TechX to Fund New UK North Sea O&G Solutions

The Oil & Gas Technology Centre (OGTC) is investing in the next generation of innovators and entrepreneurs with aim to unlock the full potential of the UK North Sea.

The Centre has launched a technology accelerator and incubator – TechX – focused on helping smaller, ambitious technology developers take their solutions to the oil and gas market – faster.

With three tailored programmes – Pioneers, Market Entry and Ventures – TechX is meant to accelerate the future of the oil and gas industry.

The Pioneers programme provides funding – with up to £100,000 available to start-ups with new technology ideas. TechX reportedly requires no equity or payback, and the developer retains all intellectual property.

The OGTC has confirmed BP Ventures as a strategic partner in its Pioneers programme. In addition to the core funding and support from TechX, BP Ventures will offer a small, exclusive group of Pioneers a further £100,000 of funding each, as well as dedicated access to BP’s facilities and expertise.

The Market Entry programme offers up to £500,000 funding and access to customers to help SMEs fast track a route to market.

Participants on both programmes benefit from the support of experienced business mentors, co-working space, forward-thinking business partners, rapid prototyping, test facilities, large scale field trials, and showcase events.

The OGTC said it will help TechX companies commercialise their solutions, providing a collaborative environment to help nurture their ideas and use its network to make connections to investors and companies across the industry.

Online application process is now open for our first Pioneer and Market Entry programmes, which will begin in April 2018. The OGTC expects a high volume of applications and competition will be tough. The process for Pioneers will close on 7 February 2018, with places confirmed in March 2018. Applications for Market Entry programme are said to be welcomed throughout the year.

The Ventures programme, in partnership with Deep Science Ventures, will launch in 2018 and seeks to fill technology gaps with revolutionary companies and products. Harnessing creativity and deep science thinking, The OGTC will address future challenges in oil and gas, and the low carbon economy.

David Millar, TechX director, said: “Our mission is to find new technology companies that can help unlock the full potential of our industry – helping them take their solutions to market – faster. We’re offering a new generation of entrepreneurs unrivalled funding and support to accelerate innovation.

“We’ve put together three exciting programmes and have almost 100 experienced mentors and partner companies on-board to provide expert advice and support to the start-ups and SMEs carefully selected to take part in TechX.

“Now is the time for us to recapture the entrepreneurial spirit that created the UK oil and gas industry to identify innovative new technologies to make the oil and gas industry fit for the 21st century. I’m confident TechX will play an important role.”

The Oil & Gas Technology Centre was established in October 2016 with £180 million funding as part of the Aberdeen City Region Deal. With almost 70 memberships, the Centre has approved investment of more than £18 million in 30 projects in partnership with industry since it launched in February 2017.