Canada-based energy companies Cenovus Energy and Suncor Energy committed up to $100m yesterday to a fund called Evok Innovations that will support developers of innovative oil and gas technology.
Cenovus and Suncor will each provide up to $50m for the fund over the next 10 years, investing in early-stage companies working on technology that can improve the scale, diversity and quality of innovation in the oil and gas industry.
Evok will in particular look to fund the development of low-impact product and services that could lead to lower carbon emissions and more responsible water consumption and wastewater disposal.
The corporates were joined by BC Cleantech CEO Alliance, a coalition of executives from clean energy-focused companies with operations in the Canadian province of British Columbia.
Marty Reed, chief executive of Evok Innovations, said: “Using the extensive insights offered by our oil and gas partners, Evok can identify and fund promising cleantech innovations and accelerate the commercialisation of those technologies.”