About This Fund
Evok Innovations Cleantech Fund II is an early-stage venture capital fund managed by Evok Innovations, a Vancouver-based cleantech investment firm co-founded by Canadian energy majors Suncor Energy and Cenovus Energy. The fund announced its first close at USD $300 million in March 2022, with commitments from Export Development Canada, Royal Bank of Canada, The Toronto-Dominion Bank, and returning strategic limited partners Suncor and Cenovus Energy. Subsequent investors including Alberta Enterprise Corporation and Technip Energies joined the fund through 2023, reflecting strong institutional conviction in the industrial decarbonization investment thesis across both North American energy and European industrials.
The fund deploys capital across North America into early-stage companies addressing key industrial decarbonization verticals: carbon capture, utilization and storage (CCUS); low-carbon fuels including hydrogen and biofuels; clean energy and grid innovations; sustainable mobility; advanced materials; and circularity and waste valorization. Evok Innovations operates at the intersection of corporate venture capital and traditional institutional VC, leveraging strategic partnerships with energy and industrial corporations to accelerate technology validation and commercial scale-up for portfolio companies. This co-development model—combining corporate strategic access with institutional capital—is a central differentiator of the fund's approach to deep-tech cleantech investing.
The fund's leadership team comprises Marty Reed, Mike Biddle, Naynika Chaubey, and Jane Kearns, collectively bringing decades of experience in cleantech company building, industrial technology, and growth equity investing. Evok Innovations Cleantech Fund II follows the firm's first fund, which backed a portfolio of industrial sustainability technology companies. As of October 2024, the fund remained actively deploying capital, with its latest investment in Ebb Carbon, a carbon removal company, demonstrating continued focus on scalable climate solutions. The fund's successor, Cleantech Fund III, was announced in 2026 with a USD $400 million target, reflecting strong momentum in the industrial decarbonization investment theme and the manager's growing institutional track record.