Alberta Enterprise Corporation invests further into cleantech for an evolving energy industry
AEC invests USD $10 million in Evok Innovation Fund II to accelerate the development of critical energy transition and industrial decarbonization technologies across North America.
EDMONTON, AB, Feb. 7, 2023 /CNW/ - Alberta Enterprise announced today that it has invested USD $10 million into Evok Innovations second fund to continue developing and deploying clean technologies to accelerate the world's energy transition with a focus on carbon capture, electrification and hydrogen.
Recently, Evok announced its first Fund II investments, which included participation in a USD $50 million round into Calgary-based Summit Nanotech, a direct lithium extraction technology to unlock lithium resources efficiently and sustainably.
Evok is a venture capital firm with deep roots in Alberta. Their first fund was established in 2016 as a partnership between Calgary-headquartered energy heavyweights, Suncor and Cenovus, along with BC CEO Cleantech Alliance. Evok is targeting USD $300M for its Fund II and has attracted investment from oil and gas leaders, financial institutions and crown corporations, pension funds, as well as Alberta Enterprise.
"Energy and industrial technology companies make up a substantial part of Alberta's tech sector, and attracting capital to grow those businesses will help to deliver the energy innovation the world needs," commented Kristina Williams, CEO of Alberta Enterprise Corporation. "It is great to see the Evok team doubling down on its investments in Alberta and attracting capital from some of Canada's most influential investors."
Led by four partners: Marty Reed, Mike Biddle, Naynika Chaubey and Jane Kearns, Evok has offices in Vancouver, Calgary, Toronto, Seattle, and Silicon Valley. The Canadian team is led by Mr. Reed who was a serial entrepreneur prior to moving into early-stage venture capital for cleantech and helping to launch Evok. Erin Madro, Principal at Evok, is the team's frontline in Alberta.
Through Fund II, Evok will provide funding to early-stage companies based in North America that are commercializing transformative technologies in carbon capture use and storage, low-carbon fuels, clean energy and grid, mobility, industrial innovation, and material and circularity.
"Alberta is home to some incredible entrepreneurs that have come out of world-leading energy companies, including CEO Amanda Hall who founded Summit Nanotech," said Marty Reed, Partner of Evok Innovations. "There's talent here that understands the energy sector, sees new opportunities, and recognizes the path to deploy cleantech at scale."
"While forecasts show that oil and gas demand will continue for decades, Alberta has the opportunity and industrial know-how to develop clean technology that will reduce emissions and integrate other lower carbon sources into the global energy supply," said Nate Glubish, Minister of Technology and Innovation. "Hydrogen alone is expected to be a $2.5 trillion to $11 trillion market by 2050. Alberta is one of the largest hydrogen producers in Canada and has the expertise to become a major global supplier, creating jobs and generating new economic prosperity for Alberta."
Alberta Enterprise Corporation promotes the development of Alberta's venture capital industry by investing in venture capital funds that finance technology companies. We focus on funds that have a strong commitment to Alberta – including a full-time presence in the province. In addition to financial capital, we support Alberta's venture capital ecosystem by connecting investors, entrepreneurs, and experienced technology executives who share our passion for building a bright, innovative Alberta. We have committed C$332 million for investment to thirty venture capital funds including Accelerate Funds I, II and III, covering a diverse range of forward-looking industries including information technology, energy and industrial technology, and life sciences.
Founded in 2016, Evok's inaugural fund aimed to accelerate the development of critical energy transition technologies across North America. Driven by global momentum toward a net zero future, our first fund established Evok as a leader in industrial innovation and decarbonization. The fund has made 15 investments in decarbonization technologies, ranging from clean hydrogen and carbon-to-value, to long-duration energy storage.
Building on this legacy, Evok launched Fund II in 2022, and will continue to accelerate the energy transition with a focus on sectors such as carbon capture, electrification and hydrogen.
For more information, please visit: evokinnovations.com
SOURCE Alberta Enterprise Corporation
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