Alberta Enterprise Corporation has invested $10 million in 32 Degrees Energy Technology Fund, a Calgary-based venture capital fund. The fund focuses on early to later stage Canadian oil and gas-related energy services and energy-technology businesses.
PRESS RELEASE
Alberta Enterprise Corporation today announced that it has invested $10 million as a limited partner in 32 Degrees Energy Technology Fund, a Calgary-based venture capital fund that invests in early-to-later stage Canadian energy technology related opportunities.
32 Degrees has hands-on industry experience in growing and managing energy and energy technology companies and has strong networks in Alberta and across North America. The fund focuses on oil and gas-related energy services and energy-technology businesses.
?32 Degrees knows and understands the energy technology and oil and gas industries,? said Barry Heck, Alberta Enterprise?s Vice Chairman and CEO. ?They can help Alberta?s energy-related technology businesses to grow, commercialize and export their products and services globally.?
?This is an example of focusing on Alberta?s energy strengths and turning it into value-added opportunities,? said Stephen Khan, Minister of Enterprise and Advanced Education. ?This type of investment by Alberta Enterprise will help harness the ingenuity of Alberta?s entrepreneurs to help meet the world?s energy technology challenges.?
?Alberta is known for its energy industry, and we see tremendous opportunities here,? said Art Robinson, a partner at 32 Degrees. ?We look forward to continuing our work with entrepreneurs and companies in Alberta and across Canada.?
With this investment in 32 Degrees? latest fund, Alberta Enterprise has now committed for investment $74 million of its $100 million initial capital to six venture capital funds (previously announced were investments in funds with Yaletown Venture Partners, Chrysalix Energy Venture Capital, iNovia Capital, EnerTech Capital, and Azure Capital Partners). These investments have fostered a stronger Alberta VC environment, by forging connections to other institutional investors, portfolio companies, and other VC firms. As a result, Alberta entrepreneurs will have access to two expanded and four new VC offices. These offices provide local ?VC feet on the street? to help Alberta?s growing technology firms and entrepreneurs in knowledge-based industries.
About Alberta Enterprise
Alberta Enterprise promotes the development of Alberta?s venture capital industry by investing in VC funds that finance early stage technology companies. Launched with a $100 million investment from the Government of Alberta, Alberta Enterprise focuses on funds that have a strong commitment to Alberta ? including a full-time presence in the province. The organization also supports Alberta?s VC ecosystem by connecting investors, entrepreneurs, and experienced technology executives who share our passion for building a bright, innovative Alberta.
About 32 Degrees Capital
Founded in 2004, 32 Degrees Capital is an energy-focused private equity firm based in Calgary, Canada. The firm follows a diversified energy strategy, making investments in partnership with management teams in early stage oil and gas companies and energy service, equipment and manufacturing businesses. Typically they look to make investments in business models that have significant growth opportunities and that operate with or provide a significant cost advantage. The majority of the firm?s investments are made in Canada.
Source: http://feedproxy.google.com/~r/pehub/news/firms_funds/~3/YXYMWFwdTpM/
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