A DOZEN “pioneer” start-ups are taking part in the Oil and Gas Technology Centre (OGTC)’s third annual TechX Accelerator programme.
The 16-week scheme, which launches today, is being delivered virtually for the first time.
Norwegian energy firm Equinor joins BP and KPMG as the programme’s industry partners.
They will work closely with participants to provide access to technology specialists, financial experts and test facilities, as well as opportunities to showcase their products and services globally.
The start-ups are also supported by multiple other delivery partners through each stage of the programme, receiving investor readiness skills and training, plus support from more than 110 experienced mentors.
Half of this year’s cohort are clean technology companies, reflecting industry momentum towards net zero carbon emissions.
Up to £100,000 of funding is being made available to participating firms, with no equity take or payback required, while all intellectual property will be retained by the start-ups.
Each business will also have access to two years’ free support through the TechX Plus incubator.
This will provide them with a further opportunity to learn from the “pioneers” of previous cohorts, who continue to deliver post-TechX; including 20 completed field trials; another 44 field trials in planning; five Scottish Edge winners; more than £2 million additional investment raised and three commercialised businesses.
To date, TechX has supported 33 firms and provided about £3.3 million of funding to early stage technology start-ups.
David Millar, TechX director at OGTC, said: “2020 has been a disruptive year for everyone. At TechX we have embraced the disruption and pivoted our offering to a virtual one to ensure we continue to provide world-class support to these exciting start-ups.
“As we look towards the accelerated energy transition and ever-looming threat of climate change, we are delighted that half of our cohort this year are focused in this area.
“All 12 companies in this year’s cohort have high growth potential and are ready to take on the industry challenges they have been selected to solve.”
Colette Cohen, OGTC chief executive, added: “With 50% of this year’s cohort being cleantech, not only is TechX supporting the UK oil and gas/energy industry, but also the industry’s pivot towards a net zero economy.
“The disruptive and exciting technologies offered by these upcoming start-ups are key to our success as an industry.
“Especially in the midst of a global pandemic and one of the world’s worst economic downturns, our TechX pioneers represent a light at the end of the tunnel.”
