The Offshore Renewable Energy (ORE) Catapult has chosen the first companies for the industry-backed regional cleantech accelerator programme at Launch Academy North East.
Six companies – OxraGrid, Origin Tech, Beluga Seatech, Utility AR, Wootzano and Build Stream – were selected by a panel made up of industry representatives from ORE Catapult, EDF Energy, Royal IHC, Northstar Ventures, Sintons Law, Blu Sky, Newcastle Eagle Lab and TusPark Newcastle.
The selected companies are all developing innovative cleantech solutions in order to enhance the north east of England’s offshore wind supply chain and drive cost reduction through innovation.
The companies will now undertake a 12-week programme of core modules provided by the partners, including funding, legal, IP, accountancy and investor readiness support.
They will also participate in modules delivered by ORE Catapult, such as technology assessment, supply chain readiness and business case review.
Each company will also have access to £20,000 of investment, provided by the North East Innovation Fund, supported by the European Regional Development Fund and managed by Northstar Ventures.
The Launch Academy North East initiative focuses on cleantech technology solutions across challenge areas, such as digital applications for offshore assets, predictive maintenance, robotics and artificial intelligence and energy system management.
The companies will also have the opportunity to develop their innovations and demonstrate them to potential investors.
ORE Catapult head of research business development James Battensby said: “The north east of England has long played a pivotal role in the energy innovation landscape.
“Launch Academy North East will continue this tradition accelerating new products and services to market which will support the low carbon transition.
“The offshore wind sector deal has ambitious targets to create 27,000 jobs and £2.6bn in exports by 2030, and so supporting innovative new companies will be critical to achieving this goal”
Northstar Ventures investment director Stephen Price said: “We’re delighted to be working with this ambitious programme that is supporting an industry sector with huge growth potential for the north east and beyond.
“Through the programme, we’re looking forward to backing some exciting, early stage technology businesses, which have the potential to address some of the key challenges in the sector.”
Origin Integrity Management commercial director John Marsden said: “It’s a brilliant opportunity for us to work with the blue-chip industry partners and showcase our innovative technology.
“The Launch Academy will provide us with the insight and renewable industry market drivers that will massively accelerate our commercialisation.
“Being based here in the north east is testament to how well the regional supply chain can support the future of offshore wind.”