Ten companies have graduated from the inaugural Oil & Gas Technology Centre TechX Pioneers Programme, the technology accelerator and incubator helping ambitious firms take their solutions to the oil and gas market.
Scottish Energy Minister, Paul Wheelhouse MSP joined business, civic and academic leaders at a graduation event in Aberdeen to recognise the fantastic progress of the Pioneers during the intensive 16-week programme to help the entrepreneurs commercialise their solutions.
With expert support from experienced business mentors, co-working space, forward-thinking business partners, rapid prototyping and test facilities, large scale field trials and showcase events, the Pioneers have enjoyed access to unrivalled support.
In just four months, they’ve had more than 150 meetings with industry leaders and several Pioneers have secured a total of seven field trials with major operating companies – an essential step towards fully commercialising their technology solutions.
Using the extensive network to make connections with investors and companies, the Pioneers have been able to fast-track development. They’ve also received funding of up to £100,000 with TechX requiring no equity or payback, and the developer retaining all intellectual property.
Strategic partner, BP Ventures has played an integral role in the programme and has today confirmed it will award additional funding of £100,000 to two exceptional Pioneers, as well as dedicated access to BP’s facilities and expertise.
RAB Microfluidics will receive the BP TechX Technology Award of £60,000 to continue to support their technology development. Intelift will receive the TechX Performance Award of £40,000.
Our 120 experienced mentors and partner companies have provided expert advice and support throughout the programme. Pioneers were invited to make nominations for
the Mentor and Partner of the Year Award.
Janet Milne scooped the Mentor of the Year Award and there were two Partner of the Year Awards winners; Pinsent Masons and Pinnacle.
The next TechX Pioneer Cohort will begin in May 2019, with the application process open from 1 October 2018 to 31 January 2019. Visit www.theogtc.com/TechX to get involved.
Colette Cohen, CEO of the Oil & Gas Technology Centre said:
“Accelerating new technologies for the oil and gas industry is central to the Oil & Gas Technology Centre’s goals to unlock the full potential of the UK Continental Shelf, anchor
the supply chain in North-East Scotland and create a culture of innovation in the region.
“In under 12 months, we’ve created the world’s first oil and gas technology accelerator and delivered an inspiring, wide-ranging programme for 10 pioneering companies with the potential to transform the oil and gas in the UK and beyond. Congratulations to all our Pioneers!”
David Millar, TechX Director at the Oil & Gas Technology Centre said:
“We’re delighted to have completed this first TechX Pioneers Programme and see the fantastic progress made by these 10 young companies in just a few short months. The last 16 weeks have been tough and intense, exciting and inspiring. The engagement from industry has been amazing and the support of our mentors and partners have been outstanding.
“For our 10 Pioneers graduating today, the journey is just beginning. There are no limitations to what they can achieve. They have the potential to shape a new future for the oil and gas industry. Applications for next Pioneer Programme will open on 1 October and we can’t wait to welcome our next cohort in Spring 2019.”
Paul Wheelhouse, Scottish Government Minister for Energy said:
“The Oil & Gas Technology Centre is having a significant positive impact on the oil and gas industry through identifying and responding to key opportunities and challenges for the sector. It has been exciting to watch the OGTC’s rapid development with, so far, £60 million co-invested alongside industry partners in more than 100 projects.
“TechX is truly a ground-breaking and innovative accelerator programme. I’m sure it has been an intense experience for all involved and I’m impressed by what the Pioneers have been able to achieve in such a short space of time through their hard work and determination. The added value of exposure to industry leaders, fellow entrepreneurs and investors is invaluable and I wish the Pioneers all the very best for the future.”
UK Government Minister Lord Duncan said:
“It is fantastic to see the progress of the Oil and Gas Technology Centre, which is a key part of the transformative Aberdeen City Deal. Seeing the first cohort of TechX Pioneers graduate is just the beginning of its work. This is an innovative programme which maintains the UK’s position as a world leader in oil and gas technology.
“I offer my congratulations to all 10 graduates who have worked extremely hard throughout this intensive programme as well as the business mentors who have supported them through the experience.”
David Gilmour, Vice President Business Development BP Group Technology, said:
“BP is incredibly proud to be associated with the TechX initiative which has delivered tangible results in just a few short months. The Pioneers deserve a huge amount of respect for the way they have handled this intensive and highly competitive programme. The passion, energy and determination each of these technology start-ups has shown cannot be understated.
“Accelerating innovative thinking and developing new technologies and solutions is a key objective at BP to allow us to maintain and develop our business both in the North Sea and beyond. We will be watching with interest as the first cohort of TechX Pioneers pursue their ambitions, grow their presence and achieve their goals.”
The Oil & Gas Technology Centre was established in October 2016 with £180 million funding as part of the Aberdeen City Region Deal. With more than 100 memberships, the Centre has approved investment of more than £60 million in 100 projects in partnership with industry since it launched in February 2017.