May Business in Calgary featuring Spectralog
Wednesday, May 4, 2016
BY CARMEN LOVO
On March 15, 2016, the Hunter Centre for
Entrepreneurship and Innovation held their third-annual
Energy New Venture (ENV) Competition – an event
showcasing energy sector technology startups and entrepreneurs.
The event features a competition where entrepreneurs,
researchers and seed-stage companies, from across the globe,
are invited to pitch their energy innovation to a panel of
judges. With over $150,000 in cash and in-kind services to
be won, there is a lot at stake for the competitors.
This year, Calgary-based Spectralog was awarded the top
prize. Spectralog provides a solution to one of the biggest
challenges faced by the energy industry – obtaining highquality,
reliable data that indicates where and how to drill in
order to achieve maximum resource recovery with minimal
Using hyperspectral imaging technology – imaging
that collects and processes information from across the
electromagnetic spectrum – Spectralog provides users with
high-resolution imaging data, and interpretation of that
data, to aid in resource recovery.
Compared to current methods which primarily require
environmentally invasive chemical testing of drilled core
samples, Spectralog’s proprietary scanning technology has
the potential to decrease environmental impacts while
minimizing costs and risks.
This year’s event showcased 13 energy sector technology
startups and entrepreneurs. There were two streams
of competitors, competing based on their level of
development: concept or venture. The in-kind prizes were
provided by Innovate Calgary, a technology transfer and
commercialization centre, and Collins Barrow, one of
Canada’s largest associations of chartered accounting firms.
“Winning the Energy New Venture Competition is validation
of the strength of our technology and business plan, as well
as our ability to clearly explain our vision to investors and
customers. We have already seen strong interest from the
investment community in reaction to our win and we are
looking forward to sharing this news with our clients and
partners,” says Grant Sanden, CEO, Spectralog.
CALGARY-BASED SPECTRALOG IS AWARDED THE TOP PRIZE AT THE 2016
ENERGY NEW VENTURE COMPETITION.
PHOTO COURTESY: JENN PIERCE, UNIVERSITY OF CALGARY
The venture stream winner was also invited to pitch
alongside some of the top emerging energy technology
companies at the 2016 PROPEL Energy Tech Forum, which
was held in Calgary on March 16 and 17.
To help prepare for the competition, participants were given
the opportunity to collaborate with top investment experts
and pitch coaches at Innovate Calgary.
“The Energy New Venture Competition is a global platform that
facilitates the relationship between researchers, entrepreneurs,
investors and the energy industry,” says Peter Garrett, president,
Innovate Calgary. “This collaboration is crucial to advancing the
energy technology companies and concepts of the future.”
Along with Spectralog, many innovative technology
concepts and startups were recognized, including Endeavor
Technologies and Interface Fluidics, which were awarded
second and third place respectively within the venture stream
of the competition. First place within the concept stream was
awarded to Aesop Technologies, with Invisible Predictions and
BFH Corp (Bitcrude) following in second and third place.
To learn more about the winners and the Hunter Centre
for Entrepreneurship and Innovation’s annual Energy New
Venture (ENV) Competition, visit haskayne.ucalgary.ca.
To learn more about Innovate Calgary and how it supports
new and emerging technology, visit innovatecalgary.com.
JANUARY 2016 // BUSINESS IN CALGARY // BUSINESSINCALGARY.COM