Calgary’s Avatar Innovations has launched the Avatar Leadership Fund I with a $750,000 lead investment from Cenovus Energy.
The Fund – targeted at $3 million – will provide early-stage risk capital to emerging energy transition technologies developed through Avatar’s groundbreaking platform, The Avatar Program. Solving for the near absence of risk capital available to early-stage energy technologies in Canada, the Fund hopes to unlock and catalyze investment in the multi-decade decarbonization theme, assisting the energy companies of today, lead in the energy world of tomorrow.
In addition to the fundraising news, Avatar announced the opening of registrations for their 2023 Program which commences February 10, 2023 as well as expansion to Houston, Texas.
Not only will this link North America’s energy capitals – Houston and Calgary – it creates a North-South corridor where innovative energy transition technologies can be developed, scaled and financed, with the goal of ensuring a low carbon energy future.
In the less than 2 years since Avatar has been incorporated, it has generated nearly 1,600 applications from industry professionals to participate in its ground-breaking energy transition and technology entrepreneurship program, created 644 alumni of the program, generated 30 technologies sponsored by industry, supported 2 teams which are finalists in the Elon Musk Foundation’s $100M Carbon Removal XPRIZE – and created the Energy Transition Centre in downtown Calgary with partners at the University of Calgary.
All three phases of the 2023 Program – Avatar Ignite, Avatar Studio and Avatar Ventures – will be housed in the Calgary Energy Transition Centre with virtual accessibility available to participants across Canada and the United States and certain elements in-person in Houston.