TechX is officially launched for the oil & gas market
The Oil & Gas Technology Centre launches TechX an accelerator for Oil and Gas companies
The Oil & Gas Technology Center (OGTC) has launched TechX, an accelerator and incubator for the oil and gas market. TechX has around £100 million that it will invest across three categories; Pioneers, Market Entry and Ventures.
BP Ventures is a partner in the accelerator and has promised to double the amount of funding to a small group of successful participants in the Pioneer programme. In addition to the funding they will also get dedicated access to BP’s facilities and expertise.
The ventures programme will be run in partnership with DSV (Deep Science Ventures), will launch in 2018 and seeks to fill gaps in technology with revolutionary companies and products.
TechX will invest up to £100k in over 100 companies in the pioneer programme. Pioneers are “start-ups with potentially game changing technologies.
Market Entry is for SMEs that are looking to fast-track their entry to the oil and gas market. Investment is up to £500k for over 200 companies.
All three programmes will gain access to expert mentors, global partners, field trials and office space during the programme.
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.
To apply for TechX, please click here.
Launched in February 2017, the OGTC has invested more than £19m in 30 projects.