Clean energy start-ups graduate TechX Accelerator with £740K equity raised

• NZTC’s 2023 TechX start-up cohort graduate from the 15-week accelerator programme, raising £740K in equity
• Cash prizes of over £200K awarded in recognition of ‘Best Net Zero Impact’

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 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 £740K in equity.

TechX Strategic Partners bp, Equinor and ADNOC recognised the cohort’s achievements, funding cash prizes of over £200K, 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.

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.

UK Government Minister for Scotland Malcolm Offord said:

“The Net Zero Technology Centre offers a place for pioneering start-up companies to create eco-friendly solutions that will drive change and help the offshore renewable energy sector continue in its goal of achieving net zero.

“Congratulations to 2023’s graduates, we cannot wait to see their success continue as part of the TechX growth programme.

“The UK Government is investing £90 million in the Net Zero Technology Centre as part of the £125 million Aberdeen City Region Deal.” 

Scottish Government Wellbeing Economy Secretary Neil Gray said:

“The TechX Clean Energy Accelerator programme is providing invaluable support to innovative start-ups in the energy industry.

“I applaud the ingenuity demonstrated by these entrepreneurs and wish them every success as they develop new products for the market.

“The Scottish Government is supporting enterprise which can help Scotland reach net zero through its £90 million Aberdeen City Region Deal investment in the Net Zero Technology Centre. We need more programmes like the TechX Accelerator and that is why we are launching a Scottish National Innovation Strategy to make it easier for businesses to turn ideas into reality.”

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.