Government fund of funds
Development institute of the Russian Federation

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Ufa sees the launch of an international accelerator for oil and gas technology start-ups

31.10.2017

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The project is launched by Ufa State Petroleum Technological University, the Center for Technology Entrepreneurship Petrokvantum and venture companies PhystechVentures and NorthEnergyVentures.

Ufa State Oil Technical University signed cooperation agreements with RVC-owned venture companies Phystech Ventures and North Energy Ventures, which consistently invest in breakthrough Russian oil and gas technologies. The signing ceremony took place at the International Educational Salon in Ufa. Thanks to agreements signed university developers will be able to receive venture financing and use support of funds for establishing cooperation with corporations. Furthermore, the parties plan to join efforts in the development of an innovative ecosystem in the oil and gas industry, in the field of project expert appraisal, prototyping support and testing of the latest developments.

An important milestone of cooperation will be the arrangement of a joint competition of technology oil and gas projects as well as opening of a new site for the G100K project in Ufa – an international accelerator for oil and gas start-ups, which was for the first time launched in spring 2017 in Moscow at the premises of Gubkin Russian State University of Oil and Gas.

G100K accelerator is actively engaged in expanding its presence in all regions across Russia, where the scientific and engineering potential of oil and gas technologies is historically high. The Ufa project will be launched in cooperation with the Centre for Technology Entrepreneurship Petrokvantum at Ufa State Oil Technical University in November 2017. The competition is open to oil and gas technology developers interested in expanding their business competencies, including in international markets, and raising additional funds. Following the results of the accelerator, the companies will get a chance to present their projects to investors and incumbents of the extractive industry. Investments of venture funds can reach up to $ 1M in one company.

"The role of modern universities is not restricted to teaching students or science and research activities. Modern universities can and are becoming centres to form innovative regional ecosystem around them. Our mission is to involve strong partners in this process whose expertise and support can give an additional impetus to the development of technological entrepreneurship and its effective interaction with science and research communities. I’m glad that this initiative was supported by some of the most notable venture investors in the oil and gas industry," said Ramil Nazifovich Bakhtizin, rector of the Ufa State Oil Technical University.

"In Russia, the development of oil and gas technologies has been decentralized historically, there are several strong regions which concentrate various industry-related competencies, and Bashkiria is one of them. For example, it was in Ufa where the world's first multi-hole drilling technology was developed, which is one of the promising production simulation methods. Our initiative aims to locate teams with breakthrough technologies and know-how and assist them in developing their businesses both in Russia and abroad. I’m confident that our agreement with Ufa State Oil Technical University and partnership with the Centre for Technological Entrepreneurship will give new opportunities for Russian scientists and engineers to develop oil and gas innovations," said Pyotr Lukyanov, Managing Partner of Phystech Ventures.

"The Fund has already invested in several companies from the Republic of Bashkortostan. This year we are continuing systemic cooperation with technology oil and gas project teams and significantly expanding the geography of G100k with focus on the leading regions. Ufa State Oil Technical University is an important source of advanced technologies for large industry-related companies and we are trying to remove most of obstacles so that breakthrough products can yield significant revenue to their creators and make a significant contribution to economy," said Ivan Protopopov, partner of North Energy Ventures.



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