Evok Innovations Declares USD 300 Million Cleantech Fund to Speed up Decarbonisation

Published on: 01 April 2022
by KnowESG
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Evok Innovations, a fund focused on clean technology, announced a USD 300 million cleantech fund to accelerate decarbonisation efforts in North America. Around 50 per cent of capital is committed by a group of strategic investors.

The $ 300 million fund II has seen participation from Export Development Canada (EDC), Royal Bank of Canada (RBC), Toronto-Dominion Bank (TD), as well as returning investors such as Suncor and Cenovus. 

The fund will focus on investments across North America in significant areas such as carbon capture use and storage (CCUS), clean energy and grid innovation, low-carbon fuels, mobility, advanced materials and circularity. 

Evok Innovations, in 2016, launched its CAD 100 million funds in association with Suncor, Cenovus and the BC Cleantech CEO Alliance, aimed at speeding up the development of critical energy transition technologies across North America. It has invested in decarbonisation technologies ranging from clean hydrogen to long-duration energy storage. 

Marty Reed, Founding Partner of Evok, said: "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. Alongside our returning investors, the addition of EDC, RBC and TD will bring new strategic strength to our fund.” 

Twelve, for instance, an innovative organisation developing carbon technologies, is one among many of Evok's portfolio companies recognised for its efforts and impact. It is one of Fast Company's three most innovative companies worldwide and the first in the energy sector. 

Many organisations have recently signed deals for viable decarbonisation solutions. Mike Biddle, Naynika Chaubey, Jane Kearns and Marty Reed led Evok Fund II, entrepreneurs and climate investors having many years of experience measuring cleantech companies. 

Kris Smith, Executive Vice President - Downstream, Suncor, said: "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. 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, said: "Evok’s team has the technical expertise and network to scale up the development of technologies supporting the energy transition across North America. 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.” 

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