Oilsands producer Cenovus Energy contributed the initial $750,000 to the fund, which will “provide early-stage risk capital to emerging energy transition technologies,” according to a statement. (The Logic) 

Talking point: Avatar is a tech incubator in Calgary that aims to develop early-stage technologies in areas like carbon capture and storage (CCS) as part of the energy industry’s net-zero emissions drive. It provides a space where tech companies can collaborate with potential customers and experts, including major oilsands companies like Cenovus, Suncor Energy, TC Energy and Enbridge, to develop products. The venture fund is an effort to pair those mentorship offerings with early-stage funding for low-carbon tech developers. Avatar also announced on Wednesday it was partnering with the International CCS Knowledge Centre in an effort to drum up new ideas around CCS commercialization.