Alberta Enterprise Corporation announced their $10 million investment as limited partner in 32 Degrees Energy Technology Fund. 32 Degrees is experienced in the growth and management in energy and energy technology companies. The Calgary based venture capital fund that invests in early-to-later stage Canadian energy technology related opportunities has strong networks across North America.
“32 Degrees knows and understands the energy technology and oil and gas industries,” spoken words by Barry Heck, Alberta Enterprise’s Vice Chairman and CEO.
“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.” said Stephen Khan, Minister of Enterprise and Advanced Education.
With the inclusion of the 32 Degrees’ Capital Energy Technology Fund investment, Alberta Enterprise up-to-date has committed a $74 million out of their $100 million initial capital to six venture capital funds. These investments aid in the production of an effective Alberta Venture Capital environment. Alberta entrepreneurs will now have access to two expanded and four new VC offices. These offices help Alberta’s growing tech firms and entrepreneurs in the related field of energy and energy technology. Alberta Enterprise previously announced there investments in funds with Azure Capital Partner, Chrysalix Energy Venture Capital, EnerTech Capital, iNovia Capital, and Yaletown Venture Partners.