OGTC Partners with Equinor on TechX Accelerator
- Business & Finance
The Oil & Gas Technology Centre (OGTC) has officially launched the third year of its accelerator programme, TechX, with the announcement of new industry partner – Equinor.
The TechX Pioneer Programme helps ambitious start-ups take their solutions to the energy market faster.
To date, 21 companies have now graduated from the award-winning programme, developing ground-breaking technologies including a Lab-on-a-chip (RAB microfluidics), machine learning seismic imaging software (Optic Earth) and a complete oil field well surveillance technology (Ai Exploration).
In just two years, £2.8 million has been co-invested into these pioneering companies with a further £1 million of additional investment being secured post-graduation from the programme.
Collectively, three field trials have been completed with seven planned over the next year and another 10 on the horizon, while 13 new jobs have been created and two new facilities have been opened.
David Millar, TechX director at the OGTC, commented on the new collaboration: “We’re excited to be partnering with Equinor, to harness their passion, entrepreneurship and technical innovation in mentoring this next cohort of Pioneers.
“While they have already supported the TechX programme during the customer validation stage, this strategic partnership will also allow us to align and broaden our focus on the Norwegian ecosystem, exposing UK-based start-ups and entrepreneurs to an important overseas export market that is leading the way for net zero carbon technologies.
“We look forward to strengthening this year’s programme, working closely alongside our broader partners, BP and KPMG, who have been instrumental in achieving our current success to date.”
Ivar Vee Aune, investment director at Equinor Technology Ventures, said: “Through our participation in the previous cohort we got to experience first-hand the passion and determination of the participating founders, as well as the exceptional quality delivered by the TechX team, other industry partners, mentors and everyone else involved. We were incredibly impressed, and are happy to announce that ETV, in line with our commitment to a be a long-term UK energy partner, will now be working closely with the TechX team to ensure the future success of the programme.”
BP Ventures, BP UK and KPMG will continue to support the programme, providing access to technology specialists, financial experts and test facilities which should accelerate growth within the energy sector.
For the third year in a row, BP will award additional funding of £135,000 to two exceptional pioneers.