Azimuth Capital Management

Azimuth Capital Management, formerly known as Kern Partners, is a venture capital and private equity firm based in Calgary, Canada, with additional offices in California and operating partners in Houston and Denver. Founded in 2000, the firm specializes in investments in energy sector resource and infrastructure development, focusing on oil and gas exploration and production, oil sands, non-conventional resource plays, energy infrastructure, services, and energy technology. Azimuth targets seed, startup, mid-venture, early-stage, middle-market, and emerging companies, typically making direct investments and co-investments ranging from $7.58 million to $36.12 million. The firm primarily invests in North American companies but also explores international opportunities within the energy sector. Investments are generally held for more than ten years.

Adam Le Dain

Vice President

David Deak

Operating Partner

Jim Farnsworth

Operating Partner

James W. Farnsworth

Operating Partner

Chris Hooper

Managing Director

Karim Ibrik

Vice President

Scott Jelec

Vice President

Peter L. Johnson

Venture Partner

Nathan Kunec

Senior Director

Janet Leung

Vice President and Controller

Michael S. Liebelson

Operating Partner

Cherry Ma

Principal and Manager of Investor Reporting

Howard Mayson

Operating Partner and Board Member

Rory McKinley

Associate

Francesco Mele

Chief Operating Officer

Jason Montemurro

Partner

Jim Nieuwenburg

Operating Partner

Johannes J. Nieuwenburg

Operating Partner

Ryan Patryluk

Managing Director

David Lawrence Pearce

Deputy Managing Partner

Dave Pearce

Deputy Managing Partner

Jill Perras

Vice President

Kim Lynch Proctor

CFO & General Counsel

Ryan Sapieha

Vice President

Travis Smith

Operating Partner

Kareen Stangherlin

CFO

D. Jeffrey van Steenbergen

Co-Founder and Managing Partner

Jeff van Steenbergen

Co-Founder and Managing Partner

23 past transactions

Monolith

Private Equity Round in 2022
Monolith Materials, Inc. manufactures natural gas-based carbon black and hydrogen in the United States. It also produces hydrogen tail-gas, a co-product for power generation/industrial gas markets. Monolith Materials, Inc. was formerly known as Boxer Industries, Inc. and changed its name to Monolith Materials, Inc. in December 2014. The company was founded in 2012 and is based in Lincoln, Nebraska with an additional office in San Carlos, California.

M-Flow Technologies

Private Equity Round in 2015
M-flow Technologies Ltd. manufactures bore meters that provide real-time data on oil, gas, and water content in flow lines using sensing technology. It offers sure-cut meters, which are operating in multi-phase flows that offer a step change in phase fraction metering. The company offers its products for wellhead, heavy oil, and subsea applications. M-flow Technologies Ltd. was incorporated in 2011 and is based in Abingdon, United Kingdom.

Steelhead LNG

Private Equity Round in 2016
Steelhead LNG Corp. operates as an energy company that focuses on the development of liquefied natural gas projects in British Columbia. It serves natural gas producers in Canada. The company is based in Vancouver, Canada.

Monolith

Private Placement in 2020
Monolith Materials, Inc. manufactures natural gas-based carbon black and hydrogen in the United States. It also produces hydrogen tail-gas, a co-product for power generation/industrial gas markets. Monolith Materials, Inc. was formerly known as Boxer Industries, Inc. and changed its name to Monolith Materials, Inc. in December 2014. The company was founded in 2012 and is based in Lincoln, Nebraska with an additional office in San Carlos, California.

Altex Energy Ltd

Private Equity Round in 2016
Altex Energy Ltd. delivers crude oil products to markets utilizing rail as a pipeline. It operates a rail-based pipeline system that connects producers of bitumen and crude oil products from Canada’s oil sands to markets within Alberta, the rest of Canada, the United States Midwest and Gulf Coast, and other export markets. Altex Energy Ltd. was founded in 2005 and is based in Calgary, Canada.

Ausra

Series B in 2008
Ausra manufactures and develops utility-scale solar technologies to serve global electricity needs in a market competitive and environmentally responsible manner. Ausra's solar concentrators boil water with focused sunlight, generating high-pressure steam that drives conventional turbine generators. Low-cost thermal energy storage systems now under development by Ausra will allow solar electric power to be generated on demand, both during the day and at night.

Corex Resources Ltd

Private Equity Round in 2013
Corex Resources Ltd. operates as an oil and natural gas company in Western Canada. Corex Resources Ltd. was formerly known as Amarone Oil & Gas Ltd. and changed its name to Corex Resources Ltd. in March 2012. The company was founded in 2007 and is based in Calgary, Canada.

