Canada’s Enok reveals $300M cleantech fund

Canada’s Enok reveals $300M cleantech fund

Mar 29, 2022 2 min read

VC Evok Innovations revealed the first close of Fund II, targeting $300 million to invest in early-stage clean energy technologies. The fund will target early-stage investments in North America for the decarbonisation of industry with a broad focus that includes carbon capture and storage (CCS), low-carbon fuels, clean energy and mobility.

Evok’s focus is the development and deployment of cleantech, saying it notched up half of the capital commitment from a group of strategic investors with participants that include the Export Development Canada (EDC), Royal Bank of Canada (RBC) and Toronto-Dominion Bank (TD), alongside returning investors Suncor and Cenovus.

Evok Fund II has Mike Biddle at the helm, backed by a team of entrepreneurs and climate investors. Evok’s portfolio companies have raised more than CAD $500 million to scale and commercialise their technologies, from investors including Breakthrough Energy Ventures (BEV), OGCI, Capricorn and MIT’s The Engine.

The announcement comes hot on the heels of Bloomberg NEF's findings that in the three months between December 2021-February 2022 thirteen climate-focused funds together closed $2.8 billion in total. Earlier BNEF said a total $29 billion was raised by climate-focused funds in H2 2021 alone.

Image credit: Evok

Launched in 2016, Evok was formed by a partnership agreement between Suncor and Cenovus, both of which have oil and natural gas operations, as well as the BC Cleantech CEO Alliance. Evok’s inaugural CAD $100 million fund aims to accelerate the development of critical energy transition technologies and has invested in clean hydrogen, energy storage and other technologies.

Marty Reed, Founding Partner of Evok:

“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 decarbonisation while generating market-leading returns.”

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.”

Carl Burlock, EDC’s Executive Vice-President and Chief Business Officer:

“Evok’s team has the technical expertise and network to scale-up the development of technologies supporting the energy transition across North America.”

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