September 2026
Largest Clean Technology Public Companies in Canada
Benchmark revenue and EBITDA valuation multiples for public comps like
Hydrograph Clean Power, Ballard Power Systems, Aduro Clean Technologies, Computer Modelling Group and Zefiro Methane.
 | Hydrograph Clean Power Inc is engaged in the acquisition and development of graphene and hydrogen-related products and services. The company's products include Fractal graphene and Reactive Graphene. | $4 | +158% | $1.4B | $1.4B | 32616.1x | (179.0x) | ||
| Ballard Power Systems Inc is engaged in design, development, manufacture, sale and service of proton exchange membrane ("PEM") fuel cell products for a variety of applications, focusing on power products for bus, truck, rail, marine, stationary and emerging market (material handling, off-road and other) applications, as well as the delivery of services, including technology solutions, after sales services and training. A fuel cell is an environmentally clean electrochemical device that combines hydrogen fuel with oxygen (from the air) to produce electricity. Key geographical revenue is derived from Poland followed by United States, United Kingdom, and other countries. | $2 | -13% | $826M | $327M | 3.3x | (3.9x) | ||
| Aduro Clean Technologies Inc is engaged in development and commercialization of its Hydrochemolytic technology (HCT) to create higher-value chemicals and fuels from lower-value feedstocks including waste plastics. It focuses on developing environmentally responsible technology for converting end-of-life plastics and tire rubber to specialty chemicals and fuels that replace petroleum, upgrading of heavy crude oils and the transformation of renewable oils into renewable fuels and specialty chemicals. | $14 | +1% | $484M | $457M | 3773.4x | (24.1x) | ||
| Computer Modelling Group Ltd is a software and consulting technology company engaged in developing and licensing reservoir simulation and seismic interpretation software. The company also provides professional services consisting of highly specialized support, consulting, training, and contract research activities. The firm has operations in the Americas, Europe, Middle East, Africa, and Asia-Pacific regions. | $3 | -39% | $214M | $230M | 2.5x | 9.0x | ||
| Zefiro Methane Corp provides environmental services focused on methane abatement for industrial oil and gas operations. It operates through three primary operations: detecting and monitoring methane leaks, plugging and retiring abandoned wells, and generating carbon offsets by reducing greenhouse gas emissions. The company’s business model centers on addressing methane emissions from orphaned and abandoned wells across North America, offering solutions that support sustainability goals and provide environmental impact reduction. It has a single segment, being the provider of a range of turnkey solutions to plug onshore oil and gas wells across the Appalachian Basin. The Company’s primary revenue streams include rig services, cementing, transportation, wireline services, and construction. | $0 | -- | $49M | $58M | 1.8x | (9.7x) | ||
| Alchemy Labs Inc is a nanotechnology company. The company is engaged in business of researching, developing and commercializing protective nanocomposite coatings for the automotive and defence markets. | $1 | -- | $38M | $43M | 36.3x | (13.6x) | ||
| CHAR Technologies Ltd. is a Canada-based cleantech development and environmental services company. The Company is specialized in high temperature pyrolysis (HTP), converting woody biomass and organic materials into renewable energy (renewable natural gas (RNG) or green hydrogen) and valuable biocarbon (biocoal CleanFyre, biochar, or activated biochar SulfaCHAR). Its additional services include environmental compliance, environmental management, engineering and resource efficiency. The Company's subsidiaries include Char Biocarbon Inc., Altech Environmental Consulting Ltd., Char Technologies Thorold Inc., and Char Technologies USA. | $0 | +40% | $30M | $31M | 19.7x | 98.9x | ||
| Full Circle Lithium Corp is a lithium processor focused on lithium and battery materials reintegration to meet the demand for crucial battery-grade raw materials, utilizing proprietary technology and know-how. Full Circle is focused on three complementary battery material processing divisions: battery recycling from end-of-life lithium-ion batteries, lithium feedstock recycling from industrial and chemical feedstock, and lithium refinery from upstream feedstock. The company operates in only one reportable segment, being the manufacture and sale of a lithium-ion battery fire extinguishing agent, FCL-X. | $0 | -- | $29M | $29M | 41.9x | (10.3x) | ||
| International Battery Metals Ltd is a technology and manufacturing company focused on environmentally responsible methods of extracting lithium compounds from brine. Its current operations consist of the development of the MDLE Plant, which can be rapidly deployed and assembled onsite at a customer’s property. The MDLE Plant is designed to process brine solutions to extract lithium chloride, which can be further processed into lithium carbonate and used for industrial purposes or as a battery component. Geographically, the company carries out all its operations in the United States. | $0 | -- | $27M | $18M | 108.9x | 5.6x | ||
| Acceleware Ltd is a developer of electromagnetic heating technologies delivering next-generation radio frequency (RF) power-to-heat solutions for large-scale industrial applications. Its technologies are designed to reduce energy use and heating costs, while enabling meaningful decarbonization. The company’s patented, Clean Tech Inverter is being applied to improve efficiency and lower costs in amine regeneration. It is also in development with potash producers to economically decarbonize ore drying and other critical mineral processes. RF XL, the company’s low-cost, low-carbon RF thermal recovery technology that promises to increase and accelerate heavy oil production for operators. | $0 | +28% | $10M | $13M | 25.0x | (17.1x) | ||
| Atmofizer Technologies Inc is a clean air and clean water solutions provider that is focused on commercializing its proprietary technology through stand-alone, integrated, and licensed applications across business, consumer, medical and industrial applications. The company's products include wearable, portable, and mobile use for personal air treatment, as well as larger systems to handle higher air volumes for commercial, industrial, institutional, and residential applications. | $0 | -- | $430K | $577K | - | 100.8x | ||
| Median | $0 | +15% | $38M | $43M | 30.6x | (9.7x) |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
Recent Insights
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.