ABERDEEN, UK – Ten companies have graduated from the inaugural Oil & Gas Technology Centre (OGTC) TechX Pioneers program.
This is described as a “unique technology accelerator and incubator,” designed to help innovative companies take their ideas to the oil and gas market.
Over four months, the OGTC organized more than 150 meetings for the selected companies with industry leaders in the UK, and some of the Pioneers have secured a total of seven field trials with major operators for their technologies.
They have also received funding of up to £100,000 ($132,000) with requirements such as equity or payback, and the developer retaining all intellectual property.
BP Ventures, a supporter of TechX, will award additional funding of £60,000 ($79,000) to RAB Microfluidics and £40,000 ($52,500) to Intelift to continue their respective developments.
A total of 120 mentors and partner companies provided advice and support throughout the program, the OGTC added.