Tech accelerator and incubator looks to drive innovation in oil & gas sector

● Venture targets 100 start-ups and 200 SMES to help key industry modernisation

An organisation set up to help the North-east of Scotland thrive as a global technology hub has today unveiled a technology accelerator and incubator to drive innovation in the oil and gas sector.

The Oil & Gas Technology Centre, which launched in February, has unveiled Techx in a bid to “recapture the entrepreneurial spirit that created the UK oil and gas industry”, helping smaller, ambitious technology developers take their solutions to the oil and gas market.

Techx director David Millar told The Scotsman that in-depth research has taken place so that “what we brought to market was of value… both to the industry but also to the entrepreneurs and SMES that we wanted to support”.

The initiative comprises three tailored programmes, namely Pioneers, Market Entry and Ventures.

The Pioneers programme provides funding of up to £100,000 to start-ups with new technology ideas, and requiring no equity or payback.

BP Ventures, an arm of the energy giant seeking to identify and invest in private, high-growth, game-changing tech companies, is a strategic partner in the Pioneers programme, and will offer select Pioneers further funding, as well as access to BP’S facilities and expertise.

Millar added: “It’s really important that we have companies like BP on board… we can’t do it without them because ultimately these organisations are the endusers of the technology that we’re trying to accelerate into the industry.”

Secondly, and targeting the acceleration of market entry to the oil and gas industry for SMES from all sectors is the Market Entry programme, offering funding of up to £500,000.

Thirdly, the Ventures programme, in partnership with Deep Science Ventures, will launch in 2018, aiming to plug technology gaps with “revolutionary” companies and products, addressing future challenges in oil and gas, as well as the low-carbon economy.

Millar said almost 100 mentors and partner firms from a range of backgrounds are to advise and support participating start-ups and SMES, adding that in 2018, Techx expects to have its first cohort go through and complete and then start the application process for the second.

“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.”