ImpactAlpha, October 23 — Shell and other oil majors are increasing oil and gas production to cash in on rising prices. But they continue to hedge their bets on the energy transition. The seven startups in Shell’s Studio X cohort are developing solutions in energy storage, hydrogen compression and regenerative agriculture.
Scotland’s Flexergy is developing an “ultra-efficient” system to distribute hydrogen gas and reduce energy waste. Australia’s Economical Energy is building long-duration storage for wind and solar energy. In the US, Denver-based Austere Environmental is extracting petroleum-based contaminants such as jet fuel and crude oil from soils.
Other companies in the cohort include AI Technology & Systems, Onvol, Project Geminae and SeisWave. Founders will get four months of mentorship and investments of between $50,000 and $250,000.
Catalyzing clean tech
Shell launched Studio X in 2020 with support from BCG Digital Ventures and Boston Consulting Group. The Austin-based accelerator has invested roughly $3.2 million across two dozen startups.
“A vast majority of the technology we need to develop for the energy transition will come from startups and their unique ability to propel change with innovative thinking and approaches,” Studio X’s Jeff Allyn told ImpactAlpha.
