MC² Foundation launches accelerator for energy deeptech startups
The programme will select around 30 startups and offer up to Rs 2 crore in milestone-linked convertible funding, along with access to pilot sites, labs, technical expertise and industry partners across India.
MC² Foundation, backed by leading public sector energy companies, has launched an accelerator programme for deeptech startups working in the energy sector.
MC²+, the foundation’s startup-focused initiative, launched MC²+ Ignite at IIT Madras. The programme was inaugurated by the Secretary of the Ministry of Petroleum and Natural Gas (MoPNG).
MC²+ will be headquartered in Delhi, with nodes at the R&D centres of sponsoring companies across India’s oil and gas sector. These centres will give startups access to real-world pilot sites to test and validate their technologies.
The initiative has also partnered with institutions including IIT Madras, IIT Kanpur, IIT Kharagpur, C-CAMP and Venture Center, Pune. Through these partnerships, startups will be able to access infrastructure, laboratory facilities and mentoring expertise across India.
MC²+ Ignite plans to select around 30 startups, which will be eligible for up to Rs 2 crore in milestone-linked convertible funding.
The programme addresses a critical gap for Indian deeptech and energy startups. While early-stage grant funding is easy to come by, startups face challenges in accessing operating assets, pilot sites, industry customers and growth capital. MC²+ Ignite aims to bridge this gap by bringing together capital, infrastructure, technical expertise, and industry access within a structured cohort.
At the launch, Neeraj Mittal, Secretary, Ministry of Petroleum and Natural Gas (MoPNG), and Chairman of MC² Foundation, said the foundation was set up to bring together technology problem statements from India’s oil and gas majors on a single platform, connect them with academic institutions and startups, and help scale the resulting ventures globally.
Explaining the need, the Chairman pointed to the fragmentation the Foundation was created to end. "Several of our companies can be working on the very same catalyst at the same time. That is duplication of work, of investment and of bureaucracy and it comes with no direct interface to the institutions where the research is actually happening," he remarked.