Edmonton’s Alberta Enterprise 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.
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.
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 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.
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.
“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.”
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.