HPCL, oil PSUs unveil MC2 Plus backing deep tech startups
HPCL and other public sector oil companies just rolled out MC2 Plus, a new program designed to help deep-tech startups solve India's toughest energy problems.
It includes an incubator, an accelerator, and a proposed "India Energy Fund" to boost innovation in the energy sector.
Refining sector spends nearly 1L/cr
Right now, of the more than 13,000 energy startups, nearly 45% focus on electric vehicles and mobility, leaving traditional sectors behind.
MC2 Plus is set to change that by supporting startups working on things like green hydrogen and renewable power, especially for the refining industry, which spends nearly ₹1 lakh crore a year on energy.
HPCL will set up an incubator in Bengaluru and team up with other oil firms so founders get real resources and guidance.
As HPCL chairman Vikas Kaushal puts it, this is about tackling real-world challenges and driving fresh ideas into India's core energy ecosystem.