OCIF will provide up to $500K to support Avatar Accelerator’s goal to drive energy transition
by CM Staff
Avatar Innovations can earn funding from OCIF over a three-year agreement by achieving milestones that include the creation of at least 12 Calgary startups.
CALGARY — The Opportunity Calgary Investment Fund (OCIF) will provide up to $500,000 to support Avatar Innovations’ venture studio, Avatar Accelerator, in the creation, development and growth of local companies driving energy transition.
Headquartered in the Energy Transition Centre (ETC) in downtown Calgary, Avatar Innovations can earn funding from OCIF over a three-year agreement by achieving milestones that include the creation of at least 12 Calgary startups.
“Calgary is a recognized leader in the global energy transition and this OCIF investment helps local innovators turn their game-changing ideas into real solutions by leveraging the city’s strengths as a cleantech innovation hub with strong industry collaboration,” said Brad Parry, Chief Executive Officer of OCIF.
The ETC is located in The Ampersand building and is a collaboration between the University of Calgary, Innovate Calgary, Avatar Innovations and the energy sector. In January, Prairies Economic Development Canada (PrairiesCan) announced an investment of more than $2.1 million to support the ETC to bolster cleantech innovation in Alberta, advance economic opportunities for Canadian businesses, and support Canada’s commitment to achieve net-zero carbon emissions by 2050.
In 2021, the Alberta Energy Transition Study concluded the pursuit of net zero could create 170,000 cleantech jobs and contribute $61 billion in gross domestic product to Alberta’s economy by 2050.
Launched by the City of Calgary in 2018, OCIF is a $100 million initiative to make grants to select organizations that strengthen the local ecosystem and align with the economic strategy in Calgary to drive an energy transition. Approximately $68.5 million has been allocated to 23 projects.
“Significant investment is required to establish Calgary as a global leader and centre of excellence in the transformation of the energy economy. We’re proud to collaborate with industry and all orders of government to demonstrate that our city is the place to be for innovators exploring new technologies that will be game changers for carbon removal, capture and storage.” said Calgary Mayor Jyoti Gondek, Member, OCIF Board of Directors.
