The MC² foundation, a non-government private entity under the aegis of the Ministry of Petroleum and Natural Gas (MoPNG), has announced the launch of a sector-specific accelerator programme named 'MC²+ Ignite'. The initiative is designed to support deep-tech startups that are building new technologies tailored for India’s energy sector.
The programme was officially launched at the IIT Madras Campus by Dr. Neeraj Mittal, Secretary of the MoPNG and Chairman of the MC² Foundation. The launch event was also attended by Kartikeya Dube, Chairman of bp India, alongside the Chairman and Managing Directors (CMDs) of various oil and gas public sector undertakings (PSUs) and heads of partner institutions.
Under the structure of 'MC²+ Ignite', the programme will select a cohort of approximately 30 startups. Selected entities will be eligible to receive up to ₹2 crore in milestone-linked convertible funding to scale their operations and technology development.
Addressing the challenges in traditional research and development workflows, Dr. Neeraj Mittal noted the issue of parallel efforts within the sector. He stated that several companies often work on the exact same catalyst simultaneously, leading to a duplication of work, investments, and bureaucracy, while lacking a direct interface with the research institutions where the actual work takes place.
To address this structural gap, the accelerator will operate on a decentralised model. It will maintain its primary hub in Delhi, supported by operational nodes located within the research and development centres of various sponsoring companies across the Indian oil and gas sector. This setup is intended to provide participating startups with direct access to real pilot sites.
"The launch of 'MC²+ Ignite' by the MC² foundation marks a strategic step in bridging the gap between public sector energy giants and deep-tech startups in India. By offering up to ₹2 crore in milestone-linked convertible funding and providing access to real pilot sites through a decentralised model, this accelerator addresses critical hurdles like R&D duplication and lack of testing infrastructure. For early-stage entrepreneurs in the energy domain, this initiative offers a structured pathway to validate technologies and scale effectively within a heavily regulated sector." — Dr. Shishir Gupta, Founder & CEO, StartupLanes
