Pipeline ‘zipping’ among pioneering start-ups selected for tech accelerator

● Ten oil and gas-focused tech ventures will now receive up to £100,000 funding

An initiative to help smaller, ambitious technology developers bring their products to the oil and gas market faster today announced its first ten “pioneers”.

An entire laboratory shrunk on to a microchip, pipelines that are “zipped” together and a safer, greener and cheaper alternative to liquified natural gas (LNG) could soon be making their way into the North Sea sector as part of the Techx technology accelerator programme.

The first start-ups for the Pioneer programme were selected following a pitch to a panel of industry experts and academia. Some 125 tech ventures from 24 countries applied for the programme, which commences in June at Aberdeen’s Oil & Gas Technology Centre.

Each pioneer

will now receive £25,000 seed funding to help develop their business and enhance the technology through an “intense” 16-week programme. Up to £75,000 in additional funding is available during the period and upon graduation the selected ventures will be transferred into a 12-month incubator called Techx+.

Two companies with the most exciting potential also have the opportunity of a further £100,000 funding from energy major BP.

All funding is provided with no equity taken or payback required, while the intellectual property is retained by the business.

David Millar, Techx director at the Oil & Gas Technology Centre, said: “We were blown away by the technology ideas presented and now have ten ambitious start-ups with us that want to change the world.

“I’m sure these first Pioneers will set a benchmark in technology development that positions Techx as the leading accelerator for companies hoping to break into the oil and gas industry.

“Techx represents a significant opportunity to develop a new technology supply chain in the North-east of Scotland and anchor it here for generations to come.”

Among the initial cohort of businesses is Tubular Sciences, which has developed a sealing technology that effectively zips pipelines together.

David Gilmour, vice president, BP Ventures, said: “Accelerating innovative thinking and developing new technologies and solutions is a key objective at BP to allow us to maintain and develop our business both in the North Sea and beyond.

“We are incredibly proud to be associated and connected with the initiative and we look forward to working with the Pioneers to help scale their ideas and technologies.”