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Sustainable Biz Canada's top stories of 2024
Sustainable Biz Canada's top stories of 2024
Dealmaking in Canada’s renewable energy sector and uncertain times in battery manufacturing were major newsmakers during 2024, illustrating the contrast between the maturity of some subsectors and peaks and valleys of our bet on electrification to battle climate change.
Algonquin agrees to sell renewables business for up to $2.5B
Algonquin Power & Utilities Corp. (AQN-T) agreed in August to sell its renewable energy business to a subsidiary of New York-based LS Power for up to US$2.5 billion. Algonquin announced it would pursue the sale in August 2023.
Lion Electric defaults on debts after tumultuous year
The Lion Electric Company (LEV-T) announced in December it would seek creditor protection after its credit and loan facilities expired, leading the electric vehicle (EV) manufacturer to discuss restructuring and a formal sales and investment process.
Deep Sky sells carbon removal credits to RBC, Microsoft
In November, RBC and Microsoft became the first buyers of carbon removal credits from Deep Sky, paying to remove 10,000 tonnes of carbon dioxide from the atmosphere. A month later, Bill Gates' Breakthrough made a $40-million commitment to the company.
Li-Cycle gets upsized $475M U.S. DoE loan facility
Li-Cycle Holdings Corp.’s (LICY-N) loan facility with the U.S. Department of Energy (DoE) closed in November at up to US$475 million, US$100 million more than originally announced in February 2023.
CDPQ, Fonds invest $575M in Énergir for renewable projects
The Caisse de dépôt et placement du Québec (CDPQ) and the Fonds de solidarité FTQ (Fonds FTQ) in September injected $575 million of capital into Énergir, Quebec's leading gas distribution utility formerly known as Gaz Métro.
BlackRock invests $500M into Recurrent Energy
In January, it was announced Recurrent Energy, a subsidiary of Canadian Solar Inc. (CSIQ-Q), would receive a $500-million investment from BlackRock’s (BLK-N) Climate Infrastructure fund to grow as a developer that will operate around the world.
Axium Infra to acquire 49% stake in two wind farms for $340M
An Axium Infrastructure fund will pay approximately $340 million to acquire a 49 per cent stake in two large Canadian wind power generation facilities from Capital Power Corp. (CPX-T), the firms announced in late November.
Ont. contracts Canada’s largest BESS in record procurement
Ontario’s Independent Electricity System Operator in May contracted out a 390-megawatt battery energy storage system (BESS), which it said was Canada’s biggest to date. The deal marks one of 10 projects that make up 1,784 megawatts of energy storage.
CarbiCrete earns EPD validation for its cement-free concrete
CarbiCrete is primed to become a major player in the North American construction sector after receiving an Environmental Product Declaration (EPD) validation from Climate Earth for its patented cement-free concrete in late November.
KingSett’s journey to decarbonize an iconic Vancouver tower
A three-year decarbonization effort at Vancouver's Arthur Erickson Place, a 26-storey commercial building, is founded on the owners' belief in the financial as well as environmental benefits of a sustainable retrofit, KingSett Capital told Sustainable Biz Canada in February.
Responsible Buildings Pact to boost low-carbon materials
The Climate Smart Buildings Alliance, led by Royal Bank of Canada, Mattamy Homes and EllisDon, unveiled in June an initiative that will have its members pilot the adoption of low-carbon building materials, starting with concrete.
Nexii's plan for its second act? Walk before it can run
Nexii Building Solutions Inc.’s restart will include refocusing its sustainable building materials on core sectors and expanding manufacturing capacity, as one of its new owners moves its headquarters to Dallas, interim CEO Bill Tucker told Sustainable Biz Canada in August.
Strong sales pipeline gives PyroGenesis hope for future
A series of setbacks in 2023 would make way for PyroGenesis Inc.’s (PYR-T) “most robust sales pipeline we’ve ever had” in 2024, CEO Peter Pascali said in April during the company's Q4 2023 financials call with investors.
Exro steers toward stability amid disruptive EV transition
Exro Technologies Inc. (EXRO-T) said in February it would focus on deliverables, innovation and new programs in 2024 as pressure from a slowdown in the EV market leaves its mark on the Calgary-based power control company.
SolarBank makes strategic move into Ont. EV charging sector
SolarBank Corporation (SUUN-Q) said in October it is making a strategic push into the Ontario EV sector with the filing of $1.5 million in grant applications to develop three fast charging stations in the province.
ChargeStop opens Canada's first EV-only service station
ChargeStop Technologies Inc. in September opened its first EV service station in the Edmonton neighbourhood of Strathcona, an outlet uniquely geared to the needs of EV drivers who have longer waits to refuel than those driving gas-powered vehicles.
Nikola, ITD launch Ontario's first heavy-duty hydrogen fuel station
Nikola Corporation in July began laying down the foundations of an integrated hydrogen-powered transportation infrastructure by partnering with ITD Industries to launch the first hydrogen refuelling station in Ontario.
Full Circle signs global distribution deal for battery fire extinguisher
Full Circle Lithium Corp. (FCLI-X), a company making extinguishers for lithium-ion battery fires, signed a global distribution agreement with US Fire Pump Company in December, another commercialization milestone for the Toronto-based firm this year.
Edison to begin building hybrid electric semi trucks in B.C.
Edison Motors, run by a band of former B.C. truck operators, told Sustainable Biz Canada in April it was poised to begin building a limited series of hybrid electric semi trucks with the potential of overhauling the heavy-duty transport sector.
Industry Events
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FCM’s Sustainable Communities Conference 2025
Feb 10 2025
to Feb 13 2025
Fredericton, NB
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GlobeXchange
Feb 11 2025
to Feb 14 2025
Sheraton Centre Toronto Hotel
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BuildGreen Atlantic 2025
Apr 28 2025
to Apr 29 2025
Halifax, NS
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Building Lasting Change
Jun 18 2025
to Jun 20 2025
Vancouver, BC
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