Today Innovate Calgary introduced Kinetica Ventures, a new initiative focused on accelerating world-class energy technologies.
This comes following a recent announcement made by the Government of Canada to provide $3 million in funding over the next five years to Innovate Calgary to develop an energy technology accelerator program.
This funding is part of the Canada Accelerator and Incubator Program (CAIP), which is also providing funding support for TEC Edmonton’s health accelerator initiative.
Powered by Innovate Calgary, Kinetica will bridge the gap between the energy industry and technology innovators. It will be a uniquely industry-driven program, working closely with key partners in the energy sector to identify their most pressing challenges in four areas: hydrocarbon recovery; energy transport; carbon capture, re-use and disposal; and renewable energy.
“This funding provides an opportunity to assist energy technology companies to de-risk and commercialize their innovations, helping increase the long-term economic prosperity of Alberta through the adoption of transformative energy technologies,” says Peter Garrett, President, Innovate Calgary.
Kinetica will assist local, national and international technology researchers and entrepreneurs by providing access to the necessary capital, expertise and relationships to commercialize their industry-validated technologies more efficiently and cost effectively, and achieve faster adoption by energy sector partners.
“As energy prices continue to change, energy companies with enhanced access to innovative technologies will enjoy an increasingly important competitive advantage. We intend for this to be a ‘made in Canada’ story,” says Kevin Frankowski, program lead for Kinetica.
Kinetica is based in Calgary, an international energy hub, with access to world-class expertise, field trial opportunities and first customers.