Canada is a global leader in clean technology and innovation powered by its growing expertise in sectors such as agriculture technologies, renewable power generation and property tech.
The country ranked second on the 2021 Global Cleantech Innovation Index and has ever-expanding opportunities as the world moves towards a low-carbon future.
Cleantech has been a key focus at Export Development Canada (EDC) since 2012 and in the past decade, we have supported more than $20 billion in exports to over 300 companies.
“Compared to when we got started in cleantech in 2012, there’s greater recognition today that the world is facing a climate crisis and that greater adoption of clean technologies is critical to reducing emissions and achieving a low-carbon and more sustainable future,” says Lynn Côté, EDC’s national lead for cleantech ecosystems and market intelligence.
Last year, five Canadian cleantech companies were named as EDC’s 2021 Export Stars and Ones to Watch during Cleantech Export Week because they’re raising the bar in developing technologies instrumental in the fight against climate change. Here’s how they’re making a global impact.
GREENMANTRA transforms waste plastic into specialty waxes and polymers that enhance industrial application such as asphalt roofing and roads, drainage pipes, and various plastic products.
With a vision to be a catalyst for sustainable impact, GreenMantra’s products allow manufacturers to lower their overall carbon footprint and improve their sustainability profile.
How EDC helped
“We began using EDC Credit Insurance very early on because, as a young company, every penny counted,” says Domenic Dimondo, CEO. “EDC also gave us important working capital flexibility by providing guarantees to our bank for our term loan through the Export Guarantee Program. This allowed our chief financial officer to make decisions that enabled the company to grow much more quickly than we otherwise would have.
The company annually diverts tens of thousands of pounds of plastic from landfills into valuable end markets. The company’s mantra: “The right additive can do big things for your business and the planet.”
More on GREENMANTRA
Terramera is a Vancouver-based ag-tech company that fuses “science, nature and artificial intelligence to transform how food is grown.” It provides solutions to the agricultural industry to reduce the use of synthetic pesticides, increase crop resiliency, predictability, and quality, and measure the carbon sequestered through regenerative agriculture.
How EDC helped
In 2014, Terramera connected with EDC for advice on how to build a successful business in the U.S.
“We began using EDC Credit Insurance to protect our receivables in the U.S., after losing revenue when we didn’t get paid for orders,” says Karn Manhas, Terramera’s CEO. “We gained peace of mind by securing our orders and let us concentrate on growing our U.S. business relationships.”
Going forward, the company will use its technology to provide farmers around the world with tools to quantify regenerative agricultural practices and create a way for them to earn money from methods that are better for crops, plant health and the environment.
More on Terramera
XpertSea leverages artificial intelligence (AI) technology to help shrimp farmers modernize operations and boost profits through valuable production insights and a data-driven marketplace of sellers and buyers.
Customers located in more than 50 countries use the company’s technology to track and manage their aquatic populations, leading to reductions in disease, feed requirements and waste in general.
How EDC helped
By acting as the financial intermediary between farmers and buyers, XpertSea assumes the risk in the transactions. “We can’t afford to have buyers not pay us after we’ve advance money to the farmers,” says Valerie Robitaille, company CEO. “EDC’s Credit Insurance gives us the security we need to make these deals.”
“We’ve been able to attract new investors with EDC support. We’ve connected with high net-worth individuals interested in impact investing in aquaculture and supporting small farmers,” says Robitaille. “EDC helps give our investors’ confidence that there’s less risk, which helps us grow our business.”
With the goal of promoting global food sustainability, XpertSea is focused on expanding its support to farmers in developing countries such as Ecuador, India and Vietnam, where aquaculture is the primary source of protein.
More on XpertSea
Mysa Smart Thermostats
Mysa produces smart thermostats that analyze user consumption and offer full remote control of residential heating and cooling systems through a single mobile app. The company is enabling homeowners to reduce their energy consumption while saving them up to 26% on their home electricity bills.
Since Mysa was founded in 2016, the company has grown more than 50% year-over-year and shipped more than 150,000 thermostats throughout Canada and the U.S.
How EDC helped
“Since the beginning, our relationship with Export Development Canada (EDC) has been key,” says Joshua Green, Mysa’s CEO. “They worked with our bank to guarantee our line of credit, enabling us to purchase needed surplus inventory before the start of each heating season.
“We also relied on EDC Credit Insurance to protect our receivables for our international sales. For example, a purchase order for 1,000 thermostats from an energy efficiency contractor in the U.S. would have been too risky for us,” explains Green. “With EDC’s Credit Insurance, we are able to mitigate those risks.”
With a mission to help fight climate change, Mysa is supporting consumers’ transition to more sustainable energy use.
More on Mysa Smart Technologies
Quadrogen designs, builds and delivers customized biogas cleanup and upgrading systems that allow waste-water treatment plants, landfills, agricultural digesters and power generation facilities to turn waste biogas into clean energy and renewable natural gas.
Any sector that deals with large amounts of organic waste, whether it’s landfill or industrial agriculture, can use their systems to add value to that waste and generate new sources of revenue.
How EDC helped
“In 2017, we sold our first biogas upgrading system to a Chinese customer—a deal worth about $500,000. However, they only paid us 10% upfront. We needed working capital to build the system, and that 10% payment wasn’t enough,” says Alakh Prasad, Quadrogen’s CEO.
“When we couldn’t get financing from our bank, we approached Export Development Canada (EDC), who gave us a $500,000 line of credit in two installments, providing the working capital we needed to complete the project.”
Quadrogen also leveraged other EDC financial solutions, including our Credit Insurance, Export Guarantee Program and surety bonding program.
With more than 50 upcoming installations planned in North America, Asia, and Europe, Quadrogen has its sights set on helping even more customers achieve their sustainability goals while remaining financially profitable.
More on Quadrogen
Our cleantech partners
EDC has provided solutions to these companies alongside other key funders in the cleantech ecosystem, including Sustainable Development Technology Canada and the Business Development Bank of Canada. We also work closely with trade, sector and technology partners such as the Trade Commissioner Service, Natural Resources Canada, Innovation, Science and Economic Development Canada, Environment and Climate Change Canada and the Clean Growth Hub.
Save the date
With success stories like these, EDC is excited to showcase more Canadian cleantech talent at this year’s sixth annual Cleantech Export Week, Oct. 24 to 28. It’s an opportunity to network with cleantech experts, entrepreneurs, and partners from across Canada and access insights and content on the future opportunities in this rapidly evolving field. Save the date and be sure to attend.