Calgary-based VC fund invests in energy services and technology
EDMONTON, July 19, 2012 /CNW/ - 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
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
About Alberta Enterprise: www.alberta-enterprise.ca
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: www.32degrees.ca/
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 Alberta Enterprise Corporation
For further information:
Arleigh Galant Vasconcellos
+1 403 561 4801