This weekend the first group of energy technology developers will be named to participate in a new incubation program at the University of Calgary.
Twenty-five seed-stage startups in areas such as energy infrastructure, digital oil and gas, power generation, bioenergy and energy efficiency will be chosen as the first cohort in the energy stream of the Creative Destruction Lab (CDL) Rockies at Haskayne.
The program is intended to help innovators, scientists and inventors bring their technologies to the market.
The Haskayne School of Business is one of five locations of the CDL, which started in 2012 at the University of Toronto’s Rotman School of Management. According to a statement released on Thursday, the CDL has already exceeded $3 billion in equity value created.
The Haskayne School of Business joined in 2017 and in its inaugural year the startups involved reportedly raised almost $14 million.
Interest in the new energy program was substantial, according to Haskayne, with 100 applications from ventures within Canada, Texas, Colorado, United Kingdom, Chile, Dubai, Iran, Singapore, Sweden and India. Their technologies cover a wide range including carbon to value, hydrocarbon leak detection, digital oilfield data analytics, power management and electricity, extraction and drilling, safety and water technologies.
The startups chosen this weekend will work with mentors to create objectives, prioritize time and resources, raise capital and engage with technical experts in Calgary.
“Currently, the energy industry is looking for ways to drive down costs, increase margins and integrate innovation into their operations,” said CDL-Rockies site lead Alice Reimer. “The Energy Stream of CDL-Rockies aims to de-risk pilot projects and to refine their minimum viable product, as well as to gain access to first customers and live infrastructure.”