Evok Innovations Announces First Close of $300 Million USD Cleantech Fund to Accelerate Industrial Decarbonization in North America
Export Development Canada, Royal Bank of Canada and The Toronto-Dominion Bank join Evok Innovations’ second fund as limited partners (LPs) alongside returning LPs Suncor Energy and Cenovus Energy
VANCOUVER, British Columbia–(BUSINESS WIRE)–Evok Innovations (Evok), a venture firm committed to developing and deploying cutting-edge clean energy technology, today announced a first close of its $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.”
Many of Evok’s portfolio companies from the first fund have been recognized for their impact. One such example is Twelve, an innovative company developing carbon transformation technologies. Twelve was recently named one of Fast Company’s three most innovative companies in the world, and the first in the energy sector. Several companies in the portfolio, including Twelve and Quidnet Energy, a long-duration energy storage company, have recently signed major commercial contracts that signal strong market demand for viable decarbonization solutions.
Evok Fund II is led by Mike Biddle, Naynika Chaubey, Jane Kearns and Marty Reed, entrepreneurs and climate investors with decades of experience scaling cleantech companies.
“As a founding partner of Evok Fund I, Suncor is pleased to continue working alongside Cenovus on our joint commitment to fund innovation in the low carbon technology space,” said Kris Smith, Executive Vice President – Downstream, Suncor. “Major drivers of Evok’s success to date include their leadership’s experience in low carbon technology, their ability to collaborate with industry, and their capacity to partner closely with founders as they de-risk and scale their technologies.”
To date, Evok’s portfolio companies have raised more than $500 million CAD to scale and commercialize their technologies, from investors including Breakthrough Energy Ventures, Microsoft, OGCI, Capricorn, MIT’s The Engine, and DCVC.
“Evok’s team has the technical expertise and network to scale-up the development of technologies supporting the energy transition across North America,” said Carl Burlock, EDC’s Executive Vice-President and Chief Business Officer. “EDC is pleased to be a major investor in this fund as part of our climate change commitments to support technologies which will reduce carbon emissions.”
About Evok Innovations
Founded in 2016, Evok Innovations (Evok) was built around a mission of protecting the environment and strengthening the economy. Driven by global momentum toward a net zero future, Evok has established itself as a leader in industrial innovation and decarbonization, including next-generation sectors such as hydrogen and carbon capture.
Building on our legacy, Evok continues to accelerate the energy transition with our team of technologists, company builders and investors. Please visit evokinnovations.com.
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian companies of all sizes succeed on the world stage. As international risk experts, we equip Canadian companies with the tools they need – the trade knowledge, financing solutions, equity, insurance, and connections – to grow their business with confidence. Underlying all our support is a commitment to sustainable and responsible business.
For more information and to learn how we can help your company please visit edc.ca.
About Royal Bank of Canada
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 88,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank, and one of the largest in the world based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our 17 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.
We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-social-impact/.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group (“TD” or the “Bank”). TD is the fifth largest bank in North America by assets and serves more than 26 million customers in three key businesses operating in a number of locations in financial centers around the globe: Canadian Retail, including TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance; U.S. Retail, including TD Bank, America’s Most Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in The Charles Schwab Corporation; and Wholesale Banking, including TD Securities. TD also ranks among the world’s leading online financial services firms, with more than 15 million active online and mobile customers. TD had CDN$1.8 trillion in assets on January 31, 2022. The Toronto-Dominion Bank trades under the symbol “TD” on the Toronto and New York Stock Exchanges. For more information, please visit td.com.
About Cenovus Energy
Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The company is focused on managing its assets in a safe, innovative and cost-efficient manner, integrating environmental, social and governance considerations into its business plans. Cenovus common shares and warrants are listed on the Toronto and New York stock exchanges, and the company’s preferred shares are listed on the Toronto Stock Exchange. For more information, please visit cenovus.com.
About Suncor Energy
Suncor Energy is Canada’s leading integrated energy company. Suncor’s operations include oil sands development. production and upgrading, offshore oil and gas production, petroleum refining in Canada and the U.S. and the company’s Petro‑Canada retail and wholesale distribution networks, including Canada’s Electric Highway, a coast-to-coast network of fast-charging EV stations. Suncor is developing petroleum resources while advancing the transition to a low-emissions future through investment in power, renewable fuels and hydrogen. Suncor also conducts energy trading activities focused principally on the marketing and trading of crude oil, natural gas, byproducts, refined products and power. Suncor has been recognized for its performance and transparent reporting on the Dow Jones Sustainability index, FTSE4Good and CDP.
Suncor’s common shares (symbol: SU) are listed on the Toronto and New York stock exchanges.
For more information, please visit suncor.com.