New Delhi/Hyderabad: The 'NRL iDEATION Clean Energy Hackathon 2024', a landmark event in the field of sustainable energy solutions, concluded successfully on January 23. Organised by Numaligarh Refinery Limited (NRL) in association with T-Hub Hyderabad, this two-day event brought together over 180 innovators from across India. The hackathon aimed to foster breakthroughs in green energy, reflecting NRL's commitment to achieving net-zero goals by 2038, well ahead of India's overall target.
The event showcased an array of innovative ideas ranging from Green Hydrogen generation and biofuels to energy efficiency. Participants included startups, individual innovators, and students, all sharing a common vision for a sustainable future. This diverse mix of participants underscored NRL’s adaptability in adopting new technologies and its support for grassroots innovation.
NRL iDEATION is the company’s flagship startup program which supports startups and entrepreneurs and is committed to build a healthy startup support ecosystem through grants and equity funding. The program has so far supported around 50 startups from the Northeast region with grant funding of Rs 12 crores and equity investment in one startup through its SEBI registered CAT-I AIF ‘NRL iDEATION Angel Fund’. NRL is the first PSU in the country to have created an Angel Fund with SEBI which aims to support startup ventures.
The clean energy hackathon also aligns with the company’s corporate vision and strategy to identify and invest in early stage clean-energy-tech-ventures which can contribute to achieving the energy transition and diversification goals of NRL.
Velicicore Triumphs with Green Hydrogen Generation Innovation
The highlight of the event was the announcement of 'Velicicore,' a Chennai-based startup, as the winner. Velicicore's groundbreaking work in Green Hydrogen generation earned them the first prize of Rs 5 Lakhs.
Emphasizing the Triple Bottom Line
NRL's Senior Chief General Manager (Corp. Affairs) Nikunja Borthakur at emphasized the importance of the triple bottom line in the organisation's approach. "At NRL, our commitment goes beyond financial success. We strive for a balance in our triple bottom line approach – focusing on people, planet and profit. Through events like the NRL iDEATION Hackathon, we aim to foster innovations that not only contribute to our business objectives but also benefit the community and the environment. This is integral to our mission of sustainable development," said Borthakur.
Fostering Innovation and Collaboration
NRL's iDEATION Hackathon is more than a competition; it's a platform for collaboration, learning, and innovation. By bringing together bright minds from various sectors, NRL is not only investing in sustainable energy solutions but also in the people who will drive this change. This event aligns with NRL's broader strategy to integrate innovative approaches into its operations, contributing to India's energy independence and sustainability goals.
A Step Towards a Greener Future
NRL's proactive approach in achieving its net zero goals through such initiatives is a bold step towards a greener future. By embracing innovative solutions from startups and young minds, NRL is setting a precedent in the oil & gas sector, showing that environmental sustainability and business progress can go hand in hand.
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