Avatar has secured Cenovus Energy as the lead investor.
Avatar Innovations has secured the first close of its newly launched fund for decarbonization technologies, which it hopes will raise $3 million overall.
The Calgary-based accelerator organization has raised its target of $750,000 from lead investor Cenovus Energy. This investment from a major oil and gas company is in addition to an existing partnership between Avatar and Cenovus that was launched earlier this year, with Cenovus supporting the accelerator portion of Avatar’s program.
“Avatar can continue to deliver new technologies … and position Canada’s energy sector as a global leader in the energy transition.” – Brian Trudell, Avatar
The newly launched fund will expand Avatar’s accelerator and give it the ability to invest in technology that emerges from the program.
Launched in 2020, Avatar Innovations’ program aims to address existing challenges in the energy market, working with experts to create technology-based solutions. It is housed in the Calgary Energy Transition Center, which we helped launch within the University of Calgary. Earlier this year, Avatar was pledged up to $500,000 from the Opportunity Calgary Investment Fund.
This program consists of three components. Avatar Ignite is her 14-week energy entrepreneurship curriculum focused on bringing teams together to solve key energy transition challenges. Avatar Studio picks Ignite’s “Best Projects” and builds a minimal, viable product. In addition to investment, Avatar Ventures provides mentorship, business strategy and technology development support.
“With the launch of Avatar Ventures Fund I, Avatar will continue to deliver new technologies and leaders in record time, fill key Canadian investment gaps, and position the Canadian energy sector as a global leader in the energy transition. Bryan Trudel, CFO of Avatar Innovations, said:
In addition to announcing $3 million in funding, Avatar also revealed plans to expand the program to Houston, Texas. “This is a North-South corridor that will not only connect Houston and Calgary, the energy capitals of North America, but will also allow us to develop, scale, and finance innovative energy transition technologies with the goal of securing a low-carbon energy future. ,” said Avatar.
Avatar is also accepting applications for its 2023 program, which is scheduled to begin on February 10th. Avatar’s program is supported by a number of players in the energy market, including Cenovus, TC Energy, Suncor and Enbridge. Other partners include Hitachi and Shaw, among others. Avatar also collaborates with the International CCS Knowledge Centre, Modern West Advisory, Energy Futures Lab, Young Pipeline Professionals USA and Clean Resource Innovation Network to deliver its programs.
Over the past two years, Avatar has had 644 alumni participate in the program, 30 industry-sponsored technologies, and two finalists in the Elon Musk Foundation’s $100 million carbon removal XPRIZE. Claims to support the team.
Feature image courtesy of Avatar.
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