Vancouver’s Evok Innovations, a venture firm committed to developing and deploying cutting-edge clean energy technology, today announced a first close of its USD $300 million Fund II, with half the capital committed by a group of strategic investors.
Fund II includes significant participation by Export Development Canada (EDC), Royal Bank of Canada (RBC) and The Toronto-Dominion Bank (TD), alongside returning investors Suncor and Cenovus.
The fund will target early-stage investments across North America in key industrial decarbonization verticals, including carbon capture use and storage (CCUS), low-carbon fuels, clean energy and grid innovations, mobility, and advanced materials and circularity.
Launched in 2016 through a partnership between Suncor, Cenovus and the BC Cleantech CEO Alliance, Evok’s inaugural $100 million CAD fund aimed to accelerate the development of critical energy transition technologies across North America. The fund has made 16 investments in critical decarbonization technologies ranging from clean hydrogen and carbon-to-value to long-duration energy storage.
“We are pleased to have our founding investors returning to participate in our second fund, which we see as a testament to our approach and their confidence in our ability to drive large-scale industrial decarbonization while generating market-leading returns,” said Marty Reed, Founding Partner of Evok. “Alongside our returning investors, the addition of EDC, RBC and TD will bring new strategic strength to our fund.”
Leave a Reply