Prime Highlights
- Mittal said MC² Foundation aims to end duplication by linking oil firms’ tech needs with academia and startups.
- Mittal said India must produce at global scale to cut costs, not depend on the domestic market alone.
Key Facts
- MC²+ Ignite is a deep-tech energy accelerator launched at IIT Madras in August.
- Top oil and gas company chiefs and bp India’s Chairman attended the launch.
Background
MC² Foundation has launched MC²+ Ignite, a sector-focused accelerator programme designed to support deep-tech startups developing technologies for India’s energy sector. The initiative was unveiled in the third week of August at IIT Madras by Neeraj Mittal, Secretary, Ministry of Petroleum & Natural Gas, along with heads of major oil and gas companies and the Chairman of bp India.
Mittal, who also chairs MC² Foundation, said the organisation was set up to bring together the technology challenges faced by India’s oil and gas majors onto one platform, connect them directly with academic research and startups, and support the resulting ventures to reach global scale.
He explained that the Foundation was created to eliminate duplication, noting that several companies often worked on the same catalyst at the same time, resulting in repeated spending and effort, with no direct link to the institutions conducting the research.
He stressed that energy is the base of all activity, since without it there would be no life, economy, business, food or water. He added that India’s ambitions cannot stop at the domestic market, and that production must happen at a global scale to bring down costs and support the country’s growth into a developed nation.
Speaking to the founders present, Mittal assured them of support through the entire journey, covering technical and managerial mentorship, funding assistance, and guaranteed visibility, since a public sector company would procure their product once ready.
Senior leaders from ONGC, Oil India, IOCL, BPCL, HPCL, Engineers India, Reliance Industries, and bp India attended the launch, along with the CEO of MC² Foundation.
