An investors’ dinner was held in Aberdeen last night as the newly launched Oil and Gas Technology Centre set a bold ambition to invest in 100 companies over the next decade.
The centre, which opened last week, aims to bridge the gap between under-developed, early stage or embryonic technology and practical large scale deployment.
Around 40 equity investors attended the dinner as the OGTC bids for fresh capital to stimulate the necessary research and development projects.
The gathered audience was also told of the importance of SMEs in fulfilling gaps in the supply chain.
Investors heard that potentially useful ideas generated in these small creative firms may never become a reality without a cash injection.
Chief executive Colette Cohen said that is where the OGTC’s ‘technology accelerator’ would step in.
It will support SMEs in the supply chain to take ideas through the “technology lifecycle”.
Investors will also be able to provide SMEs with fresh ideas, and providing co-funding, mentoring and access to key facilities and expertise.
The programme aims to help these smaller supply chain companies overcome the obstacles they face in commercialising and deploying their solutions.
It will also provide a physical space to nurture their ideas.
A comprehensive evaluation process will see the best ideas selected for acceleration, with others recommended for ‘incubation’.
Colette Cohen, chief executive of the Oil & Gas Technology Centre said: “I welcomed the opportunity to talk with equity investors at tonight’s dinner and highlight the opportunity that exists to identify and fund the next generation of innovative SME technology companies that will play such a vital role in the future of the North Sea oil and gas sector.
“The changing face of the North Sea industry means there are more smaller operating companies than ever before and these SMEs need support to deliver the leading-edge technology research and development essential to maximising recovery and create value.
“Our Technology Accelerator will identify supply chain SMEs with the best ideas and provide access to facilities, skills, partners, as well as test and deployment opportunities. We will help make connections with investors and with oil and gas operators.”
Read more about the OGTC and its work here.