The clean AI investment surge

Meanwhile, startups are racing to make infrastructure smarter and faster to build with the help of AI.

Emerald AI, which uses smart software to manage a cleaner, more flexible grid and ease data center strain, announced its first commercial deployment alongside US$18 million in new seed funding, while Infravision, a company that uses drones to string transmission lines more efficiently, raised US$91 million in a Series B round to scale globally.

AI is also accelerating cleantech breakthroughs, as highlighted by the CleanAI Initiative’s report on AI’s growing role in climate solutions. It shows energy and power technologies garnered more than half of total clean AI investments.

The sector is seen as a critical, multi-layered investment opportunity tied to sustainability and technology leadership in multitrillion-dollar markets; however, key challenges to its growth include the high energy consumption of AI technologies themselves and a lack of combined expertise in both AI and climate science.

Billions in private investment have helped sustain the cleantech sector.

Experts Jason Bordoff and Jack Andreasen Cavanaugh argue that corporate funding will help boost energy transition, citing power purchase agreements and other financial commitments by Big Tech companies such as Alphabet (NASDAQ:GOOGL), Meta Platforms (NASDAQ:META), Microsoft (NASDAQ:MSFT) and Amazon (NASDAQ:AMZN).

NextEra Energy’s (NYSE:NEE) landmark Q4 deals with Alphabet and Meta to power their AI data centers are prime examples of this trend. The Florida-based company will supply clean energy capacity through 11 power purchase and two energy storage deals, with projects expected to become operational between 2026 and 2028. NextEra is also collaborating with Google Cloud to develop three US data center campuses.

However, this transformative period carries significant risks: if the AI boom proves to be a bubble that bursts, energy investment could swiftly vanish, leading to billions in stranded assets.

As China solidifies its dominance in clean energy manufacturing, the question remains whether the US administration’s efforts to expand nuclear and geothermal power can successfully challenge China’s current leadership, as Beijing also accelerates its own nuclear buildout and eyes global reactor exports.

Nuclear and geothermal gaining traction

Nuclear and geothermal are gaining traction as promising solutions for AI and data center reliability in 2026, attracting enterprise and policy support as other clean energy initiatives and incentives are pulled back.

The Department of Energy formally released its Fusion Science and Technology Roadmap in Q4, outlining a strategy to accelerate commercial fusion by the mid-2030s. Separately, the department announced it will award up to US$800 million in cost-shared funding to advance small modular reactor projects.

Startups are accelerating too, with Antares raising US$96 million for mid-2026 microreactor tests, while Radiant Nuclear is planning a US$280 million factory in Tennessee targeting 2028 deliveries. Under the leadership of CEO Bob Mumgaard, Commonwealth Fusion Systems is transitioning fusion energy from the realm of research to practical power generation. The company is currently building sites for its commercial fusion plants and is utilizing a partnership with Google DeepMind, focused on AI, to speed up the development of its fusion technology.

Geothermal is scaling, too, with some investors turning their attention to even more ambitious high-temperature projects. Mazama Energy, a startup backed by billionaire businessman Vinod Khosla, is developing a geothermal project at Newberry, one of the largest and most active volcanoes. If successful, this could be a top global geothermal site, supplying electricity to local homes and businesses starting next year.

Endeavors like these are viewed by enthusiasts as a potential catalyst for a new era of geothermal power.

“Geothermal has been mostly inconsequential,” Khosla told the Washington Post.

“To do consequential geothermal that matters at the scale of tens or hundreds of gigawatts for the country, and many times that globally, you really need to solve these high temperatures.”

Another notable example is Zanskar Geothermal and Minerals, which precisely located a deep geothermal reservoir using AI, effectively lowering the exploration and drilling costs of its Big Blind geothermal system. The company is seeking permits to develop Big Blind, aiming to supply power by the end of the decade.

EV localization and self-driving options

Looking ahead, robotaxis are gaining traction in the EV market, with growing fleets operating in multiple cities.

Alphabet’s Waymo is the most aggressive company in this space, currently offering driverless rides in five cities with plans to expand in 2026. Other key players are actively engaged in various testing stages.

