ONGC-backed MC²⁺ Ignite to fund 30 energy startups up to Rs 2 crore each

New Delhi: Oil and Natural Gas Corporation Limited (ONGC) hosted the Mumbai City Connect of MC²⁺ Ignite, India’s flagship energy innovation accelerator, at IIT Bombay on September 8, bringing together stakeholders from the energy industry, academia, research institutions and the startup ecosystem to accelerate development and deployment of emerging technologies.

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The programme was led by ONGC Chairman and CEO Arun Kumar Singh and featured Prof. Aniruddha B. Pandit, Vice Chancellor of the Institute of Chemical Technology (ICT), Mumbai, as the keynote speaker. Senior representatives from ONGC, IIT Bombay, MC²⁺ Foundation and the Society for Innovation & Entrepreneurship (SINE), IIT Bombay, also participated in the event.

On the occasion, a tripartite Memorandum of Understanding (MoU) has been signed between MC²⁺ Foundation, IIT Bombay and SINE, IIT Bombay. The partnership is aimed at strengthening collaboration between industry, academia and startups by providing innovators access to research and development infrastructure, laboratories, technical and industry mentors, funding, market access and pilot opportunities.

As a partner PSU in the MC²⁺ ecosystem, ONGC will work with IIT Bombay and SINE across seven energy innovation themes, including AI-driven Subsurface Intelligence. The collaboration is intended to help promising technologies move beyond the research stage towards validation, pilot projects, deployment and commercialisation.

The MC²⁺ Ignite accelerator will support up to 30 high-potential early-stage startups working on energy-sector technologies. Selected startups will be eligible for up to Rs 50 lakh in convertible funding and up to Rs 1.5 crore in milestone-based funding, providing potential financial support of up to Rs 2 crore per startup.

The accelerator covers seven focus areas: AI-driven Subsurface Intelligence; next-generation drilling and well completion technologies; hydrogen and mobility; bioenergy with a focus on Compressed Biogas (CBG); refinery process intensification and catalysis; digital asset management; and other innovations relevant to the energy sector.

The Mumbai City Connect also featured a panel discussion and startup showcase involving founders and representatives from Sagar Defence, String Bio, WellRx, AngelBot AI and VDT Pipeline Solutions. The sessions highlighted startup journeys and opportunities to translate emerging technologies into scalable solutions for the energy industry.

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MC²⁺ Ignite was formally launched at IIT Madras on August 19, 2026, by Dr. Neeraj Mittal, Secretary, Ministry of Petroleum & Natural Gas and Chairman, MC² Foundation, in the presence of senior leaders from major oil and gas companies and partner institutions. The Mumbai event follows the Pune City Connect held on September 3 and forms part of the accelerator's nationwide outreach programme.

The MC²⁺ Foundation brings together energy companies, academic and research institutions, startups and innovators with the objective of facilitating the development, validation, deployment and commercialisation of technologies relevant to India's energy sector.

The initiative is expected to create a structured pathway for energy startups to access industry problem statements, technical expertise, research infrastructure and real-world pilot opportunities, while enabling participating PSUs and energy companies to evaluate and adopt emerging technologies at scale.

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