UK’s oil and gas industry is getting support in the form of TechX – a funding initiative supported by BP, aiming to help smaller, ambitious technology developers take their solutions to the oil and gas market faster.
TechX, described as a technology accelerator and was launched in The Oil & Gas Technology Centre in Anerdeen on December 7.
“With three tailored programs – Pioneers, Market Entry and Ventures – TechX will accelerate the future of the oil and gas industry,” TechX said.
The Pioneers program will provide funding of up to £100,000 available to start-ups with new technology ideas.
TechX requires no equity or payback, and the developer retains all intellectual property. This program is supported by 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.
Furthermore, TechX offers up to £500,000 funding to accelerate market entry to the oil and gas industry for small- and medium-sized companies from all sectors.
According to TechX, participants on both programs will 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.
“We’ll help TechX companies commercialize their solutions, providing a collaborative environment to help nurture their ideas and use our extensive network to make connections to investors and companies across the industry,” TechX said.
TechX’s Ventures program, in partnership with Deep Science Ventures, will launch in 2018 and seeks to fill technology gaps with revolutionary companies and products.
Mission to unlock industry’s full potential
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 unrivaled funding and support to accelerate innovation.
“We’ve put together three exciting programs 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.”
Commenting, Oil & Gas UK’s Chief Executive Deirdre Michie said: “The basin’s complexity and stage of development present their own particular technology challenges so this is the right practical support the industry needs to help maximize the recovery of the UK’s offshore oil and gas resources.
“With significant estimated oil and gas volumes still to recover in the UK, there will be prizes for the trailblazers who can bring innovation and efficiency to the basin – and ultimately the opportunity to showcase supply chain talent and potential overseas, and I would urge anyone sitting with a good idea in their back pocket to apply.”