NZTC’s 2024 start-up cohort graduate from accelerator with £860K equity raised

NZTC’s 2024 TechX start-up cohort graduate from the 15-week accelerator programme, with £860K in equity raised.
Cash prizes of £200K awarded in recognition of climate and economic impact
Start-ups to receive two years of growth support, with access to co-working space in Aberdeen, Scotland

The Net Zero Technology Centre (NZTC) continues to advance clean energy technologies through next-generation start-ups. The Centre’s 2024 start-up cohort, comprised of 12 companies, have successfully graduated from the 15-week programme, in which short time they collectively raised £860K in equity.

From technology to convert renewable energy, carbon dioxide and water into zero carbon jet fuel, to novel solar thermal technology for buildings that can harvest more carbon neutral heat all year round, NZTC’s 2024 TechX cohort demonstrates the crucial role start-ups are playing in unearthing innovations to enable clean and affordable energy.

Throughout the programme, participants were connected with expert mentors and introduced to potential customers and investors, enabling them to validate their technologies, develop strong business models and enhance their value propositions.

The programme concluded with its 2024 Demo Day, giving the start-ups the chance to pitch their solutions to industry leaders, including TechX’s Strategic Partners: ADNOC, bp, ConocoPhillips and Equinor.

In addition, TechX Strategic Partners awarded additional cash prizes to the start-ups promising the greatest climate and economic impact:

Kali Technology, with their low cost, integrated heat pump technology, won the £100K Climate Impact award.
H2CHP, with their fuel-flexible power generator, won the £100K Economic Impact award.

NZTC will continue to support the 12 start-ups for the next two years by offering networking opportunities and co-working space in Aberdeen, Scotland, to propel the companies towards commercialisation and beyond.

NZTC’s Chief Acceleration Officer & TechX Director Mark Anderson said:

“Over the last 15 weeks our 2024 cohort have showcased the transformative power of entrepreneurial innovation, having fully leveraged the opportunities and network that comes with TechX. Their steadfast dedication to advancing clean energy demonstrates the pivotal role entrepreneurs will continue to play in accelerating the transition to net zero.

“NZTC will continue to support these companies, assisting them to unleash their full potential and facilitating their entry into the market to make a meaningful impact on both the future energy landscape and economy. I look forward to seeing their continued development.”

Andrew Anderson, Co-founder of Kali Technology, winner of the Climate Impact award, said:

“We are delighted not only to have graduated from NZTC’s TechX Accelerator, but also to have won the Climate Impact award. Our solution addresses the expense and complexities of heat pump installation, paving the way for affordable decarbonisation.

At Kali Technology, we are committed to driving positive change across the energy sector, and TechX has been instrumental in making our vision a reality. We look forward to continuing our work with the TechX Team at NZTC and further developing to unlock our full technological potential.”

Dr Stephen Hampson, Managing Director of H2CHP, winner of the Economic Impact award, said:

“H2CHP aims to meet the demand for clean, efficient and dependable power generation for industrial and maritime usage, with the flexibility to transition to 100% renewable fuels. We are thrilled to have advanced our fuel-flexible generator technology through NZTC’s TechX programme and are honoured to have won the Economic Impact award.

"With NZTC’s support, we are confident that our solution will play a crucial role in the transition to clean and affordable energy, helping industry and sea transport meet its net zero targets.”

To date, NZTC has accelerated a total of 69 start-ups through its TechX programme, who have collectively raised over £106M in equity and generated an aggregate £27.3M in revenue, with the potential to save 20-25 million tonnes of CO2e annually by 2030.

TechX receives funding from both the Scottish and UK Governments as part of the Aberdeen City Region Deal investment.