# Top 15 Energy Startups in Toronto-Waterloo by Funding (2026)

> The 15 best-funded energy startups in Toronto-Waterloo, ranked by total funding raised: $2.7B combined.

Source: https://millionrounds.com/top-lists/energy-startups-toronto-waterloo (Millionrounds; every figure on the page links to its filing or article)

- 1 [**Aypa Power** Aypa Power builds, owns, and manages large-scale renewable energy projects to enhance grid stability and reduce dependency on fossil fuels.](https://millionrounds.com/company/aypa-power) Aypa Power builds, owns, and manages large-scale renewable energy projects to enhance grid stability and reduce dependency on fossil fuels. *Founded* - Toronto, Canada **$2.0B** last round Mar 2026
- 2 [**Cordelio Power** Cordelio Power is a power producer that is involved in the development, ownership and management of an array of renewable power facilities.](https://millionrounds.com/company/cordelio-power) Cordelio Power is a power producer that is involved in the development, ownership and management of an array of renewable power facilities. *Founded* 2018 Toronto, Canada **$548M** last round Nov 2025
- 3 [**Nexus Renewables** Nexus Renewables is a developer, owner, and operator of renewable energy focusing on energy storage.](https://millionrounds.com/company/nexus-renewables) Nexus Renewables is a developer, owner, and operator of renewable energy focusing on energy storage. *Founded* 2020 Toronto, Canada **$39M** last round Jun 2023
- 4 [**Hydrostor** Hydrostor is a Canadian energy storage company based in Toronto, founded in 2010.](https://millionrounds.com/company/hydrostor) Hydrostor is a Canadian energy storage company based in Toronto, founded in 2010. *Founded* 2010 Toronto, Canada **$37M** last round Feb 2026
- 5 [**Electra Battery Materials** Electra Battery Materials develops and produces battery-grade materials for the electric vehicle (EV) and energy storage industries.](https://millionrounds.com/company/electra-battery-materials) Electra Battery Materials develops and produces battery-grade materials for the electric vehicle (EV) and energy storage industries. *Founded* 2017 Toronto, Canada **$20M** last round May 2026
- 6 [**Li-Cycle** Li-Cycle is a clean technology company that uses an environmentally friendly process to recycle lithium-ion batteries.](https://millionrounds.com/company/li-cycle) Li-Cycle is a clean technology company that uses an environmentally friendly process to recycle lithium-ion batteries. *Founded* 2016 Mississauga, Canada **$7.5M** last round May 2025
- 7 [**EnPowered** EnPowered helps businesses control their energy usage and costs.](https://millionrounds.com/company/enpowered) EnPowered helps businesses control their energy usage and costs. *Founded* 2015 Waterloo, Canada **$7.4M** last round Sept 2021
- 8 [**Full Circle Lithium** Full Circle Lithium is a battery material processing company.](https://millionrounds.com/company/full-circle-lithium) Full Circle Lithium is a battery material processing company. *Founded* 2022 Toronto, Canada **$3.5M** last round Jun 2026
- 9 [**Baseload Power** Baseload Power is a values-driven energy company that works closely with electricity consumers, landowners, utilities, stakeholders.](https://millionrounds.com/company/baseload-power) Baseload Power is a values-driven energy company that works closely with electricity consumers, landowners, utilities, stakeholders. *Founded* - Toronto, Canada **$3.5M** last round Jun 2022
- 10 [**Edgecom Energy** Cleantech and energy SaaS](https://millionrounds.com/company/edgecom-energy) Cleantech and energy SaaS *Founded* 2016 Toronto, Canada **$2.5M** last round Jan 2025
- 11 [**NRStor** A privately held Toronto-based energy storage project developer.](https://millionrounds.com/company/nrstor) A privately held Toronto-based energy storage project developer. *Founded* 2012 Toronto, Canada **$2.1M** last round Nov 2017
- 12 [**EnergyPal** EnergyPal is a multinational provider of high quality Solar & Battery energy solutions.](https://millionrounds.com/company/energypal) EnergyPal is a multinational provider of high quality Solar & Battery energy solutions. *Founded* 2015 Toronto, Canada **$1.0M** last round Nov 2018
- 13 [**Alectra Utilities** Alectra Utilities, founded in 2017 and headquartered in Ontario, Canada, provides various utilities services to customers.](https://millionrounds.com/company/alectra-utilities) Alectra Utilities, founded in 2017 and headquartered in Ontario, Canada, provides various utilities services to customers. *Founded* 2017 Mississauga, Canada **$651K** last round Jul 2025
- 14 [**Echologics** Echologics is a Canadian engineering company based in Toronto, specializing in non-invasive acoustic technologies for water leak detection, pipe condition asses](https://millionrounds.com/company/echologics) Echologics is a Canadian engineering company based in Toronto, specializing in non-invasive acoustic technologies for water leak detection, pipe condition asses *Founded* 2003 Toronto, Canada **$500K** last round Nov 2008
- 15 [**Spero Analytics** Monitor anything, anywhere, all the time using Spero's off-the-grid wireless mesh networking system](https://millionrounds.com/company/spero-analytics) Monitor anything, anywhere, all the time using Spero's off-the-grid wireless mesh networking system *Founded* 2017 Toronto, Canada **$211K** last round Dec 2025

