MC² Foundation, supported by leading state-owned energy companies, has launched an accelerator program designed for startups working in deep technologies within the energy sector.
The initiative, named MC²+, held the launch of MC²+ Ignite at IIT Madras. The opening ceremony was conducted by the Secretary of the Ministry of Petroleum and Natural Gas (MoPNG).
The MC²+ headquarters will be located in Delhi, while program nodes will be situated in the research centers of sponsoring companies across India's oil and gas industry. These centers will provide startups with access to real-world sites for pilot testing and validation of their developments.
As part of this partnership, MC²+ has signed agreements with institutions such as IIT Madras, IIT Kanpur, IIT Kharagpur, C-CAMP, and Venture Center, Pune. Through these collaborations, startups will gain access to infrastructure, laboratory capabilities, and mentorship experience across India.
MC²+ Ignite plans to select around 30 startups that can qualify for convertible funding of up to 2 crore rupees, contingent upon achieving specific milestones.
This program aims to address a significant challenge for Indian startups in the field of deep technologies and energy. While early-stage grant funding is relatively easy to obtain, startups face difficulties accessing operational assets, pilot sites, industrial clients, and growth capital. MC²+ Ignite seeks to bridge this gap by combining capital, infrastructure, technical expertise, and industry access within a structured cohort.
At the event, the Secretary of the Ministry of Petroleum and Natural Gas (MoPNG) and Chairman of MC² Foundation, Niraj Mittal, stated that the foundation was created to consolidate technological challenges from major players in India's oil and gas sector onto a single platform. The goal is to link these challenges with academic institutions and startups, helping scale up resulting ventures globally.
Explaining the necessity of establishing the foundation, the Chairman pointed to the fragmentation it aims to overcome. He noted: 'Several of our companies might be working on the same catalyst simultaneously. This leads to duplication of work, investment, and bureaucracy, while there is no direct contact with the institutions where the research is actually being conducted.'