Evok Innovations

What Evok Innovations does

Evok Innovations is a Vancouver-based, climate-focused venture capital firm founded in 2016 that invests in early- to mid-stage (Series A/B) hard-tech companies developing decarbonization solutions for heavy industry across Canada and the United States. The firm operates two funds: Fund I, launched in 2016 in partnership with Calgary-headquartered oil & gas majors Suncor and Cenovus along with the BC CEO Cleantech Alliance, and Fund II, launched in 2022 with a target of USD $300 million and an expanded mandate covering mining and minerals and industrial decarbonization in addition to energy technology.

Evok's portfolio spans four verticals — Energy, Mining & Minerals, Industrial Optimization, and Adaptation & Resilience — and currently includes 30+ companies such as Ebb Carbon (ocean CDR), MineSense (ore sensing), e-Zinc (zinc long-duration storage), Moment Energy (second-life EV batteries), Syzygy Plasmonics (light-driven chemistry), Sanctuary AI (humanoid robotics), Twelve (CO2-to-products), Summit Nanotech (direct lithium extraction), DISA Technologies (critical mineral processing), ZwitterCo (membranes), and Quidnet Energy (geomechanical storage). Several portfolio companies have been named to the Cleantech Group Global Cleantech 100 in 2024, 2025, and 2026, and a WEF Technology Pioneer designation (e-Zinc, 2023). Materialized exits include DarkVision Technologies to Koch Engineered Solutions and the licensing of HARBO's product line to Lamor.

Evok's business model is institutional fund management: it raises capital from strategic energy partners (Suncor, Cenovus, Technip Energies), crown corporations (Alberta Enterprise Corporation, which committed USD $10 million to Fund II in February 2023), and pension funds, then earns management fees plus future carried interest from successful exits. The firm differentiates on a hands-on, operator-led investment model — its partners are described as former industrial operators who serve as extensions of portfolio management teams — and on a domain-specialized thesis that targets proven hard-tech solutions with clear industrial cost advantages, rather than generalist climate investing.

Name

Evok Innovations

Legal name

Evok Innovations

Website

http://www.evokinnovations.com/

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

1–10 employees

Short description

Evok Innovations is a Vancouver-based climate-focused venture capital firm that invests in early- to mid-stage hard-tech companies developing decarbonization solutions for heavy industry across Canada and the United States, operating two funds with a $300M Fund II target.

Ownership category

akta.pro rank

Product category

Cleantech Venture Capital / Hard-Tech Investing

NAICS

Portfolio Management and Investment Advice (523940), Other Financial Vehicles (52599)

SIC

Investment Advice (6282)

akta.pro primary industry

Impact / ESG Venture Capital (FSANAAAG)

akta.pro secondary industry

SDG / Thematic Sustainable Investment Funds (FSANAJAN)

Keywords

• Venture capital investing
• Climate tech investing
• Heavy industry decarbonization
• Hard tech startups
• Industrial cleantech funds

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Venture capital fund management fees and carried interest: Evok raises institutional capital into dedicated cleantech-focused funds (Fund I from 2016, Fund II targeting $300M USD) and earns management fees plus future carried interest from successful portfolio exits. Capital sources include strategic energy partners (Suncor, Cenovus, Technip Energies), financial institutions, crown corporations, and pension funds.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels6 records

Core offering

Evok Innovations is a Vancouver-based venture capital firm that manages two dedicated cleantech-focused funds (Fund I launched 2016 and Fund II launched 2022 targeting USD $300M) and invests early-to-mid stage (Series A/B) capital in hard-tech startups developing decarbonization solutions for heavy industry across Energy, Mining & Minerals, Industrial Optimization, and Adaptation & Resilience verticals in Canada and the United States.

Product overview

Evok Innovations is a venture capital firm (rather than a traditional software product company) that invests in early- to mid-stage hard-tech companies (Series A/B) in Canada and the USA developing transformative technologies for heavy industry. Founded in 2016, Evok operates through two core investment vehicles — Fund I (2016) and Fund II (2022, targeting $300M) — backing portfolio companies across four focus verticals: Energy (e.g., Moment Energy, e-Zinc, Rodatherm, Zero Industrial, Quidnet Energy, Syzygy Plasmonics, Ekona Power, SensorUp), Mining & Minerals (e.g., MineSense, DISA Technologies, Summit Nanotech, Kelvion), Industrial Optimization (e.g., Sanctuary AI, Twelve, VEERUM, Mosaic, Osperity, Karbonetiq, ARIX Technologies, Allonnia, Expeto, DarkVision Technologies, Rotoliptic, HARBO), and Adaptation & Resilience (e.g., Ebb Carbon, Planetary, ZwitterCo). Fund II specifically targets low-carbon hydrogen, carbon capture and removal, electrification, and critical minerals, with strategic investors such as Technip Energies providing engineering, procurement, and construction capabilities.

