Green shoots: Small-cap clean tech and energy stocks to watch
As the global economy accelerates its transition toward sustainability, Canadian small-cap clean tech and energy companies are gaining momentum
Two standout names—Ballard Power Systems and TerraVest Industries Inc.—are proving that innovation and execution can drive growth, even in a volatile market
Revenue for Ballard's Q1 2025 reached $15.4 million, marking a 6% year-over-year increase
TerraVest closed a bought deal treasury offering, generating gross proceeds of $320.76 million
As the global economy accelerates its transition toward sustainability, Canadian small-cap clean tech and energy companies are gaining momentum. Two standout names—Ballard Power Systems and TerraVest Industries Inc.—are proving that innovation and execution can drive growth, even in a volatile market. Ballard Power Systems: Fuelling the future
Earlier this month, Ballard Power Systems (TSX:BLDP) announced its Q1 2025 results, offering a glimpse into the company's strengthening fundamentals. Revenue for the quarter reached $15.4 million, marking a 6 per cent year-over-year increase, primarily fueled by robust demand in the bus market. Notably, engine shipments surged 31 per cent, underscoring Ballard's growing traction in the hydrogen fuel cell space.
This performance is more than just a quarterly win—it reflects a broader trend of increasing adoption of zero-emission transportation solutions. With governments around the world, including Canada, doubling down on clean energy incentives and infrastructure, Ballard is well-positioned to capitalize on this momentum. TerraVest Industries Inc.: Building an energy empire
Meanwhile, TerraVest Industries Inc. (TSX:TVK) made headlines last week with a major capital raise. The company successfully closed a bought deal treasury offering, issuing 2,001,000 common shares at $160.30 per share, generating gross proceeds of $320.76 million. This includes $41.84 million from the full exercise of the over-allotment option granted to underwriters led by National Bank Financial Markets, Canaccord Genuity, and Desjardins Capital Markets.
The net proceeds will initially be used to repay existing debt and support general corporate activities, with a longer-term view toward future acquisitions and growth opportunities. TerraVest's diversified portfolio in energy equipment manufacturing and its disciplined capital allocation strategy make it a compelling player in the clean energy value chain. A Month of momentum
Looking back on the month, both companies have rewarded investors with solid gains: TerraVest stock is up 11.68 per cent
Ballard Power Systems stock rose 7.54 per cent
These gains reflect growing investor confidence in their respective strategies and the broader clean energy narrative. Final thought: Due diligence is key
While the recent performance of Ballard and TerraVest is encouraging, investors should conduct deeper due diligence into each company's fundamentals, competitive positioning, and long-term growth prospects. Clean tech is a sector rich with potential—but also complexity.
As the green economy takes root, these small-cap innovators may just be the green shoots that grow into tomorrow's giants.
Join the discussion: Find out what everybody's saying about these stock on the diversified utilities Bullboards, and check out the rest of Stockhouse's stock forums and message boards.
The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
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