Ten technology start-ups will grab a share of a £1 million funding pot after securing a spot on an Aberdeen-based accelerator scheme.
The Oil & Gas Technology Centre (OGTC) has announced the cohort of ten firms for its TechX Pioneer programme, where each start-up will receive £100,000 to boost their business and technology.
The initiative, backed by more than 120 industry partners and mentors, aims to develop start-ups which support the oil and gas industry to maximise its economic recovery and transition to a low carbon economy.
In addition to financial backing, the 16-week scheme will include mentorship from industry experts and access to development partners, allowing firms to take their technology to market more rapidly.
After graduating, the “pioneers” will have the opportunity to join a 12-month TechX+ incubator, with two companies awarded an additional share in £130,000 funding from strategic partner BP. All funding is provided with no equity or payback and intellectual property is retained by the start-up.
TechX received nearly 200 applications for the scheme, now in its second year, from firms working in the oil and gas and cleantech sectors in more than 35 countries.
The final cohort includes three Aberdeenshire-based firms: micro-polymer designer Resolute Energy Solutions; environmentally friendly alarm producer Sentinel Subsea; and 3D printed tool manufacturer Print3dWell.
Edinburgh-based Mocean Energy, which is developing an autonomous, unmanned offshore renewable energy station, is also among the chosen ten.
TechX director David Millar said: “The quality of applications was exceptional and it’s been challenging to shortlist from such a strong field. We’ve selected the top 5 per cent from a global pool to join our pioneer programme.
“We’ve also taken a huge amount of learning from the first cohort and reflected this in a simpler but more rigorous selection process, ensuring the right balance of technology, skills and ambition.
“The ten pioneers we’ve chosen truly embrace these qualities and we look forward to helping them achieve their full potential and deliver clear value to the UK Continental Shelf and beyond.”
David Gilmour, vice president of BP Ventures, said: “We are delighted to continue as a strategic partner of TechX, building on the success from last year.
“We look forward to accelerating the development of these companies in cohort two, including an exciting number of cleantech solutions that will help deliver the industry’s focus on secure, sustainable energy while advancing a low carbon future.”
Martin Findlay, KPMG partner and TechX delivery partner, added: “The oil and gas sector is changing; from the impact of oil price to new commercial models and working practices. Technology has a critical role to play in this rapidly evolving landscape and we must develop innovative solutions that embrace this new world.”
The OGTC is a not-for-profit, industry-led, research and development organisation established in 2016 with £180m funding as part of the Aberdeen City Region Deal.