North East Companies Seek Energy Funding
Pioneering new energy business CEOs seeks funding to shape a tech-focused direction for the sector.
19:28 04 August 2019
CEOs and founders of five north-east companies have met in London as they discuss strategies as they seek funding needed to shape a tech-focused energy business sector.
Speaking at an event organised by KPMG and the Oil and Gas Technology Centre in Aberdeen, David Millar, technology accelerator director at the Oil & Gas Technology Centre, said: “We have a very active capital market in Scotland, but that’s predominantly focused in Edinburgh and Glasgow, so from the north east of Scotland, in Aberdeen, where we’re based, it’s particularly difficult to engage and raise early stage seed capital, so we’re trying to broaden our network as wide as possible.
"In London there’s a huge amount of capital on offer. There are a lot of investors in the city, particularly in the energy and clean tech sector, so to be able to break into that network and have a meeting such as this, with quite a diverse group of investors, is really important for the start-ups, enabling them to build that network themselves.
“There’s been a huge amount of efficiency gained over the last four years, as part of the downturn, with companies trying to get a lot leaner and more efficient in the way that they run their businesses, but they get to a point where they really need to look at new technology and innovation to deliver the step change that we really need in this industry.
"The centre has been established in Aberdeen to really support that with government funding to identify exciting technologies, both early stage, at the start-up, and even the R&D stage, as well as the more mature companies looking for final field trials.
"We know and recognise a lot of the technology that we will need to be successful, and to sustain the industry in the UK will come from start-ups, so we need to have a much more diverse, supportive offering that really breaks down this potential 16-year roadmap that we’ve had traditionally for technologies to break into the industry. We really want to turn that on its head, and give these start-ups the best chance of success, to commercialise their technology, and help make a difference.”