St. John’s-based innovation hub Genesis has inked a deal with ExxonMobil Canada and Hibernia Management and Development Company to foster innovation in the energy sector.

ExxonMobil is the largest shareholder in the Hebron oilfield off the coast of Newfoundland, which is estimated to contain reserves of more than 700 million barrels of oil. Hibernia Management, meanwhile, operates the nearby eponymous oilfield.

Genesis will use the oil money to pay for a collaboration with international startup support organization Creative Desctruction Lab, or CDL, as well as to hire two new staff: a Venture Manager to recruit CDL participants, and a Success Manager to help Genesis’s existing member companies develop products for the energy sector.

“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,” said Genesis CEO Michelle Simms in a press release.

Born out of the University of Toronto’s Rotman School of Management in 2012, CDL is a non-profit that offers competitive, nine-month, milestone-based accelerator programs where startups are mentored by experienced businesspeople in their industries.

The Genesis collaboration will be with CDL’s Atlantic branch, which is based out of Dalhousie University and led by the school’s Assistant Vice President of Entrepreneurship and Innovation, Jeff Larsen.

“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 Larsen in the press release. “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.”

Hibernia Management President Stephen Edwards said his company hopes the deal with Genesis will produce technologies that will extend the lifespan of the Hibernia oilfield, which has been in operation since 1986 and is expected to continue producing oil until about 2033, according to Natural Resources Magazine.