Both Uber Technologies (NYSE:UBER) and Lyft (NASDAQ:LYFT) are incorporating Waymo and other robotaxi services into their platforms, and Uber is adding robotaxis to its platform in Dallas, Texas, through a partnership with Avride, using autonomous Hyundai (KRX:005380,OTC Pink:HYMTF) Ioniq 5s that will initially include a safety operator.

Amazon’s self-driving robotaxi subsidiary, Zoox, expects to start charging passengers for rides in Las Vegas in early 2026, with paid rides in the San Francisco Bay Area coming later next year; however, the move depends on obtaining federal regulatory and state approvals. Tesla (NASDAQ:TSLA), led by CEO Elon Musk, is operating smaller, monitored robotaxi fleets in Austin and San Francisco, with Phoenix anticipated to be the next market for a major expansion.

Meanwhile, self-driving truck startup Waabi, a Canadian company with backing from Uber and NVIDIA (NASDAQ:NVDA), launched its new autonomous truck developed with Volvo (STO:VOLV-A,OTC Pink:VLVCY).

Investor takeaway

As the cleantech market navigates this transformative period, its long-term success will hinge on strategic investments that successfully balance immense AI energy demands with the imperative of avoiding a stranded-asset bubble.

Sector participants will also need to track country-level developments. In the US, Senator Ruben Gallego’s (D-Ariz.) energy plan prioritizes affordability over climate primacy, calling for reinstated clean tax credits, small modular reactor R&D funding, transmission exemptions and zero-carbon sources alongside oil/gas with clean timelines.

Meanwhile, Canada’s 2025 budget includes a C$2 billion cleantech fund, and the EU’s Carbon Border Adjustment Mechanism pressures imports, favoring compliant North American projects that blend reliability with decarbonization.

1. Santacruz Silver (TSXV:SCZ)

Year-to-date gain: 1,012.73 percent
Market cap: C$1.2 billion
Share price: C$12.24

Santacruz Silver is an Americas-focused silver producer with operations in Bolivia and Mexico. Its producing assets include a 45 percent stake in the Bolivar and Porco mines, which it shares with the Bolivian government, and a 100 percent ownership of the Caballo Blanco Group mines in Bolivia, along with the Zimapan mine in Mexico.

In its Q2 results, Santacruz reported silver production of 1.42 million ounces from the mines, as well as silver equivalent production of 3.55 million ounces, which includes its zinc, lead and copper production.

In addition to its producing assets, Santacruz also owns the greenfield Soracaya project, an 8,325 hectare land package located in Potosi, Bolivia. According to an August 2024 technical report, the site hosts an inferred resource of 34.5 million ounces of silver derived from 4.14 million metric tons of ore with an average grade of 260 g/t.

In October 2021, Santacruz acquired Glencore’s (LSE:GLEN,OTC Pink:GLCNF) 45 percent stake in the Bolivar and Porco mines and a 100 percent interest in the Soracaya project. Under the terms of the deal, Santacruz made an initial payment of US$20 million and was obligated to make an additional US$90 million over a four-year period from the closing of the transaction. Glencore also retained a 1.5 percent net smelter return.

The pair amended the deal in October 2024, giving Santacruz the option to either pay off the US$80 million base purchase price through annual US$10 million installments or to accelerate the repayment by paying US$40 million by November 2025. The deal also includes additional terms such as monthly payments to Glencore contingent on zinc pricing benchmarks.

Santacruz chose the accelerated option through a structured payment plan, allowing it to satisfy the base purchase price of the properties while saving US$40 million compared to the annual installment option.

On September 4, the company made its fourth and fifth payments, completing all payments to Glencore.

The most recent news for the Soracaya project was announced on October 7, when Santacruz stated that it was initiating development activities and would be applying for a full production permit.

The company reported Q3 production figures on November 3, with production of 3.42 million silver equivalent ounces, including 1.24 million ounces of silver. Its Q3 financials report released on November 27 highlighted revenues of US$79.99 million, up 2 percent year-over-year, and an adjusted EBITDA of US$19.51 million, up 30 percent year-over-year.

In late October, the company reported it planned to list on the NASDAQ, and on December 8 reported a share consolidation on a 4 to 1 basis.

Shares in Santacruz reached a year-to-date high of C$12.24 on December 9.

