TechX oil & gas incubator hails ‘outstanding’ performance of first cohort

A tech accelerator and incubator scheme led by the Oil & Gas Technology Centre (OGTC) has hailed successful results from its first intake of fledgling firms.

David Millar: First cohort has surpassed all expectations. Picture: Contributed

The initial cohort of TechX Pioneers, who were brought into the programme two years ago, have since completed eight field trials and created 14 jobs.

The ten start-ups have secured a combined £3.5 million of additional funding and are currently in discussions for a potential £6m of further investment.

TechX, launched in 2018, offers participants up to £100,000, with no equity or payback required, as well as business scale-up and field trial support for 24 months upon completion.

It claims this allows start-ups to advance their technologies from concept through to field trial and commercialisation in as little as three years, compared to an average of five years or more outside of the programme.

Graduates include intelligent crane services provider Intebloc, which has completed a field trial with international drilling company Stena Drilling and won prizes including the RBS Scottish Edge Awards.

TechX is due to announce its third intake at the end of this month.

Technology accelerator director David Millar said: “TechX was designed to provide a world class offering that made an impactful difference to the most exciting technology start-ups trying to break into the UK energy sector.

“Our inaugural cohort have continued to go from strength to strength and surpassed all our expectations.

“We’re excited to see a number of technologies very close to commercialisation, which is outstanding considering some didn’t even exist two years ago.”