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Dealmaking in Canada’s renewable energy sector and uncertain times in the battery manufacturing industry emerged as major newsmakers in the country’s sustainability business during 2024.
The two themes illustrate the contrast between the maturity of some subsectors and ongoing peaks and valleys related to society's bet on electrification to ease concerns about climate change.
Topping Sustainable Biz Canada’s top stories of the year, as summarized in our newsletter (see the link below) is Oakville, Ont.-based Algonquin Power & Utilities Corp. (AQN-T) selling its renewable energy business to a subsidiary of New York-based LS Power for up to US$2.5 billion.
The transaction showcases the growth and depth in the industry, with portfolios of this scale now available and in demand.
Batteries and electric transportation experienced a rollercoaster year, marked with dramatic turmoil for Quebec’s The Lion Electric Company and large projects fraught with uncertainty. The Canadian government’s multibillion-dollar effort to make the country a leader in making batteries for electric vehicles has hit major road bumps, with questions surrounding Northvolt’s plan for a $7-billion factory near Montreal being the headliner.
But Toronto-based battery recycler Li-Cycle Holdings Corp. (LICY-N) is ending the year with more reason to cheer. It moved closer to restarting construction on its key Rochester facility by closing a large U.S. government loan and inched forward on its global recycling network plans.
Though it was a year of economic and political whirlwinds that leave behind uncertainty for some sustainability initiatives, the industry remains energized and optimistic, attitudes that will likely continue into 2025.
Sustainable Biz Canada’s key stories of 2024
One of the largest Canadian sustainability sector transactions of the year, Algonquin sold its portfolio of primarily wind and solar generation totalling over 3,000 megawatts and a pipeline of over 8,000 megawatts of projects for up to US$2.5 billion.
Lion Electric defaulted on its debts and was granted creditor protection late in the year, a development presaged by large layoffs and extensions on credit and loan facilities. The electric bus and truck maker’s fate possibly hangs in the balance from the decisions of private investors.
Montreal-based Deep Sky took early steps toward commercialization of its ambitious goal to remove carbon from the atmosphere by selling its first credits to RBC and Microsoft, capped off with a US$40-million grant commitment from Bill Gates' Breakthrough.
Li-Cycle secured a US$475-million loan from the U.S. Department of Energy, an upsized offering that puts it one step closer to restarting construction on its crucial Rochester Hub.
Quebec investors Caisse de dépôt et placement du Québec and the Fonds de solidarité FTQ put up $575 million into Énergir to develop renewable energy projects and renewable gas production.
Want to see the full list? Here's a link to our Year-End Newsletter.
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