Suncor Energy and Cenovus Energy have committed to contributing as much as $100-million over the next 10 years to a newly developed fund designed to support early-stage cleantech companies, according to a recent article in Cleantech Canada.
In partnership with the BC Cleantech CEO Alliance, Vancouver-based Evok Innovations is an investment vehicle that targets early-stage Cleantech companies looking to get a foot in the door into Canada’s energy sector. Investments in individual companies are expected to range “from several hundred thousand dollars to a couple million.”
In addition to more traditional means of filling its portfolio, the fund aims to foster innovation by considering a comprehensive range of ideas and proposals. “Along with an innovative technology” says Marty Reed, CEO of Evok, “the fund will be looking for a talented team, intellectual property in the form of patents or patents pending, a proof of concept, and of course, a business plan.”
Not only will the fund provide financial support to fledgling companies, it will also take a proactive approach to its investment with support ranging from “connecting the startup with funders, existing incubators and accelerators, to having Evok’s own team take on interim management roles within the company,” says Reed.
With over 200 companies lined up to receive support, a number that’s expected to grow to over 1000 within the next six months, “Evok Innovations offers the oilsands giants as well as upstart cleantech firms the opportunity to start building a more sustainable Canadian energy sector from the ground up.”
Click here to read the full article from Cleantech Canada.