The Oil & Gas Technology Centre (OGTC) has unveiled the third cohort of its TechX Accelerator programme.
This year’s accelerator, which is being held virtually due to the Covid-19 pandemic, will see Equinor join BP and KPMG as the programme’s strategic industry partners.
The energy giants will work closely with the 12 accelerator participants to provide “unrivalled” access to tech specialists, financial experts and test facilities.
Participants will also be supported by a range of delivery partners and associates throughout the 16-week programme, with each startup receiving investor readiness skills and training as well as support from over 110 experienced mentors.
Meet the 2020 TechX Accelerator Cohort
Companies taking part in this year’s accelerator include:
- Actuation Lab
- Carnot Ltd
- Cried 7
- Nudge Exchange
- Steel Space Drilling
- Mission Zero
Half of the 2020 TechX Accelerator cohort are cleantech companies, which OGTC chief executive Colette Cohen said highlights the ongoing industry shift toward net-zero.
She said: “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.”
Funding of up to £100,000 is available through the accelerator programme, and all intellectual property will be retained by the startups. So far, TechX has supported 33 companies and provided around £3.3 million in funding to support these early-stage tech firms.
Following their graduation from the programme, each business will join the TechX alumni from cohort two and have access to scale-up and support through the TechX Plus incubator. This will provide the companies with a chance to learn from previous cohorts. Five previous participants have gone on to become Scottish EDGE winners.
- Ethical ad startup Good-Loop hits £1m donation milestone
- EIE20 tech investor showcase event goes virtual in October
- Intelligent Automation Virtual Summit: Just two weeks to go
David Millar, TechX Director at the 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 startups.
“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.”