Business Gas and Electricity News

New oil and gas tech accelerator pledges £600k

08 December 2017

A new technology accelerator and incubator aims to help smaller innovative technology developers take their solutions to the oil and gas market faster.

The Oil and Gas Technology Centre (OGTC) has launched ‘TechX’, which is targeting 100 start-ups and 200 small and medium sized businesses (SMEs).

Up to £100,000 of funding will be provided for technology start-ups and up to £500,000 for SMEs.

It has three tailored programmes – Pioneers, Market Entry and Ventures – and the application process is now open for Pioneer and Market Entry.

BP Ventures has been confirmed as a strategic partner, which will offer a further £100,000 of funding each to an “exclusive group of Pioneers” as well as access to the oil giant’s facilities and expertise.

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.”

Original article published on energylivenews.com