Launched last year by the Oil and Gas Technology Centre (OGTC) in Aberdeen, the TechX accelerator has attracted more than 75 applications from 17 countries and five continents.
The new business “accelerator” aims to help budding companies get their pioneering products to market quickly and in the best shape possible.
TechX will provide funds and support to help companies commercialise their oil technology, without requiring them to hand over equity or intellectual property − or pay the money back.
The accelerator programme offers up to £100,000 funding to start-ups, who will also receive mentoring by those working in the oil and gas industry and teaching in academia.
Those successful start-ups will receive mentoring and advice over a 16-week review process based in Aberdeen.
TechX claims the participants “will benefit from the support of experienced business mentors, co-working space, forward-thinking business partners, rapid prototyping, test facilities, large-scale field trials, and showcase events”.
BP is also offering an additional £100,000 funding to a small group of successful start-ups.
David Millar, TechX director, said: “We’ve had a great response so far with applications from Nigeria to Norway, Portugal to Pakistan and everywhere in between! There are only four weeks left to apply for the Pioneer programme and competition will be tough.
“We want to work with exciting tech companies from all industries, inside and outside oil and gas. We’re offering a new generation of entrepreneurs unrivalled funding and support to accelerate innovation and look forward to our first Pioneers starting in April.”