2. Andean Precious Metals (TSX:APM)

Year-to-date gain: 657.39 percent
Market cap: C$1.25 billion
Share price: C$8.71

Andean Precious Metals is a precious metals company with a pair of operating assets in the Americas.

Its primary silver-producing operation is the San Bartolomé facility in the Potosi Department of Bolivia. The onsite processing facility has an annual ore capacity of 1.8 million metric tons. The company has transitioned from conventional mining and is processing feed from both its low-cost fines deposit facility and third-party ore purchases.

Its other producing asset is the Golden Queen mine in Kern County, California, US. It hosts a 12,000 metric tons per day cyanide heap leach and a Merrill-Crowe processing facility. A mineral reserve statement shows a measured and indicated silver resource of 11.24 million ounces from 41.81 million metric tons at an average grade of 8.37 g/t silver. The company acquired Golden Queen from Auvergne Umbrella in November 2023 for US$15 million.

On June 2, Andean announced it entered into an exclusive, long-term agreement with Bolivian state-owned miner Corporacion Minera de Bolivia to acquire up to 7 million metric tons of oxide ore from mining concessions in Bolivia.

The ore is located within a 250 kilometer radius of the processing facility at its San Bartolomé operation, where it will process the ore. Under the terms of the 10 year agreement, Andean will immediately receive an initial 250,000 metric tons of ore, with the remaining to be delivered in tranches of 50,000 metric tons.

On October 15, Andean released its Q3 operating results. During the first nine months of the year, it produced 3.41 million ounces of silver across its operations, toward the middle of its guidance of 3.22 million to 3.78 million ounces. It also noted that its output was driven by a strong increase in silver production at San Bartolome.

In its Q3 financial results released on November 11, the company reported record consolidated revenue for the quarter, totaling US$90.42 million, which it stated was due to increased silver production and higher average realized prices for silver and gold. Its revenue was US$68.35 million during the same quarter of 2024.

According to a mid-October exploration update for its properties, Andean expects to release an updated mineral resource and reserve estimate for Golden Queen in the first half of 2026.

Shares in Andean Precious Metals reached a year-to-date high of C$9.25 on December 1.

3. Capitan Silver (TSXV:CAPT)

Year-to-date gain: 544.44 percent
Market cap: C$228.47 million
Share price: C$2.03

Capitan Silver is an explorer focused on advancing silver and gold projects in Durango, Mexico.

The company’s flagship asset is the 100 percent owned Cruz de Plata project in the heart of Mexico’s historic Peñoles Mining District. The region is known for hosting significant silver mineralization and historic mining. Cruz de Plata encompasses two historic silver mines — Jesús Maria and San Rafael — and the Capitan Hill gold oxide deposit.

According to a 2020 technical report, the Jesús Maria deposit hosts an inferred resource of 15.16 million ounces of contained silver and 26,000 ounces of gold from 7.57 million metric tons of ore with average grades of 62.3 g/t silver and 0.12 g/t gold.

Capitan Silver made a series of strategic acquisitions during the second and third quarters.

On June 11, the company completed the purchase of a 2 percent net smelter royalty in place at Cruz de Plata from Exploraciones del Altiplano and eliminated the royalty. Total costs incurred by Capitan were US$1 million.

Then, on August 22, the company executed a definitive agreement to acquire a strategic land package surrounding its Cruz de Plata property from Fresnillo (LSE:FRES,OTC Pink:FNLPF) for total cash consideration of US$4 million. The transaction was initially announced in June.

The new parcel consists of seven mineral concessions covering 2,171.4 hectares. It increases Capitan’s total holdings in the area by 85 percent and the surface expression of the silver-gold trend by 1.2 kilometers to the east.

Capitan’s most recent silver news from Cruz de Plata came on November 11, when the company reported it had identified further high-grade mineralization during its drilling at the Jesus Maria trend, including one highlight of 1,767.4 g/t silver equivalent over 1.5 meters within a larger interval of 25.9 meters grading 234.2 g/t silver equivalent.

The company stated the results confirmed ‘the emergence of a new large, high-grade silver zone at Jesus Maria.’

The company is expecting a property-wide geophysical survey to be completed during the first quarter of 2026.