**Total funding** how the list is ranked

**15 November 2026** updated nightly

**Rounds we track** source: Millionrounds

Companies whose funding rounds we classed as this sector, ranked by the total they have raised in rounds we hold. Nobody pays to be on a list.

## Who backed them?

Open any company for its rounds and investors, or search the investors who back energy startups in Toronto-Waterloo in the app, with filters, lists and exports.

[Find their investors](https://millionrounds.com/login?join=1&next=/app/investors)[All top lists](https://millionrounds.com/top-lists)

## More energy lists

[See all](https://millionrounds.com/top-lists?t=Energy)

[*CE* *C* *SE* **Energy startups worldwide** 1,800 companies · $129B](https://millionrounds.com/top-lists/energy-startups)[*CE* *C* *SE* **Energy startups in the United States** 741 companies · $110B](https://millionrounds.com/top-lists/energy-startups-united-states)[*N* *V* *S* **Energy startups in Europe** 607 companies · $39B](https://millionrounds.com/top-lists/energy-startups-europe)[*C* *ME* *W* **Energy startups that raised in 2026** 429 companies · $73B in 2026](https://millionrounds.com/top-lists/energy-startups-raised-2026)[*S* *RS* *C* **Energy startups in the United Kingdom** 206 companies · $15B](https://millionrounds.com/top-lists/energy-startups-united-kingdom)[*C* *ME* *W* **Energy startups in the United States that raised in 2026** 194 companies · $63B in 2026](https://millionrounds.com/top-lists/energy-startups-united-states-raised-2026)[*AE* *TE* *RS* **Energy startups founded in 2021** 111 companies · $8.5B](https://millionrounds.com/top-lists/energy-startups-founded-2021)[*V* *UC* *E* **Energy startups founded in 2020** 105 companies · $15B](https://millionrounds.com/top-lists/energy-startups-founded-2020)

## More lists for Toronto-Waterloo

[See all](https://millionrounds.com/top-lists?r=Toronto-Waterloo)

[*C* *H8* *W* **AI startups in Toronto-Waterloo** 102 companies · $14B](https://millionrounds.com/top-lists/ai-startups-toronto-waterloo)[*DG* *DC* *B* **Health startups in Toronto-Waterloo** 92 companies · $1.7B](https://millionrounds.com/top-lists/health-startups-toronto-waterloo)[*W* *BJ* *C* **Fintech startups in Toronto-Waterloo** 25 companies · $2.4B](https://millionrounds.com/top-lists/fintech-startups-toronto-waterloo)[*T* *UA* *KC* **Deep tech startups in Toronto-Waterloo** 16 companies · $515M](https://millionrounds.com/top-lists/deep-tech-startups-toronto-waterloo)