Eguana, First Hydrogen & CHAR: 3 TSX Venture 50 2022 stocks to watch

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 Eguana, First Hydrogen & CHAR: 3 TSX Venture 50 2022 stocks to watch

Highlights

  • Canada envisions its clean technology sector becoming one of the top industries with regards to exports by 2025
  • Winners of the TSX Venture 50 2022 were announced February 24 and among them were a number of clean technology companies
  • A stock listed here has rocketed 1,020 per cent in a year

The global clean technology sector is expected to surpass C$2.5 trillion by this year. Canada envisions its clean technology sector becoming one of the top industries with regards to exports by 2025. By then, it targets achieving C$ 20 billion a year in clean technology exports.

The TSXV on February 24 announced the winners of the TSX Venture 50 2022. Among them were a number of clean technology companies.

Let’s look at three clean tech companies on the list and how their stocks have performed.

Eguana Technologies Inc (TSXV:EGT)

Eguana Technologies produce small commercial and residential energy storage systems, and its offerings include solar power products. The company takes inspiration from the iguana reptile who basks in the sun and absorbs heat energy.

Eguana has a market cap of C$122 million and a return on equity of 148.2 per cent. The EGT stock closed at C$0.31 on March 8 and is up about nine per cent in the last six months. On November 16, 2021, it touched a 52-week high of C$0.64.

Also read: AC, BBD.B & TRZ: Can these TSX industrial stocks fly higher?

First Hydrogen Corp (TSXV:FHYD)

First Hydrogen produces zero-emission, long-range hydrogen-powered utility vehicles. It has a market cap of C$154 million and its stock closed at C$2.80 March 8.

Its stock has rocketed 1,020 per cent in a year. On a year-to-date basis, the FHYD stock is up nearly 46 per cent.

On March 8, the company established First Hydrogen Energy, a division that will deal with the production and distribution of green hydrogen.

Also read: How could Russia seizing Zaporizhzhia nuclear plant impact the world?

CHAR Technologies Ltd (TSXV:YES)

CHAR works within the waste management sector and uses organic waste to develop renewable gases and biofuel. It is also involved with water treatment.

The company has a market capitalization of C$35 million. The YES stock closed March 8 at C$0.53 after rising 9.3 per cent. It has gained over eight per cent in a week and ten per cent in a year. On November 3, 2021, it touched a 52-week high of C$1.15.

Also read: Cenovus Energy (TSX:CVE) stock up after Russia send troops into Ukraine

Eguana, First Hydrogen & CHAR: 3 TSX Venture 50 2022 stocks to watch

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Bottom line

The above companies were identified as TSX Venture 50 2022 winners and so make for an interesting watch. In fact, Canada’s clean tech sector, in general, makes for an interesting watch.

A 2021 Clean Energy Canada report found that the jobs in this sector were estimated to grow by 50 per cent to 639,200 jobs. In this time, the fossil fuel sector is expected to see a nine per cent reduction with regards to employment.

Also read: Westport (TSX: WPRT) stock up 52%: A consumer stock to buy?

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