Differentiator

Problem solved

Functional benefit

Products and services

• Evok Fund I Venture capital fund launched in 2016 with a mission to collaborate with industry to scale transformative energy technologies; capitalized by Calgary-headquartered energy heavyweights Suncor and Cenovus alongside BC CEO Cleantech Alliance.
• Evok Fund II Second venture capital fund launched in 2022, expanding the firm's mandate from energy technology to include mining and minerals and industrial decarbonization; targeting USD $300M in capital from strategic LPs including Technip Energies and Alberta Enterprise Corporation.

Quantifiable outcome

• Fund II targeting USD $300M
• +3 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

28 partnerships are on record, tiered flagship, core and minor.

• Ebb CarbonflagshipStrategic or Co-development PartnerPortfolio company developing ocean-based carbon dioxide removal technology. Microsoft signed a marine CDR deal to remove 350,000 tons of CO2 over a decade; partnered with Saudi Water Authority for desalination decarbonization; secured a 3,500 ton CO2 removal prepurchase with Google.
• Moment EnergyflagshipStrategic or Co-development PartnerPortfolio company that repurposes retired EV batteries into commercial battery energy storage systems. Led the US$40M Series B round; the round brought total funding to over US$100M.
• ZwitterCoflagshipStrategic or Co-development PartnerPortfolio company providing zwitterionic membrane solutions for water treatment and food/dairy processing. Evok led its $58.4M Series B round; portfolio company subsequently achieved FDA compliance and commercial release of Evolution membranes.
• e-ZincflagshipStrategic or Co-development PartnerPortfolio company developing zinc-based long-duration energy storage. Evok led the $31M Series A2 round and is featured on the WEF Technology Pioneers list (2023) and Cleantech Group Global Cleantech 100 (2024, 2025).
• Syzygy PlasmonicsflagshipStrategic or Co-development PartnerPortfolio company developing light-driven chemical reactor technology for sustainable aviation fuel, hydrogen, and ammonia. Strategic partnerships include Trafigura offtake agreement and Mitsubishi Heavy Industries investment.
• Sanctuary AIflagshipStrategic or Co-development PartnerPortfolio company developing human-like intelligence in general-purpose humanoid robots. Co-founder and CEO Geordie Rose; the Phoenix robot completed first commercial deployment at Mark's retail store in Langley, BC.
• KolomaflagshipStrategic or Co-development PartnerPortfolio company focused on geologic hydrogen exploration. Raised a $50M Series B extension round; partnered with Mitsubishi Heavy Industries and Osaka Gas. Named to 2025 and 2026 Global Cleantech 100.
• Summit NanotechflagshipStrategic or Co-development PartnerPortfolio company developing direct lithium extraction technology. Closed a US$25.5M funding round and announced a Predictive Modeling Platform; named to Global Cleantech 100 multiple years.
• DISA TechnologiesflagshipStrategic or Co-development PartnerPortfolio company specializing in critical mineral processing and uranium remediation using High-Pressure Slurry Ablation (HPSA) technology. Evok led the $30M Series A2 round.
• VEERUMcoreStrategic or Co-development PartnerPortfolio company providing digital twin SaaS for industrial asset visualization. Evok participated in its $9.3M and $12M funding rounds; 208% YoY growth reported in 2023.
• MineSensecoreStrategic or Co-development PartnerPortfolio company providing X-Ray fluorescence-based ShovelSense ore-sensing technology mounted on digging equipment for mining operations.
• SensorUpcoreStrategic or Co-development PartnerPortfolio company providing AI-enabled operational intelligence platform for methane leak detection and emissions management in heavy industry. Evok participated in SensorUp's $12M Series B (2023) and 2026 growth financing.
• Ekona PowercoreStrategic or Co-development PartnerPortfolio company developing methane pyrolysis technology for clean hydrogen production. Received CAD $79M led by Baker Hughes; BC Cleantech Awards 2022 Rising Star.
• Quidnet EnergycoreStrategic or Co-development PartnerPortfolio company developing modular pumped hydro/geomechanical long-duration energy storage. Demonstrated MWh-scale operation and completed accelerated lifetime testing.
• RodathermcoreStrategic or Co-development PartnerPortfolio company developing next-generation geothermal energy technology. Closed a $38M Series A in 2025 with pilot projects in Utah.
• Zero IndustrialcoreStrategic or Co-development PartnerPortfolio company providing thermal energy storage solutions under long-term Heat-as-a-Service agreements for industrial decarbonization in North America. Evok led the $10M Series A round.
• AllonniacoreStrategic or Co-development PartnerPortfolio company focused on bioremediation; Evok participated as a strategic investor announced in March 2021.
• TwelvecoreStrategic or Co-development PartnerPortfolio company (formerly Opus 12) pioneering carbon transformation by converting captured CO2 into jet fuel, plastics, and detergents via electrochemical technology. Headquartered in San Francisco.
• DarkVision TechnologiesflagshipStrategic or Co-development PartnerPortfolio company acquired by Koch Engineered Solutions (KES); developed advanced acoustic imaging platforms for non-invasive inspection of energy and industrial infrastructure.
• Planetary TechnologiescoreStrategic or Co-development PartnerPortfolio company focused on ocean alkalinity enhancement for carbon removal; secured $11.35M Series A in 2024 and delivered first ocean alkalinity credits.
• ARIX TechnologiesminorStrategic or Co-development PartnerPortfolio company that graduated from the Shell GameChanger Program in 2021.
• ExpetominorStrategic or Co-development PartnerPortfolio company providing enterprise 4G/5G network solutions; announced collaborations with Intel Corporation and Rogers for Business.
• HARBO TechnologiesminorStrategic or Co-development PartnerPortfolio company whose product line (HARBO Boom) was licensed to Lamor in March 2021.
• KarbonetiqminorStrategic or Co-development PartnerPortfolio company listed on the Evok portfolio page.
• KelvinminorStrategic or Co-development PartnerPortfolio company listed on the Evok portfolio page.
• MosaicminorStrategic or Co-development PartnerPortfolio company listed on the Evok portfolio page.
• OsperityminorStrategic or Co-development PartnerPortfolio company listed on the Evok portfolio page.
• RotolipticminorStrategic or Co-development PartnerPortfolio company focused on artificial lift technology; recognized as winner of the Oil Sands Artificial Lift Challenge.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• DCVC: Deep-tech venture firm investing in companies using science and engineering breakthroughs to transform industries. Comparable to Evok as a hard-tech focused deep-tech VC, though DCVC operates across a broader set of verticals (computing, biotech, materials) beyond industrial decarbonization.

