operational capacity needed to address growth surges alongside infrastructure.

While geopolitical tensions continue to shape the global trade environment, the biggest export challenge for this year’s two Export Stars and three Ones to Watch is scaling fast enough to meet demand.

Access to capital, specialized talent, in-country expertise and supply chain capacity were cited as key barriers. The companies also faced long commercialization cycles, policy upheaval and insufficient infrastructure to adopt their technologies.

But despite these obstacles, they continue to grow by solving practical customer problems, adapting to changing market conditions and building the partnerships needed to scale internationally.

Meet this year’s cleantech honorees.

How Ovivo’s passion is scaling Canadian water technology into global demand

Founded: 1975
Location: Montreal, QC

What they do: Water treatment solutions

A passion for water runs through everything at Ovivo, a Montreal-based water technology company and global leader in water purification and wastewater treatment. Ovivo’s solutions serve municipalities and major industries internationally, supported by 700 employees in seven countries, says Pierre-Marc Sarrazin, the company’s chief investment and development officer.

“We work with purpose at Ovivo, as we provide sustainable solutions to our clients for their water challenges. We count on a team of employees who value and are passionate about water. It is exciting to work for a company that makes a positive impact on the environment,” Sarrazin says.

Ovivo is owned by SKion Water, the global water investment platform of the Klatten family. Its portfolio spans drinking water and wastewater treatment, silicon carbide membranes and an integrated process that removes and destroys perfluoroalkyl and polyfluoroalkyl substances (PFAS), commonly known as “forever chemicals.”

Municipal water treatment is Ovivo’s largest business, and the company also has a strong presence in the energy sector, particularly nuclear power, with operations across the United Kingdom (U.K.), the Middle East and Asia.

Export markets: United States, U.K., Middle East and Asia

Key challenges: Scaling water technologies in conservative markets

Aging municipal infrastructure, water scarcity, drought and extreme weather are increasing demand for water treatment technologies, yet municipal clients can be slow to act, says Sarrazin.

“We are developing several disruptive technologies at Ovivo such as silicon carbide membranes, PFAS destruction technologies and water reuse solutions. We know it takes time to bring in new technologies and pilot them. There’s a long sales cycle, especially with municipalities and in the energy sector, so we need to be very patient. We’re fortunate to have a strategic owner like SKion Water behind us,” he says.

Ovivo’s local presence is central to its clean technology export model. In the U.S., where most employees are based, manufacturing sites, service teams and representative networks keep the company close to customers.

Exporter insight: Think globally from Day 1

“Be patient and think globally from Day 1. I always tell everyone to never compete on cost. It’s a technology, so you must differentiate,” Sarrazin says.

How EDC supported Ovivo’s international growth: “There would not be Ovivo today without EDC,” Sarrazin says. EDC’s Account Performance Security Guarantee (APSG) allowed Ovivo to issue the bank guarantees required for international contracts without tying up the same capacity on its balance sheet. Ovivo also used EDC’s trade credit insurance for higher-risk customers and markets.

“We can change lenders and insurers. But EDC has a unique role in Ovivo’s history—there’s no replacement for it,” he says.

Growth priorities for 2027: After selling its sizable electronics division to U.S. water sustainability company Ecolab in December 2025, Ovivo has entered a new chapter of growth. Historically strongest in municipal water, Ovivo wants to expand into industrial markets and is pursuing the deployment of its two recent cleantech acquisitions: E2metrix Inc., a Sherbrooke, QC-based company specializing in technology that destroys forever chemicals, and the Danish company Cembrane, which produces silicon carbide membrane technologies for water purification.

“We have a strong balance sheet and significant capacity to continue investing in growth initiatives, including acquisitions and innovation,” Sarrazin says.

Founded: 2017
Location: Mesa, Ariz., and Montreal, QC

What they do: Thermal management systems

While artificial intelligence (AI) is transforming industries, XNRGY is focused on the energy-efficient infrastructure that makes that transformation possible.

XNRGY is a leading North American manufacturer of sustainable advanced liquid- and air-cooling technologies and control systems for AI data centres, health-care facilities and life sciences operations.

Today, the company is rapidly growing by supporting the infrastructure behind digital transformation, says Judith Gorog, chief financial officer at XNRGY Climate Systems.

“Our growth is predicated upon the growth of data centres. Our starting markets were universities, life sciences and the health-care sector. Then the data centre space started growing. We got on that train and developed new products that are servicing the market,” she says.

Export markets: United States

Key challenges: Scaling talent and operations

XNRGY is balancing strong market demand with the realities of scaling a business at speed, which brings challenges in securing talent, financing and supply chain sustainability.

“From a growth perspective, it’ll take likely anywhere between seven to 10 years to reach the point for demand to stabilize,” says Gorog. “Our biggest challenge is talent.”

XNRGY has grown from about 200 employees in 2023 to more than 700 today. Like other Canadian cleantech exporters pursuing international growth, it’s balancing strong customer demand with the challenge of expanding manufacturing and supplier capacity.

