Calgary-based Avatar Innovations has secured an up to $500,000 investment from the Opportunity Calgary Investment Fund (OCIF) to create and implement innovations in the energy sector through its accelerator.
“Calgary is not just Canada’s energy capital, it is also Canada’s energy transition capital.”
– Kevin Krausert, CEO and co-founder of Avatar Innovations.
Avatar Innovations can earn funding from OCIF over a three-year agreement by achieving milestones, including the creation of at least 12 Calgary startups.
Anchored in the Energy Transition Centre (ETC), Avatar Innovations’ accelerator program provides early-stage carbontech solutions with customers, capital, and expertise to create investor-ready business opportunities.
Avatar Innovations launched its accelerator to develop technologies for the energy transition. The organization unveiled its second cohort last month, which it claims showcased an 85 percent increase in the number of breakthrough technologies compared to its 2021 accelerator cohort
This year’s cohort is composed of 12 projects led by 58 leaders employed at 21 different oil and gas companies from across Canada and the United States. Participants include biotech company Vivent Bioprocess, membrane tech firm TemCamp, electric vehicle charging user data tech startup Connect, as well as rock mineralization tech startup Rockstore.
Avatar Innovations previously received support through a $2.1 million investment from Prairies Economic Development Canada to the ETC.
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As for the City of Calgary, this latest investment through OCIF is its latest effort to support a broader push by Alberta governments to increase accelerator support.
Provincially-backed innovation agency Alberta Innovates announced in September last year that it will finance accelerators, including Plug and Play. OCIF led the investment.
More recently, Calgary city council voted to approve a new climate strategy, outlining the recommended actions that will need to be taken between now and 2050 to help Calgary reach its climate target of net-zero emissions.
“Calgary is not just Canada’s energy capital, it is also Canada’s energy transition capital,” said Kevin Krausert, CEO and co-founder of Avatar Innovations. With OCIF’s contribution to Avatar, we will enable the new technologies, leadership and investments required to uniquely position Calgary to be a leader in the global race to a net-zero future.”
Featured image from Avatar Innovations’ website.