A group of clean tech start-up companies backed by the Net Zero Technology Centre (NZTC) have attracted over £1million of funding including cash prizes from major oil and gas firms
Twelve companies have raised £860,ooo in equity while taking part in the NZTC TechX program, while ADNOC, BP, ConocoPhillips and Equinor donated cash for prizes worth £100,000 each.
Prize winners
Kali Technology picked up a £100,000 prize recognising climate impact for with their low cost, integrated heat pump technology.
Durham University spin out, H2CHP, won a £100,000 economic impact award for its fuel-flexible power generator.
The equity investment was allocated amongst the 12 companies that have been taking part in the four-month TechX accelerator program. The sources of investment in the firms were not disclosed.
To date, Aberdeen-based NZTC has supported a total of 69 start-ups through TechX, These have collectively raised over £106m in equity and generated an aggregate £27.3m in revenue, it says.
TechX receives funding from both the Scottish and UK Governments as part of the £250m Aberdeen City Region Deal investment.
Low carbon start-ups
The companies in the most recent cohort are developing technology to produce low carbon jet fuel and novel solar thermal technology for buildings.
Throughout the programme, participants were connected with mentors and introduced to potential customers and investors, enabling them to validate their technologies, develop strong business models and enhance their value propositions.
The programme concluded with its 2024 demo day, giving the start-ups the chance to pitch their solutions to industry leaders, including the TechX’s strategic partners, who also offered the investment and prize money: ADNOC, BP, ConocoPhillips and Equinor.
The companies can continue to work with NZTC for the next two years.
© Supplied by NZTCNZTC’s chief acceleration officer and TechX director Mark Anderson said: “Over the last 15 weeks our 2024 cohort have showcased the transformative power of entrepreneurial innovation, having fully leveraged the opportunities and network that comes with TechX.
“Their steadfast dedication to advancing clean energy demonstrates the pivotal role entrepreneurs will continue to play in accelerating the transition to net zero.
“NZTC will continue to support these companies, assisting them to unleash their full potential and facilitating their entry into the market to make a meaningful impact on both the future energy landscape and economy. I look forward to seeing their continued development.”
Andrew Anderson, co-founder of Kali Technology, and winner of the climate impact award, said: “Our solution addresses the expense and complexities of heat pump installation, paving the way for affordable decarbonisation.”
Dr Stephen Hampson, managing director of H2CHP, winner of the economic impact award, said:“H2CHP aims to meet the demand for clean, efficient and dependable power generation for industrial and maritime usage, with the flexibility to transition to 100% renewable fuels.
“With NZTC’s support, we are confident that our solution will play a crucial role in the transition to clean and affordable energy, helping industry and sea transport meet its net zero targets.”
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- Source: https://www.energyvoice.com/renewables-energy-transition/554816/net-zero-technology-centre-cohort/