Eleven companies have graduated from the Oil & Gas Technology Centre (OGTC) TechX Pioneers Programme – a technology accelerator and incubator helping start-ups take their solutions to the energy market.
In four months, the 11 pioneering companies have completed more than 200 meetings with industry leaders, including Equinor, Apache, BP, Aker Solutions and Wood, secured three commercial contracts, created four new jobs, opened two new facilities and collectively secured 10 field trials with major operating companies.
The graduates now move to the OGTC’s two year incubator, TechX Plus.
The Pioneers have been able to fast-track their technology and business in just 16 weeks. They’ve also received funding of up to £100,000 with TechX requiring no equity or payback, with the company retaining all intellectual property.
Colette Cohen, CEO at the Oil & Gas Technology Centre commented on the success of the programme:
“The TechX Pioneer programme is a key foundation of the OGTC focused on creating an entrepreneurial culture and ecosystem in the NE Scotland and enabling young innovative companies to succeed. These 10 companies represent the next generation of inspiring entrepreneurs and I am encouraged to see such incredible results in the 16 week programme.
“This could only be achieved with the support of our mentors and programme partners BP & KPMG and the broader industrial community who have already committed to 10 field trials with these new companies. It’s an exciting start for this cohort and the future of the North Sea.”
2019 also saw the benefits of partnering with Deep Science Ventures (DSV) – a truly unique collaboration, creating low-carbon technology start-ups. DSV created five transformational technology start-ups, two of which were deemed to have strategic focus for the OGTC and were awarded a coveted place on the TechX programme. Eltiera and Optic Earth were both at a very early technology concept stage before joining TechX and now are reaping the benefits of the programme with field trials underway and inaugural projects secured – outstanding performance from both companies, who didn’t even exist before April 2019!
TechX strategic partner, BP Ventures has once again played an integral role in the programme and has today confirmed it will award additional funding of £135,000 to two exceptional Pioneers, as well as dedicated access to BP’s facilities and expertise.
AI Exploration will receive the BP TechX Technology Award of £80,000 to continue to support their technology development. Optic Earth a DSV alumni, will receive the TechX Performance Award of £55,000.