Evok Innovations announces $100M cleantech fund for energy industry challenges
VANCOUVER, BRITISH COLUMBIA (January 14, 2016) – Evok Innovations (“Evok”), a unique partnership between the BC Cleantech CEO Alliance and two Canadian energy companies, Cenovus Energy and Suncor Energy, launched today. Evok is a new cleantech fund which aims to accelerate the development and commercialization of impactful energy solutions to address the most pressing environmental and economic challenges facing the oil and gas sector today. Cenovus and Suncor have each committed up to $50 million in funding over the next 10 years.
“Evok is uniquely placed to fuel the transition to a cleaner energy future,” said Marty Reed, Evok Chief Executive Officer. “Using the extensive insights offered by our oil and gas partners, Evok can identify and fund promising cleantech innovations and accelerate the commercialization of those technologies.”
Evok is an entrepreneur-led fund that aims to increase the scale, diversity and quality of early-stage innovations focused on the oil and gas industry, reducing the time it takes to commercialize technologies. It will accomplish this by connecting entrepreneurs with flexible capital, mentors and industry partners. Through this new initiative, Evok will further reinforce B.C.’s leadership as a global hub of technology.
“As British Columbia continues to grow as a clean technology innovation hub, creating opportunities for entrepreneurs to flourish, Evok is at the tip of the spear,” said Premier Christy Clark. “This partnership aligns perfectly with our new BCTECH Strategy, particularly the venture capital fund to help bolster the technology industry and diversify British Columbia’s economy.”
“By applying a flexible funding approach to meet the needs of cleantech entrepreneurs, Evok has the potential to leverage this investment from our partners to create numerous new cleantech companies and thousands of new jobs,” said Jonathan Rhone, chair of the BC Cleantech CEO Alliance and Chief Executive Officer of Axine Water Technologies.
Evok’s vision is to bolster the competitive advantage and environmental performance of the Canadian oil and gas industry through the accelerated adoption of innovative, low impact products and services, resulting in lower carbon emissions, more sustainable water consumption and waste water disposal, and working towards minimizing the risk of future marine and land spills and disturbances.