Suncor and Cenovus to invest up to $100M in B.C. cleantech fund

An oil well belonging to Cenovus Energy, near Brooks, Alberta.
Under Chinook Arch weather conditions, an oilfield pumpjack works on an oil well, belonging to Cenovus Energy, near Brooks, Alberta. File/The Canadian Press Images/Larry MacDougal

CALGARY – Two oilsands heavyweights are making a push into B.C.’s cleantech sector.

Cenovus Energy and Suncor Energy have each pledged up to $50 million over the next 10 years to support a cleantech fund launched Thursday called Evok Innovations.

With the oil and gas industry facing increasing pressure over ecological issues, the new fund will look for ways to improve the sector’s environmental performance.

Evok says it will look to promote early-stage innovations focused on the energy industry and to bring them to market faster.

Areas of focus will include reducing greenhouse gas emissions and water use and the impact of oil spills.

Cenovus and Suncor have partnered with the BC Cleantech CEO Alliance to launch the Vancouver-based fund, which will be led by Silicon Valley veteran Marty Reed.