Indian Oil-backed MC²+ IGNITE to fund up to 30 energy start-ups; top ventures eligible for Rs 1.5 crore

New Delhi: Up to 30 deep-tech start-ups working on energy-transition technologies will be selected under MC²+ IGNITE, an energy innovation accelerator co-hosted by Indian Oil, Venture Center and CSIR-National Chemical Laboratory (CSIR-NCL).

Follow The PSUWatch Channel on WhatsApp

Each selected start-up will be eligible for up to Rs 50 lakh in convertible funding, while the strongest ventures could receive an additional Rs 1.5 crore at Demo Day, providing a potential funding opportunity of up to Rs 2 crore for top-performing ventures.

The initiative was highlighted at the Pune outreach of MC²+ IGNITE, titled “Advancing Energy Innovations”, held at the NCL Main Auditorium under the aegis of the MC² Foundation and with guidance from the Ministry of Petroleum and Natural Gas.

The accelerator will target deep-tech ventures across seven energy-transition themes, hydrogen and mobility, AI-driven subsurface intelligence, next-generation drilling, bioenergy and compressed bio-gas, refinery process intensification, digital asset management and an open theme.

Importantly, the funding structure does not require a priced funding round, while start-up founders retain complete ownership of their intellectual property. The programme is being implemented by IIT Madras, with incubation nodes at IIT Kanpur, Venture Center, C-CAMP and IIMA Ventures.

IndianOil Chairman A. S. Sahney said the initiative is aimed at helping promising energy technologies move beyond laboratory-scale development by providing founders access to industrial infrastructure and opportunities for real-world validation.

“Through MC²+ IGNITE, we are opening IndianOil's infrastructure to founders — a place to test, to fail safely, and to validate solutions beyond bench scale — so that promising technologies do not stall in the valley of death,” Sahney said.

IndianOil's collaboration with CSIR-NCL under the initiative will specifically focus on **hydrogen and mobility**, two areas that are central to the company's energy-transition agenda.

Padma Vibhushan R. A. Mashelkar, who delivered the keynote address, described the initiative as timely and path-breaking. He highlighted the pooling of laboratories, assets, mentoring, capital and market access by India's energy majors to support the country's innovation ecosystem.

Follow PSU Watch on LinkedIN

The Pune programme brought together energy companies, research institutions, deep-tech founders and the scientific community. It included sessions on the capabilities and problem statements of India's oil and gas companies, the green hydrogen ecosystem and a showcase of energy innovators.

The event also concluded with the exchange of a Memorandum of Understanding between the MC² Foundation and Venture Center, formally establishing Venture Center as an on-ground MC² node.

The MC² Foundation is a Section 8 not-for-profit platform promoted by leading energy companies, including Petronet LNG, IndianOil, ONGC, GAIL, BPCL, HPCL, Oil India and Engineers India Limited, in partnership with research institutions. Its initiative is aimed at accelerating collaboration and technology development across India's energy sector.

(PSU Watch is India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy. 👉 Click to join our channel now: PSUWatch WhatsApp Channel. Prefer LinkedIn? Follow PSU Watch on LinkedIN. Click to stay connected on Twitter here and stay updated)