Ten technology start-ups will share 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 10 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 with the aim to maximise its economic recovery and transition to a low carbon economy.
The 16-week scheme will also include mentorship from industry experts and access to development partners.
After graduating, the “pioneers” will have the opportunity to join a 12-month TechX+ incubator, with two companies given an additional share in £130,000 funding from partner BP.
“The quality of applications was exceptional and it’s been challenging to shortlist from such a strong field,” said TechX director David Millar. “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 10 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.”
Now in its second year, TechX received nearly 200 applications for this scheme 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.
David Gilmour, vice president of BP Ventures, added: “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.”
The OGTC is a not-for-profit research and development organisation established in 2016 with £180m funding as part of the Aberdeen City Region Deal.