With manufacturing operations in Montreal and Mesa, Ariz., XNRGY has felt the effects of tariff uncertainty and the complexity of moving products across the Canada-U.S. border. XNRGY works closely with trade and government-relations advisors to monitor tariff changes and assess appropriate supply and sales options.

Exporter insight: Stay committed to international markets

As trade conditions and regulations evolve, Canadian exporters may be reassessing how they approach international markets. Gorog says the company focuses on long-term growth, relies on trusted advisors and works with organizations like EDC to navigate short-term disruption.

“I don’t think that Canadian exporters should relent in exporting,” she says. “Seek all the help and guidance available, get the best advisors to help you get through this, but don't run because you’re going to lose market space and market share.”

How EDC helped support rapid export growth: EDC provided guarantees that helped secure additional credit and performance security through its banking partners. “We would not have been able to grow as desired without EDC support,” Gorog says.

Growth priorities for 2027: As demand for data centre infrastructure continues to grow, XNRGY expects to strengthen its position as a Canadian cleantech exporter serving customers across North America. The company remains focused on productivity, automation and operational efficiency as it pursues long-term growth.

How Cyclic Materials is turning end-of-life magnets into a new, rare earth supply

Founded: 2021

Location: Toronto and Kingston, ON; Mesa, Ariz.

What they do: Rare earth and critical mineral recycling

Five years ago, Cyclic Materials founder Ahmad Ghahreman recognized an emerging problem: Growing demand for rare earth elements was putting pressure on global supply chains.

Electric vehicles, telecommunications and medical devices are just a few examples of products that rely on rare earth magnets, but China mines about 60% and processes more than 90% of the rare earths used to make them, leaving global supply chains vulnerable.

Ghahreman saw that supply vulnerability as a cleantech growth opportunity. With just 0.2% of used rare earth magnets being recycled, Cyclic Materials identified a niche to supply demand for rare earth components by recovering these critical materials and metals from end-of-life magnet-bearing products, says its chief financial officer, Jeff Dawley.

The company’s MagCycle technology separates rare earth magnets from end-of-life feedstock, like electric motors and hard drives. Copper, aluminum and steel return to their supply chains and the remaining magnet material is refined into rare earth oxides for making new magnets.

“That’s the reality of being able to recycle from proper end-of-life all the way back to an oxide. Those oxides are the building blocks for a new magnet and you can keep up with the changing efficiency of magnets.”

Export markets: North America, Europe and Asia

Key challenges: Securing feedstock to scale global growth

The company’s modular approach means processing facilities are best located near concentrated sources of end-of-life products and the manufacturers who need recovered materials. While demand for rare earths is widespread, Cyclic prioritizes a reliable supply of recyclable feedstock, power, local support and partnerships to accelerate its response to market against a significant global demand, Dawley says.

“Everybody in the world who is not China is lacking access to these materials in market. The amount of demand far exceeds the ability of the world to supply. So, the demand for us is everywhere,” he says.

Exporter insight: Understand your market before you scale

Local partners can help you understand regulations, customers and supply networks, while Canadian organizations, like EDC and the Trade Commissioner Service (TCS), can open international doors.

“You need to actually understand your market,” Dawley says. “You need to be in front of the people who provide the supply and build those relationships.”

Cyclic Materials began building its feedstock network while its technology was still in the lab, initially in Canada and the U.S. It now operates in multiple countries, underscoring a practical lesson for circular-economy companies: Technology and market development must advance together.

How EDC helped support a high-growth scaleup: Dawley says EDC understood the long path from laboratory validation to operating facilities and provided international trade guarantees for leasing facilities. “EDC was willing to put credit guarantees in place, so we could lease facilities and establish a presence to build these operations. EDC representatives from all over the world continue to introduce our company,” Dawley says.

Growth priorities for 2027: The company is actively looking at global expansion plans, he says. “We are working as hard and fast as we can with like-minded partners around the world who understand that the clock is ticking. Everybody understands how important this is.”

How Revolve Renewable Power is matching renewable energy solutions to customer needs

Founded: 2012
Location: Vancouver, BC

What they do: Utility-scale energy solutions

For Revolve Renewable Power, the energy source matters less than finding the right generation and storage mix for each customer. The Vancouver-based company develops utility-scale wind, solar, hydro and battery storage projects. It selects the technology that best supports the customer’s needs for reliable, lower-carbon electricity, says Myke Clark, the company’s CEO.

That flexibility is increasingly valuable as demand from AI, data centres and electrification continues to rise.

“It has transformed the power generation sector. Demand for power has skyrocketed over the last one to two years. And so renewable energy fits nicely because we can deploy it so quickly,” says Clark.

Revolve serves utilities and commercial and industrial customers across Canada, the United States and Mexico. Its portfolio includes run-of-river projects in British Columbia, wind projects in Alberta and Mexico, battery storage in Ontario and wind and solar projects in the U.S., where it’s also exploring opportunities to power data centres.

Export markets: United States and Mexico

Key challenges: Access to capital to scale

Access to capital is the largest scaling hurdle. Early development requires time and expertise; later stages need capital for interconnection, permits and performance security. Permitting, securing a power buyer and finding qualified people across multiple jurisdictions add complexity.

