Venture investor Evok Innovations announced today that it has raised USD$300 million for its second decarbonization tech fund. At first close, the fund has already significantly surpassed Evok’s inaugural CAD$100 million energy transition technology-focused fund.
The new fund saw participation from several new investors, including Export Development Canada, Royal Bank of Canada, and The Toronto-Dominion Bank joining as limited partners (LPs), as well as from returning LPs Suncor and Cenovus.
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 decarbonization while generating market-leading returns. Alongside our returning investors, the addition of EDC, RBC and TD will bring new strategic strength to our fund.”
Founded in 2016, Evok focuses on the development and deployment of clean energy technology. Fund I made 16 investments in critical decarbonization technologies ranging from clean hydrogen and carbon-to-value to long-duration energy storage. The new fund targets 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.
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.”
Kris Smith, Executive Vice President – Downstream, Suncor, added:
“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.”