Recover Energy Services

Private Placement in 2020
Recover Energy Services Inc. provides removal and recycling of oil left on drill cuttings created from drilling with oil-based mud. The company is based in Calgary, Canada. Recover Energy Services Inc. operates as an environmental technology company. The company cleans oil-based drilling waste by using patented process. The company recovers base oil from drilling waste and reduces carbon dioxide emissions. Recover Energy Services Inc. was formerly known as Cutting Edge Systems Inc. and changed its name to Recover Energy Services Inc. in March 2016. The company was founded in 2008 and is headquartered in Calgary, Canada.

Black Swan Energy

Private Equity Round in 2013
Black Swan Energy Ltd. is backed by leading private equity investors and is focused on unconventional resource exploration and development. The Company is headquartered in Calgary, Alberta, Canada and was founded in 2010.

Monolith

Private Equity Round in 2018
Monolith Materials, Inc. manufactures natural gas-based carbon black and hydrogen in the United States. It also produces hydrogen tail-gas, a co-product for power generation/industrial gas markets. Monolith Materials, Inc. was formerly known as Boxer Industries, Inc. and changed its name to Monolith Materials, Inc. in December 2014. The company was founded in 2012 and is based in Lincoln, Nebraska with an additional office in San Carlos, California.

Entrada Resources

Pre Seed Round in 2016
Entrada Resources Inc. develops and acquires oil and gas assets in the Western Canadian Sedimentary basin through infill drilling, optimization, and recovery techniques. The company’s asset is in cardium formation at Willesden Green. The company was founded in 2016 and is headquartered in Calgary, Canada.

Enoflex

Seed Round in 2022
Enoflex is passionate about connecting the low carbon world of tomorrow.

Magma Global

Series B in 2013
Magma designs and manufactures m-pipe® a high performance pipe created to meet today's challenging riser, jumper, spool and flowline applications. Magma has developed m-pipe® to meet the particular challenges from deep water and high pressure, high temperature and sour service operating environments. Magma was founded in 2009 by its management team and received additional backing to accelerate its growth programme in 2010 from Calgary-based KERN Energy Partners and Copenhagen-based NES Partners.

Ausra

Venture Round in 2009
Ausra manufactures and develops utility-scale solar technologies to serve global electricity needs in a market competitive and environmentally responsible manner. Ausra's solar concentrators boil water with focused sunlight, generating high-pressure steam that drives conventional turbine generators. Low-cost thermal energy storage systems now under development by Ausra will allow solar electric power to be generated on demand, both during the day and at night.

Seven Generations Energy

Private Equity Round in 2013
Seven Generations Energy Ltd., together with its subsidiary, engages in the development of oil and natural gas properties in Canada. The company holds interests in the Kakwa River project, a natural gas property covering approximately 528,000 net acres located in the Kakwa area of northwest Alberta. Seven Generations Energy Ltd. was founded in 2001 and is headquartered in Calgary, Canada.

TimberRock Energy

Private Equity Round in 2017
TimberRock Energy Corp., an oil and gas company, engages in the exploration of oil and gas in Alberta. The company was founded in 2004 and is based in Calgary, Canada.

Osum

Private Equity Round in 2011
Osum Oil Sands Corp., a private oil sands company, engages in the extraction of bitumen by applying in-situ recovery technologies. The company produces oil from its oil sands and carbonate projects in Canada. Osum Oil Sands Corp. was founded in 2005 and is based in Calgary, Canada.

Recover Energy Services

Venture Round in 2020
Recover Energy Services Inc. provides removal and recycling of oil left on drill cuttings created from drilling with oil-based mud. The company is based in Calgary, Canada. Recover Energy Services Inc. operates as an environmental technology company. The company cleans oil-based drilling waste by using patented process. The company recovers base oil from drilling waste and reduces carbon dioxide emissions. Recover Energy Services Inc. was formerly known as Cutting Edge Systems Inc. and changed its name to Recover Energy Services Inc. in March 2016. The company was founded in 2008 and is headquartered in Calgary, Canada.

PunchLab

Seed Round in 2021
PunchLab is a Mobile App that will turn your punching bag into a device able to detect, measure, and react to your strikes. No additional device other than your smartphone is needed. It uses the existing technology in your phone to give you real-time feedback on your bag workout and offers training routines pre-programmed by world-level athletes.