Shares in Capitan reached a year-to-date high of C$2.38 on December 5, coinciding with its release of an updated mineral resource estimate for the Capitan Hill gold oxide deposit that increased contained gold and silver to 525,000 ounces and 4.2 million ounces respectively, from an overall inferred resource of 39.8 million metric tons of ore.

4. Avino Silver & Gold Mines (TSX:ASM)

Year-to-date gain: 542.52 percent
Market cap: C$1.21 billion
Share price: C$8.16

Avino Silver & Gold Mines is a precious metals miner with two primary silver assets: the producing Avino silver mine and the neighboring La Preciosa project in Durango, Mexico.

The Avino mine is capable of processing 2,500 metric tons of ore per day, and according to its FY24 report released on January 21 the mine produced 1.1 million ounces of silver, 7,477 ounces of gold and 6.2 million pounds of copper last year. Overall, the company saw broad production increases with silver rising 19 percent, gold rising 2 percent and copper increasing 17 percent year over year.

In addition to its Avino mining operation, Avino is working to advance its La Preciosa project toward the production stage. The site covers 1,134 hectares, and according to a February 2023 resource estimate, hosts a measured and indicated resource of 98.59 million ounces of silver and 189,190 ounces of gold.

In a January 15 update, Avino announced it had received all necessary permits for mining at La Preciosa and begun underground development. It is now developing a 350 meter mine access and haulage decline. The company said the first phase at the site is expected to cost less than C$5 million, which will be funded from cash reserves.

In Avino’s Q3 financials, the company reported revenues of US$21 million, up 44 percent year-over-year, ‘primarily the result of increased metal prices and marginally higher ounces sold.’ It also highlighted record net income after taxes of US$7.7 million, an increase of 559 percent from US$1.17 million in Q3 2024.

On the production side, the company produced 580,780 silver equivalent ounces during Q3, representing a decrease of 13 percent from the same quarter in the previous year, while silver production alone dropped 7 percent to 263,231 ounces.

‘The decrease was driven by lower feed grades in all three metals (silver, gold and copper), as we moved through a lower grade section of the mine plan,’ noted the press release. However, it’s still on track to meet its production estimate of 2.5 to 2.8 million silver equivalent ounces.

Avino shares reached a year-to-date high of C$9.14 on October 15.

5. Starcore International Mines (TSX:SAM)

Year-to-date gain: 542.52 percent
Market cap: C$43.46 billion
Share price: C$0.74

Starcore International Mines is a gold and silver producer in Mexico, with exploration projects in Mexico, Canada and Côte d’Ivoire. Its flagship property is the San Martin underground gold-silver mine, which has been in operation since 1993. The company acquired the mine in February of 2008 from Goldcorp. The mine has an average gold grade of 2.31 grams and 18 grams of silver.

On July 29, Starcore published its full-year financials for its fiscal year ending April 30, 2025. The company reported income of C$6.3 million for the year from its mining operations.

Starcore finalized a 10 year lease in October land holdings named the Tortilla project in Queretaro, Mexico, that host a historical past-producing silver mine. Preliminary metallurgical tests on samples from the sulfide zone resulted in silver recoveries of 91.49 percent and gold recoveries of 48.25 percent.

In November, Starcore released its fiscal year Q2 2026 production results, which included 1,860 gold equivalent ounces, down 13 percent from the previous quarter. The total ore milled came in at 51,960 metric tons with a grade of 14.48 g/t silver and 1.33 g/t gold. The decrease was due to clay-related challenges, which the company said it has addressed through CIL plant optimization.

Shares in Starcore reached a year-to-date high of C$0.74 on December 9.

1. Trump Admin Pushes for Uranium Stockpile Boost to Secure Nuclear Power Future

Publish date: September 16, 2025

In September, the Trump administration zeroed in on its plan to reduce uranium reliance on Russia.

A report by Bloomberg outlined that Russia still accounts for approximately a quarter of the fuel used in America’s 94 nuclear reactors, which generate roughly 20 percent of the nation’s electricity.

Secretary of Energy Chris Wright said that the Department of Energy was working to reduce that dependence by rebuilding domestic uranium and enrichment supply chains.

