SynopsisThe MC2+Ignite accelerator, in partnership with IIT Madras, will select about 30 startups at the prototype-to-early-pilot stage. The focus area will remain oil and gas, with sub sectors such as artificial intelligence (AI)-led subsurface intelligence, drilling technologies, hydrogen, mobility, bioenergy, refinery processes and digital asset management.Oil and gas public sector undertakings (PSUs) are pooling capital and infrastructure under a new platform to back energy and industrial deeptech startups in the country. They are expected to commit Rs 70-80 crore in the first year while separately planning a Rs 2,000-crore growth-stage fund. The platform has also launched an energy accelerator to help startups.Registered as a not-for-profit organisation, MC² Foundation counts ONGC, Indian Oil,Now Playing
Oil giants pool capital to ignite energy deeptech - The Economic Times
The MC2+Ignite accelerator, in partnership with IIT Madras, will select about 30 startups at the prototype-to-early-pilot stage. The focus area will remain oil and gas, with sub sectors such as artificial intelligence (AI)-led subsurface intelligence, drilling technologies, hydrogen, mobility, bioenergy, refinery processes and digital asset management.
TL;DRAI
ONGC and Indian Oil pool Rs 70-80 crore to launch MC2+Ignite accelerator backing 30 deeptech startups in AI-subsurface intelligence, hydrogen, and drilling tech. Energy incumbents signaling AI as core competitive asset; expect acquisition activity in emerging energy-tech stacks within 18 months.
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