Launched today (11th July), the programme aims to help advance the deployment of clean energy technology by providing 12 successful applicants with £100,000 of grant funding each.
The fifth iteration of NZTC’s programme – backed by bp, Equinor, and ADNOC – aims to accelerate the scaling up of clean technology to enable the UK to stay on track with its target of net zero emissions by 2050.
To do this, NZTC intends to focus its funding on renewable energy technologies such as green and blue hydrogen and other clean fuels, carbon capture, usage, and storage (CCUS), digitalisation, and oil and gas emissions reduction.
Commenting on the value that start-ups could offer in the journey to net zero, Mark Anderson, Director, TechX, said, “TechX offers an environment that will help early-stage companies discover their full potential, spark new ideas and grow at pace.”
“I am delighted that applications for the next cohort of our award-winning programme are now open.”
In addition to enabling promising start-ups an opportunity to scale up technology, the organisation intends to diversify its applications by aiming for 50% of shortlisted start-ups to be led by female founders or co-founders.
“Climate change presents a fundamental challenge to society and we believe that pioneering start-up companies are perfectly placed to bring the much needed game-changing innovations to address the challenge,” commented Jeroen Van der Hoek, Investment Manager, Equinor.
Having run the programme since 2018, the NZTC has since seen 45 technology start-ups go on to raise £33m of additional equity funding and achieve five commercialisations.