Direct peers

• Prelude Ventures: San Francisco-based early-stage venture firm investing in climate solutions across energy, mobility, food, and materials. Directly comparable to Evok as a Series A/B climate-tech specialist backing hard-tech founders.
• Breakthrough Energy Ventures: Bill Gates-backed climate VC fund investing across power, transport, buildings, manufacturing, and agriculture. Comparable to Evok as a thesis-driven climate venture investor with a focus on hard-tech decarbonization, though at much larger scale and broader geographic mandate.
• Energy Impact Partners: A climate-focused venture and growth equity firm that raises capital from a coalition of strategic utility and energy corporates. Highly comparable to Evok in its strategic-LP structure, focus on industrial decarbonization, and emphasis on portfolio value-add beyond capital.
• Lowercarbon Capital: Venture firm investing across climate mitigation and carbon removal with a contrarian, founder-friendly thesis. Comparable to Evok in its Series A/B hard-tech climate focus, particularly in carbon removal (Ebb Carbon, Planetary overlap).
• Climate Investment: Climate-focused venture capital firm backed by oil & gas majors (Chevron, BHP, Occidental, Equinor, Aramco) that invests in decarbonization and emissions reduction. Closely comparable to Evok in its fossil-strategic LP base and industrial decarbonization focus.

Emerging players

• Builders VC: Early-stage venture firm investing in technology-driven innovations for the world's largest industries (construction, manufacturing, logistics). Comparable to Evok in its industrial-tech Series A focus and has co-invested in VEERUM.
• Constellation Technology Ventures: Corporate venture arm of Constellation Energy focused on climate and energy technology. Directly comparable as an LP/co-investor alongside Evok in DISA Technologies and an active cleantech Series A participant.

Regional players

• Pender Ventures: Venture arm of PenderFund Capital Management, a Canadian investment firm, focused on early-stage technology. Comparable to Evok as a Canadian institutional VC, recently leading SensorUp's growth financing with Evok participation.
• BDC Capital Industrial Innovation Venture Fund: Crown corporation venture fund backing Canadian industrial innovation. Comparable to Evok as a Canadian institutional investor in industrial technology, frequently co-investing (e.g., with Evok in VEERUM).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/evok-innovations

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments65 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Evok Innovations