“At an early stage, it takes a lot of sweat equity, but you get to a point where you really need significant dollars to push the projects forward,” says Clark. “EDC helps bridge the gap between being a small developer and advancing projects to the point where we can build, own and operate them ourselves.”

Exporter insight: Build the right local team

Consultants can support specific work, but “people on the ground in the market are crucial to making the right decisions at the right time. There are a lot of qualified people out there, but finding the ones that fit our team is one of those things that sort of keeps me up at night,” says Clark.

How EDC helped finance renewable energy expansion: Revolve used EDC’s APSG, which helped advance projects in Canada, the U.S. and Mexico that might otherwise have stalled or been sold early.

The company also partnered with EDC and Vancity Capital Corporation on US$7-million project-level, debt financing for an operating U.S. wind project.

“We could try to acquire this on our balance sheet and then bring in the debt, but you’re tying up a lot of money. Bringing in EDC and Vancity at this stage makes a ton of sense,” he says.

Growth priorities for 2027: Revolve plans to add operating assets, advance wind projects in Mexico, pursue Canadian wind and solar opportunities and develop smaller, powered-land projects for U.S. data centres.

“For us, it makes a lot of sense to propose a project that the local community is on board with and smaller projects definitely help with that,” Clark says.

How Thermal Energy International is turning wasted industrial heat into global growth

Founded: 1991
Location: Ottawa, ON

What they do: Heat recovery

Thermal Energy International has built a global cleantech business providing energy-efficiency and carbon-reduction solutions to major corporations around the world. Many of its most important solutions revolve around an idea that’s both proven and surprisingly simple: Recover heat that industrial facilities already produce instead of letting it escape or be discharged through a stack.

Condensing heat-recovery systems have been used in pulp and paper for decades, but Thermal Energy International has adapted and scaled the approach for manufacturers in more than 20 countries. Its proprietary FLU-AC system captures waste heat that’s being exhausted from boilers, ovens and dryers and turns it into hot water that can be used for heating, cleaning or production.

“You’re never going to speak to a simpler company,” says Robert Triebe, chief operating officer. “Our business is what everyone’s throwing away.”

A typical boiler can send roughly 20% of the energy it consumes up the stack, while industrial dryers can release 50% to 80%. The recovered heat can be used as energy without replacing the core production process.

Export markets: North America, United Kingdom and Europe

Key challenges: Scaling customized solutions internationally

Every industrial site is different. Even when two plants use the same process, their energy prices, layouts, heat sources and heat needs can change project economics, says William Crossland, president and CEO of Thermal Energy.

“Everything we do is customized and specialized. We try and find applications that are very similar, but the plant layout and the local energy costs are often quite different,” he says. “Our customized engineering and design ensure the project is more effective, and that’s why our customers love us, but it also makes it harder to scale than a standardized off-the-shelf product.”

Thermal Energy operates with local teams and flexible sourcing. Because much of its manufacturing is outsourced, it can use third-party suppliers close to customers to limit exposure to tariffs.

Exporter insight: Local relationships matter

Rather than relying on representatives selling from afar, Thermal Energy has regional offices and its own salespeople on the ground in key markets, including Europe and the United States. In assessing top export markets to grow business, it weighs market potential, local connections and ease of doing business rather than pursuing markets on size alone, Triebe says.

“We targeted our sectors by ease of doing business, so 90% of our business is in North America and Europe,” Triebe says.

How EDC helped free up working capital for growth: Occasionally, Thermal Energy’s European customers require bank guarantees against advance payments and project performance. With EDC’s APSG, Thermal Energy’s bank didn’t require cash collateral. Without the guarantee, the company could have faced cash flow pressures or needed to raise equity, says Julia Zhang, Thermal Energy’s chief financial officer.

“We wouldn’t be as successful as we are in Europe without that help,” says Zhang.

Growth priorities for 2027: South America is next on the company’s radar since its team members already have the language skills, family ties and business connections to the continent.

EDC helps cleantech exporters identify opportunities, secure financing, manage risk and build international connections through these tools and services:

• Financing: EDC financing provides direct loans to high-growth exporters, buyer loans and guarantees for international buyers of Canadian goods and structured and project finance for large global projects.
• Guarantees: EDC guarantees include the APSG and Foreign Exchange Facility Guarantee (FXG), which can replace bank collateral for standby letters of credit or foreign exchange contracts. Through the Export Guarantee Program (EGP), EDC shares risk with Canadian banks to help exporters access more working capital. The Trade Expansion Lending Program (TELP) is a working capital guarantee delivered to approved financial institutions.
• Insurance: Depending on sales volume and growth plans, EDC’s trade credit insurance and Portfolio Credit Insurance protect against non-payment.

This year’s honorees show that export growth starts with a specific market need, proven commercial value and technology designed for real operating conditions. It also requires carefully chosen markets, trusted local teams, early financing and adaptability as regulations, supply chains and trade conditions change.