ONGC launched its start-up fund in 2016 to encourage innovations in the energy field,
To encourage innovations in the energy field, Oil and Natural Gas Corporation (ONGC) launched a start-up fund in 2016. It has now promised to invest Rs 100 crore in start-ups working on energy-field-related problems.
As a part of this initiative, ONGC will nurture the entire support chain to these start-ups. This includes providing seed capital, mentoring, market linkage and follow-ups.
“Start-ups that have been working on innovative ideas are located across the country…and have been successful in their respective ventures,” Rajesh Kumar Srivastava, interim chairman of ONGC told The Economic Times.
The state-run entity has committed Rs 61.31 crore to 15 newly formed companies seeking new ideas to solve energy issues till date, the Economic Times reported. These include String Bio, Chakr Innovation, and StrautX Technologies.
Bengaluru-based organisation String Bio converts methane to edible proteins for aqua and poultry feed ingredients, while Pune-based Chakr Innovation is trying to control energy pollution by capturing particulate matter from the exhaust of diesel engines. StrautX Technologies currently deals with the creation of electricity from solar thermal energy.
String Bio raised Rs 4.5 crore in 2019 from ONGC in a seed funding round. It utilized this capital to develop its own indigenous technology to convert methane to edible protein.