Pinsent Masons has been appointed legal mentors to the TechX Pioneer programme from the Oil & Gas Technology Centre in Aberdeen.
TechX is a unique technology accelerator and incubator which helps the next generation of oil and gas entrepreneurs take new technologies and solutions to the oil and gas market - faster.
Pioneers receive up to £100,000 funding, as well as access to experienced business mentors, co-working facilities, and introductions to business and finance partners.
Over the next 10 years, TechX will invest in more than 100 new start-ups and 200 SMEs to help unlock the full potential of the UK North Sea and anchor a new technology supply chain in the region. Entrepreneurs and innovators will be offered support and end user access to reduce the time and cost of market entry for new technologies.
Throughout the intense 16-week programme, Pinsent Masons’ energy and commercial teams in Aberdeen will provide the Pioneers with advice on company structures, directors’ responsibilities, contract law, intellectual property and legal updates relevant to young start-up enterprises.
The law firm will also host formal teaching sessions and a drop-in clinic at their Queens Road headquarters to advise Pioneers as they develop and encounter new challenges during the fourth-month programme.
Pinsent Masons partner and oil & gas technology law specialist, Martin Ewan, said: “It is very exciting to be in on the ground helping this next generation of energy entrepreneurs and we are delighted to be supporting TechX as official legal partners.
“The North Sea was built on innovation and enterprise and the technologies developed here in the north east over the last 30 years underpin a vast range of exploration and production techniques now deployed across the oil and gas producing world.
“To ensure maximum recovery and efficiencies in the UKCS over the next 50 years, we must encourage this new generation of innovators coming through and help as much as possible to turn their visions in to reality through swift market entry.
“We are looking forward to contributing to this unique project by adding our decades of expertise in the energy sector and making the growth process as pain free as possible.”
David Millar, TechX director for the Oil & Gas Technology Centre, said: “We’re delighted to have Pinsent Masons on board as the legal mentors for our Pioneer programme. Navigating the legal landscape can be challenging at times for even the most experienced organisations, so having an established legal partner help guide the pioneers is invaluable.”