OGTC Launches New Technology Program for Oil, Gas
The UK’s Oil & Gas Technology Centre (OGTC) announced that it has launched TechX Ventures; a partnership with Deep Science Ventures (DSV) that “combines deep science with engineering to create start-up companies with technologies that position the oil and gas industry for a sustainable future in a low carbon economy”.
As part of the TechX Ventures program, DSV has recruited three teams of scientists and engineering experts from across the world to tackle “key challenges,” according to a statement published on OGTC’s website. The nine-month program is expected to create a handful of start-up companies with new intellectual property.
The start-ups created through the TechX Ventures program will enter the next cohort of the TechX Pioneer accelerator program, which is scheduled to start in May 2019 and offers up to $131,187 (GBP 100,000) equity free.
“We’re delighted to be working with the world’s leading minds in science and engineering to create new start-ups and technologies that position the oil and gas industry for a sustainable future in a low carbon economy,” David Millar, TechX director for the OGTC, said in an organization statement.
“With TechX Ventures, we’re not relying on existing solutions – we’re taking fresh thinking with new companies and new intellectual property,” he added.
Dominic Falcão, a director at Deep Science Ventures, said it is “exceptionally exciting” to work with the TechX team.
“The oil and gas industry is not known for being sexy, but it offers genuine opportunities for step change improvements which are otherwise neglected. We see the chance to make a meaningful difference by building new, multidisciplinary companies,” he said in a DSV statement.
In a TechX Ventures launch video posted on OGTC’s website, Phil Head, founding analyst at DSV said “the whole ethos is to create these game changing companies”.
“Hopefully we can find some solutions to generate some new technology,” he added.
The OGTC was established in October 2016 with $236 million (GBP 180 million) funding as part of the Aberdeen City Region Deal. Its goal is to help maximize economic recovery from the UK continental shelf, anchor the supply chain in the North-East of Scotland, and create a culture of innovation in the region.
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