OGTC and DSV create TechX Ventures for sustainable future

31 July 2018 (Last Updated July 31st, 2018 12:04)

UK-based Oil & Gas Technology Centre (OGTC) has partnered with Deep Science Ventures (DSV) to launch a new programme, TechX Ventures, to enable the oil and gas industry achieve a sustainability future.

UK-based Oil & Gas Technology Centre (OGTC) has partnered with Deep Science Ventures (DSV) to launch a new programme, TechX Ventures, enabling the oil and gas industry to achieve a sustainable future.

TechX Ventures combines deep science with engineering to create new companies and technologies for the industry.

The company will focus on three challenge themes, carbon negative operations, automated oil and gas, and energy movement.

In a move to produce affordable carbon capture and storage solutions, TechX aims to develop new technologies to capture carbon at source, as well as use it for safe storage and conversion to other useful products such as graphene and hydrogen.

In addition, TechX plans to improve safety, enhance production efficiency and automate the decommissioning process of North Sea operations through new technologies.

"Deep Science Ventures leverages fundamental deep science principles to deconstruct technology challenges and creates new ventures with radical ideas."

The company will also create new technologies to convert the reserves to electrical energy at source, store and transport electrical energy, and change currently wasteful processes.

TechX director David Millar said: “We’re delighted to be working with the world’s leading minds in science and engineering to create new start-ups and technologies that position the oil and gas industry for a sustainable future in a low carbon economy.

“With TechX Ventures, we’re not relying on existing solutions, we’re taking fresh thinking with new companies and new intellectual property.

“Deep Science Ventures leverages fundamental deep science principles to deconstruct technology challenges and creates new ventures with radical ideas. This is a unique approach for the oil and gas industry and one that we’re very excited to be leading on.”

Furthermore, the start-ups created through TechX programme will join the TechX Pioneer accelerator programme from May 2019 and receive up to £100,000 equity free, with no payback funding.