The turbulent Canadian oil industry and disarrayed Albertan economy may have a silver lining. There is added pressure and action for investing in the future. Energy giants Cenovus and Suncor have looked further west to British Columbia and a new Vancouver-based fund.
They have each pledged up to $50 million in contributions over the next decade to Vancouver-based Evok Innovations which is an energy partnership between Cenovus, Suncor and the BC Cleantech CEO Alliance. The fund will be aimed at supporting the development and innovation of cleantech entrepreneurs and early-stage companies around the globe.
Vancouver is seen as a cleantech hub with companies that are leading innovation in turning waste into product. Another example is G-Kup Coffee, a Vancouver company that patented the first 100% biodegradable coffee pod.
Written by: Amar Mirchandani @amarmirch