Avatar Innovations, Canada’s first Energy Transition Corporate Venture Studio, has held a $2.5 million initial close of its inaugural fund, Avatar Leadership Fund 1 Anchored by a $750,000 lead investment from Cenovus Energy Inc.
With a fundraising target of $3 million, the fund will provide early-stage risk capital to emerging energy transition technologies developed through Avatar’s groundbreaking 3-stage platform, The Avatar Program, is where large industrial corporates build needed and breakthrough technologies at record speed within the industry capable of scaling them.
The fund will be managed by Avatar Ventures, a wholly owned subsidiary of Avatar Innovations. Bryan Trudel will lead as Partner with support David Pratt as Principal.
The fund will remain open for 90 days, as it continues to raise capital towards a goal of $3 million, with a cap of $5 million.
photo credit: Avatar Ventures, Drew Zieglgansberger, EVP & CCO, Cenovus Energy; Bryan Trudel, Partner, Avatar Ventures
News Release
Avatar Ventures Announces First Close of $2.5MM for it’s Inaugural Leadership Fund I
Final close will occur within 90 days post this press release.
TORONTO and CALGARY, AB, Sept. 26, 2023 /CNW/ – Avatar Innovations (“Avatar”), Canada’s first Energy Transition Corporate Venture Studio is pleased to announce the first close of its inaugural fund, Avatar Leadership Fund 1 (the “Fund”). Anchored by a $750,000 lead investment from Cenovus Energy Inc. and catalyzed by several prominent family offices and high net-worth individuals from Calgary and Toronto, the fund represents a nation building investment solving for the lack of risk capital available for early-stage energy technologies and supercharging the country’s leadership in the decarbonization of energy and industry.
The Fund – targeted at $3 million – will provide early-stage risk capital to emerging energy transition technologies developed through Avatar’s groundbreaking 3-stage platform, The Avatar Program (the “Program”), is where large industrial corporates build needed and breakthrough technologies at record speed within the industry capable of scaling them.
The successful first closing of the Fund is the next exciting chapter for Avatar as it delivers on its ambitious vision of building the new energy future. With capital in hand, Avatar’s portfolio of breakthrough emissions reduction technologies built inside heavy industry will now be able to scale and generate superior returns through its proven and transformational innovation model. By working with the customer from inception, partnering with academia in new ways and professionalizing the start-up development process, Avatar now stands as the new model for global industrial decarbonization in the largest economic opportunity of this generation.
The Fund is currently performing due diligence on its first investment, leading the round for an exciting environmental and emissions monitoring platform with a pilot in place at one of Canada’s largest midstream companies. The Fund expects a strategic partner to participate in the scaling of this solution as well, which would expand its footprint and client reach dramatically. More details to come shortly on this opportunity and several others being assessed concurrently.
Avatar Ventures is a wholly owned subsidiary of Avatar Innovations. This separate corporate entity will be led by Bryan Trudel as Partner, a 20-year capital markets executive on Bay Street, and supported by David Pratt as Principal, a 10-year M&A executive with experience in Canada and Europe. Bryan will also retain all responsibilities and duties as CFO & Co-Founder of Avatar.
The Fund will remain open for 90 days post this press release, as it continues to raise capital towards a goal of $3MM, with a cap of $5MM. The leadership of all the Fund’s investors stands as a testament to the bright future of the Canadian energy industry as a meaningful and powerful partner in the energy transition and that the complex challenges of industrial decarbonization can only be accomplished when we work together in new ways to empower the leaders and technologies of tomorrow with vision, talent and capital.
QUOTES
“With the successful initial closing of the Avatar Ventures Leadership Fund I, we are poised to accelerate the development of cutting-edge technologies and nurture emerging leaders at an unprecedented pace. This milestone not only addressees a significant investment void within Canada, but also propels the industrial energy sector to the forefront of the global energy transition. We are thrilled to have received such tremendous support from our investors, and wish to express our gratitude to Cenovus and all of our Limited Partners for their support and vision.”
– Bryan Trudel, Partner, Avatar Ventures
“Canada’s energy innovations have long stood tall as a global example of success. Today, Canada’s industry and investors stood up once more and re-committed themselves to a thriving technology, net-zero and abundant energy future. Bryan Trudel’s extraordinary leadership in making this milestone happen is a proud contribution to the countries energy industry and demonstrates the exact determination that ensures Avatar Fund 1 is just the beginning of a brand new chapter for our industry.”
– Kevin Krausert, CEO & Co-Founder, Avatar Innovations
“Innovation has always been key for the oil and gas industry and we share Avatar’s core belief that most significant challenges can be turned into opportunities while adding business value. The Avatar Leadership fund will attract the next generation of innovators to the energy sector and accelerate development of new and emerging energy technologies which will be central to Cenovus’s and our industry’s net zero ambitions.”
– Drew Zieglgansberger, EVP & Chief Commercial Officer, Cenovus Energy
“Avatar’s pioneering business model helps industrial companies innovate during a period of dynamic energy transition. I’m proud to support Avatar Ventures in achieving their audacious goals.”
– Peter Tertzakian, Creator, Energyphile
“Canada is blessed with the natural resources and talent to be a continued global leader in energy through the upcoming transition. Accelerating innovation and technology deployment through initiatives like the Avatar Innovation partnership approach will be a key differentiator in achieving this.”
– Mike MacSween, Executive Chair, Exergy Solutions
“Avatar is a strong partner, and our work together at the Energy Transition Centre lays a solid foundation for our work transforming promising research and ideas into viable, investible businesses. The opportunities for collaboration and co-investment with our UCeed funds is exciting and has the potential to catalyze significant energy research commercialization in Canada”
– John Wilson, President and CEO, Innovate Calgary
About Avatar Innovations
Avatar Innovations is Canada’s first Corporate Venture Studio focused on Industrial Decarbonization. By working with the world’s largest emitters on low-carbon technologies, we seek to generate the greatest impact on lowering the world’s emission footprint. Partnering with industry, as opposed to against it, leveraging the strong workforce and talent incumbent in this industry, holds the potential to unlocking and bolstering massive change and impact. Avatar’s flagship 9-month “Avatar Program” is a ground-breaking and full-cycle professional development program focused on leadership, innovation, technology development and intra/entrepreneurship.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities of the Avatar Ventures Leadership Fund I nor shall there be any sale of such securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. The securities sold in the private placement have not been registered under the securities laws of any Province of Canada, the Securities Act of 1933, as amended, state securities laws or the securities laws of any other jurisdiction and may not be offered or sold in Canada or any other jurisdiction absent registration or an applicable exemption from any applicable registration requirements. This press release contains forward looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.
SOURCE Avatar Innovations
For further information: MEDIA CONTACT: Info@AvatarInnovations.Energy