In August, Calgary.tech reported that, through the first half of 2024, the province of Alberta surpassed BC—for the first time—in terms of investment dollars attracted, drawing a total of $383 million across 41 deals.
“The second quarter of 2024 continued the momentum we saw earlier in the year, with steady venture capital investment,” stated Kim Furlong, chief executive of CVCA, at the time. “This performance is driven by investors doubling down on companies with proven track records and strong fundamentals, as they continue to navigate the environment cautiously.”
Alberta’s success was largely powered by energy technology company ClearSky Global, who provided a major boost to the province’s numbers thanks to a raise of more than $200M in June from an undisclosed group of investors.
Indeed, Energy remained the lifeblood of Alberta in 2024, with companies in the sector drawing the most investment rounds through the year.
In fact, Start Alberta recently named Energy as the province’s Biggest Area of Investment for 2024.
Start Alberta pointed to a range of success stories in Alberta energy, most of which have inked the pages Calgary.tech.
These mentions include CruxOCM securing US$17 million in a Series A funding round led by Microsoft’s M12, Ayrton Energy raising US$6.8M for its clean hydrogen tech, and Tokyo’s Kajima Corporation investing in Eavor Technologies.
Galatea Technologies, a company on Calgary.tech’s watchlist for 2023, narrowly missed the 2024 list but nonetheless bolstered its round of seed funding this year with an additional $2.7 million extension flowing in from Toronto’s Staircase Ventures, Colorado’s Ascent Energy Ventures, Ottawa’s Natural Gas Innovation Fund.
Cnergreen also announced seed capital this year: a $2 million round led by Rhapsody Venture Partners. Developed at the University of Calgary, Cnergreen’s flagship ArmorFoam tech enables underground foams to remain stable for months at high pressures, temperatures, and salinities—carrying powerful potential applications in the oil field.
Overall, Alberta innovation in the Energy sector appears robust and sustained, and venture capital flow is reflecting that sentiment.
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