GENESIS: Working with ExxonMobil & HMDC Developing Innovation Hub

Genesis is working with ExxonMobil Canada Properties and Hibernia Management and Development Company Ltd. to foster early-stage technology innovation in the energy sector.

Genesis is an innovation hub that supports startups from ideation to scaling their business. ExxonMobil Canada Properties is the operator of the Hebron project; Hibernia Management and Development Company Ltd. is the operator of the Hibernia project.

GENESIS INNOVATION HUB: New positions

With funding from the two projects, Genesis will work with Creative Destruction Lab (CDL), a non-profit organization that helps accelerate growth for seed-stage technology and science-based companies.

Two new positions will be created at Genesis. The first position is a venture manager to help recruit local startups into Creative Destruction Lab. The second is for an additional success manager to help tech companies within Genesis’ existing programs develop solutions for the energy industry.

“At our core, ExxonMobil is a technology company focused on energy solutions,” said Ryan Noseworthy, vice-president, ExxonMobil Canada. “We are excited to collaborate with Genesis and CDL to support the regional startup community and advance exciting innovations for our industry.”

“Hibernia was the foundation for our offshore industry, and the team has been reliably producing for 24 years,” said Stephen Edwards, president, Hibernia Management and Development Company Ltd. “We are optimistic this relationship with Genesis and CDL will help us identify technology solutions to support a longer life for our world-class Hibernia asset.”

Ocean technology and energy companies

Atlantic Canada is the fastest-growing, early-stage ecosystem in North America, as ranked by Startup Genome in 2019. Genesis and CDL have each expanded to provide assistance to more emerging startups in the region.

Both organizations are already partners on the Ocean Startup Project. This new collaboration will lead to further support for ocean technology and energy companies in Newfoundland and Labrador.

“CDL-Atlantic is committed to showcasing the talent of all four Atlantic Canadian provinces, and to date Newfoundland and Labrador has provided some of our strongest alumni companies,” said Jeff Larsen, associate vice-president, entrepreneurship and innovation, Dalhousie University, and site lead, CDL-Atlantic. “This relationship will help us to deepen our connections in Newfoundland and Labrador with the goal of increasing the number of ventures and mentors from the province.”

“This collaboration is another important milestone for us to continue building amazing companies,” said Michelle Simms, president and CEO of Genesis. “Many of our clients develop technologies that are directly or indirectly applicable to the energy supply chain, they share an interest in safety at sea and reduced carbon emissions and see our province as the perfect place to validate, test and grow these innovations.”

About Hebron

ExxonMobil Canada Properties (35.5 per cent) is the operator of the Hebron project. Its co-venturers are Chevron Canada Ltd. (29.6 per cent), Suncor Energy (21 per cent), Equinor Canada Ltd. (9 per cent) and Nalcor Energy-Oil and Gas Inc. (4.9 per cent). For more information about the Hebron project, visit www.hebronproject.com.

About Hibernia Management and Development Company Ltd.

Hibernia Management and Development Company Ltd. (HMDC) is the operator of the Hibernia field, which began petroleum production offshore Newfoundland and Labrador in November 1997. HMDC is owned jointly by ExxonMobil Canada (33.125 per cent), Chevron Canada Resources (26.875 per cent), Suncor Energy (20 per cent), Canada Hibernia Holding Corporation (8.5 per cent), Murphy Oil Company Ltd. (6.5 per cent) and Equinor Canada Ltd. (5 per cent).

About Creative Destruction Lab

Creative Destruction Lab is a not-for-profit organization that delivers an objectives-based program for massively scalable, seed-stage, science- and technology-based companies. Its nine-month program allows founders to learn from experienced entrepreneurs, increasing their likelihood of success. Founded in 2012 by Prof. Ajay Agrawal at the University of Toronto’s Rotman School of Management, the program has expanded to 10 sites across four countries: Oxford (Saïd Business School, University of Oxford); Paris (HEC Paris); Atlanta (Scheller College of Business, Georgia Institute of Technology); Madison (Wisconsin School of Business, University of Wisconsin-Madison); Seattle (Foster School of Business, University of Washington); Vancouver (Sauder School of Business, University of British Columbia); Montreal (HEC Montréal); Calgary (Haskayne School of Business, University of Calgary); and Halifax (Rowe School of Business, Dalhousie University). It now includes 16 streams: AgTech, Artificial Intelligence, Blockchain, Climate, Commerce, Energy, FinTech, Health, Matter, Neuro, Oceans, Prime (General Technology), Quantum, Risk, Space and Supply Chain. The successful commercialization of cutting-edge science and technology achieved through the program has led to the creation of more than $15 billion in equity value.

About Genesis

Established in 1997, Genesis exists to help build amazing companies. Genesis clients and graduates have raised more than $644 million in private investment, generated more than $220 million in annual revenues and created more than 2,500 jobs. Genesis alumni are among some of the top companies in Canada, including Verafin, Rutter, Mysa, Virtual Marine and Genoa Design. To learn more about Genesis and its innovative programming, visit www.genesiscentre.ca.