BP Ventures teams up with Oil and Gas Technology Centre to invest £-millions in SMEs at new Aberdeen incubator

The OGTC office in Aberdeen
The OGTC office in Aberdeen

The Oil and Gas Technology Centre today opens its new technology accelerator and business incubator in Aberdeen.

With BP Ventures as a partner, the new TechX centre aims to invest £-millions in start-ups and SMEs to help them take their solutions to the oil and gas market – faster.

TechX will focus on three types of developers and projects – Pioneers, Market Entry and Ventures – to accelerate the future of the North Sea oil and gas industry and is targeting 100 business start-ups and 200 SMEs.

It can offer up to £100,000 funding for technology start-ups, and up to £500,000 funding for SMEs – with no equity or pay back required and with IP retained by the technology developer.

TechX is open now to funding bids for its first Pioneer and Market Entry programmes. The closing date for Pioneer applications is February 2018 while the Market Entry applications programme is open-ended.

The centre’s Ventures programme will be launched some time in 2018 in partnership with Deep Science Ventures and is focused on addressing technology challenges in oil and gas as well as the low carbon economy.

The Oil & Gas Technology Centre is a not-for-profit, industry-led, technology research and development quango which is largely funded by the Scottish and British governments.

Since its creation in Feb 2017, the OGTC has approved investment of more than £19 million across 30 projects in partnership with industry, expanded its membership to more than 70, and recently opened an Innovation Hub.

Philip Hammond MP, UK finance minister, commented: “Today’s TechX announcement is an exciting step which supports small businesses to bring their ideas to market, while addressing the unique challenges faced by the oil and gas industry.

“This will ensure that Aberdeen continues to lead innovative thinking about future North Sea exploration and production.

 “As we create an economy fit for the future, it is vital we back bright ideas and invest in new technologies, which is why the government is investing up to £90 million in the Oil and Gas Technology Centre to help it champion the future exploration and production of UK oil and gas”.

Mark Thomas
Mark Thomas

Mark Thomas, Regional President, BP North Sea, said: “We are delighted to support the TechX Pioneers programme, an initiative which will accelerate new ideas and ways of working.

“Our commitment to the North Sea is as strong as ever with our plans to target 200,000 barrels a day by 2020 in the region.”

David Gilmour, Head of BP Ventures, added: “One of our core principles is to identify and invest in game-changing technology companies that are accelerating cutting edge innovations across the entire energy spectrum.”

David Millar
David Millar

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.

 

“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.

“We’re offering a new generation of entrepreneurs unrivalled funding and support to accelerate innovation and have put together three exciting programmes.

“These have nearly 100 experienced mentors and partner companies on-board to provide expert advice and support to the start-ups and SMEs selected to take part in TechX.”

7 Dec 2017

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