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Alberta Enterprise Corporation has made a $10m to 32 Degrees Energy Technology Fund, a Calgary-based venture capital fund that invests in early to later stage Canadian energy technology companies.
'32 Degrees knows and understands the energy technology and oil and gas industries,' said Barry Heck, Alberta Enterprise's vice chairman and CEO. 'They can help Alberta's energy-related technology businesses to grow, commercialise and export their products and services globally.'
With this investment in 32 Degrees' latest fund, Alberta Enterprise has now committed for investment $74m of its $100m initial capital to six venture capital funds - Yaletown Venture Partners, Chrysalix Energy Venture Capital, iNovia Capital, EnerTech Capital, and Azure Capital Partners).
These investments have fostered a stronger Alberta VC environment, by forging connections to other institutional investors, portfolio companies, and other VC firms. As a result, Alberta entrepreneurs will have access to two expanded and four new VC offices. These offices provide local 'VC feet on the street' to help Alberta's growing technology firms and entrepreneurs in knowledge-based industries.
'This is an example of focusing on Alberta's energy strengths and turning it into value-added opportunities,' said Stephen Khan, Minister of Enterprise and Advanced Education. 'This type of investment by Alberta Enterprise will help harness the ingenuity of Alberta's entrepreneurs to help meet the world's energy technology challenges.'
'Alberta is known for its energy industry, and we see tremendous opportunities here,' added Art Robinson, a partner at 32 Degrees. "We look forward to continuing our work with entrepreneurs and companies in Alberta and across Canada.'