The concept of a federal uranium reserve dates back to 2020, when the first Trump administration sought US$150 million to begin direct purchases from US producers, though Congress approved only half the amount.

Supply concerns sharpened after Russia briefly restricted uranium exports to the US in late 2024, underscoring Washington’s exposure to geopolitical risks.

A law signed in May 2024 requires US utilities to phase out Russian uranium by 2028, with future stockpile levels expected to rise in line with new reactor construction, including small modular reactors.

“We’re moving to a place — and we’re not there yet — to no longer use Russian enriched uranium,” Wright said, adding that the US needs significantly more domestic uranium and enrichment capacity.

2. China Achieves World’s First Thorium-to-Uranium Conversion

Publish date: November 6, 2025

China marked a milestone in 2025 by converting thorium into uranium inside a working molten salt reactor.

The experimental thorium molten salt reactor, developed by the Chinese Academy of Sciences’ Shanghai Institute of Applied Physics in the Gobi Desert, is the first in the world to demonstrate stable thorium-based fission.

The reactor has been operating since reaching first criticality in October 2023 and has now produced data confirming the conversion of thorium-232 into uranium-233, a fissile material capable of sustaining a nuclear chain reaction.

Unlike conventional reactors that use solid uranium fuel rods, the system relies on liquid fuel dissolved in molten fluoride salt, allowing continuous refueling and stable heat generation without shutting down operations.

3. Uranium Energy’s Sweetwater Project Fast Tracked Under Trump Initiative

Publish date: August 6, 2025

In August, Uranium Energy’s (NYSEAMERICAN:UEC) Sweetwater uranium complex in Wyoming was designated for expedited permitting under the Trump administration’s FAST-41 initiative. The initiative is part of a broader strategy to revitalize the US nuclear fuel supply chain and reduce reliance on imports from geopolitical rivals.

The Sweetwater complex, located in Wyoming’s Great Divide Basin, is anchored by a fully licensed conventional uranium mill with a capacity of 3,000 metric tons per day and annual output of 4.1 million pounds.

The site previously included several permitted mines — Sweetwater (Red Desert), Big Eagle and Jackpot (Green Mountain) — and will now be evaluated for in-situ recovery mining, a lower-impact extraction technique.

The new permitting push will allow the company to modify existing approvals to incorporate in-situ recovery capabilities both within and beyond the current mine boundary, including on adjacent federal lands.

Sweetwater is the second uranium project to receive fast-track treatment under the policy, following Anfield Energy’s (TSXV:AEC,NASDAQ:AEC) Velvet-Wood project in Utah, which received the status in May.

4. Denison Mines Moves Closer to Federal Approval for Phoenix ISR Uranium Project

Publish date: February 28, 2025

In February, Denison Mines (TSX:DML,NYSEAMERICAN:DNN) announced that the Canadian Nuclear Safety Commission (CNSC) had scheduled public hearings for its Wheeler River uranium project in Saskatchewan.

The hearings were scheduled for October 8 and December 8 to 12, and according to the company would represent the final stage in the federal environmental assessment process. Denison holds an effective 95 percent interest in Wheeler River, the largest undeveloped uranium project in the Eastern Athabasca Basin. If approved, the company expects to begin site preparation and construction for its Phoenix in-situ recovery uranium project in early 2026.

In its Q3 report, released on November 6, Denison said the first part of the hearing was complete, and that it was expecting a decision from the CNSC in early 2026 after part two of the hearing.

5. Western Australia Reviews Uranium Mining Ban as Nuclear Energy Investment Grows

Publish date: October 2, 2025

Possibly the biggest uranium news in Australia in 2025 was Western Australia’s move to consider lifting its ban on new uranium licenses. In October, ahead of an energy-focused trade mission to China and Japan, Premier Roger Cook signaled the policy might be under review as part of broader strategic development considerations.

China, Western Australia’s largest trading partner, accounts for more than half of the state’s exports.

While the state’s three existing uranium mines continue to operate under previously approved permits, no new developments have been allowed since the ban was put in place in 2017. Cook emphasized that Western Australia intends to respect legal mining leases, while exploring future opportunities.

He also stressed that any change to the uranium policy would likely depend on a “significant shift” in global markets, while the state continues to monitor existing permit holders and potential future projects.