Clean energy start-ups graduate TechX Accelerator with £740,000 equity raised
The Net Zero Technology Centre (NZTC) continues to drive transformational technologies through promising clean energy start-ups. The Centre’s 2023 cohort, comprised of 12 pioneering companies, have successfully graduated from the award-winning TechX Clean Energy Accelerator, which Equinor is a strategic partner of, after an intensive 15-week programme.
From space-based metocean survey intelligence technology to boost offshore renewable energy, to cryogenic superconducting hydrogen motors to decarbonise aviation, the latest TechX cohort demonstrate the impact entrepreneurial ingenuity will have in paving the way for clean and affordable energy.
The programme concluded with its 2023 Demo Day, giving the latest wave of start-ups an opportunity to pitch their solutions to a range of industry leaders.
Through the programme the start-ups gained access to over 30 experienced mentors and were introduced to a range of potential customers within the energy industry. This allowed them to validate their technologies, build compelling business models and enhance their value proposition. Over the course of the 15 weeks, the start-ups also collectively raised £740,000 in equity.
TechX Strategic Partners Equinor, bp and ADNOC recognised the cohort’s achievements, funding cash prizes of over £200,000, awarded to the start-ups with the most impactful net zero technologies. The 2023 winners were:
- Fluxart, with cryogenic superconducting hydrogen motors to decarbonise aviation.
- Wastewater Fuels, with microbial electrolysis cells for green hydrogen production from wastewater.
MESPAC, which offers space-based metocean survey intelligence for offshore renewable energy, was also awarded the TechX Best Performance prize.
NZTC will continue to support the 12 start-ups for a further two years, offering them more showcase and networking opportunities, as well as co-working space in Aberdeen, Scotland.
This is the third second year that Equinor has been a strategic partner of the TechX programme.
“The NZTC TechX programme presents us with a unique opportunity to work collaboratively with innovative start-up companies and new technologies which will help to drive the industry towards net zero and enable the use of sustainable energy resources. It is fantastic to see the ambition of the companies from the 2023 programme as they create disruptive technology which I have no doubt is going to have a major impact in the years to come.”
Chief Acceleration Officer & TechX Director Mark Anderson said:
“The start-ups from our 2023 cohort have grasped each and every opportunity that has come their way. They are a testament to the pivotal role entrepreneurs will play in unlocking new solutions that will help industry reach its net zero targets. I look forward to being part of their continued development as we work with these exciting companies for a further two years through our TechX Growth programme. Their journey is only just beginning, and I have no doubt they will continue to see success."
The Net Zero Technology Centre was created as part of the Aberdeen City Region Deal, with £180 million of UK and Scottish government funding to maximise the potential of the North Sea.