ONGC, MC²+ Foundation and IIT Bombay join hands to accelerate energy innovation, support startups and develop AI, hydrogen, CBG and digital technologies.
Mumbai: Oil and Natural Gas Corporation Limited (ONGC), in association with MC²⁺ Foundation, hosted the Mumbai City Connect of MC²⁺ Ignite, India’s flagship energy innovation accelerator, at the Indian Institute of Technology (IIT) Bombay on September 8, bringing together industry leaders, academics, researchers and startups to accelerate technology-led transformation in India’s energy sector.
The programme focused on emerging technologies, critical industry challenges and opportunities to take innovative solutions from research and development to real-world deployment and commercialisation.
The event was led by ONGC Chairman and CEO Arun Kumar Singh, with Prof. Aniruddha B. Pandit, Vice Chancellor, Institute of Chemical Technology (ICT), Mumbai, delivering the keynote address.
Also present at the programme were Prof. Shireesh Kedare, Director, IIT Bombay; Om Prakash Sinha, Director (Exploration), ONGC; Bhaskar Chowdary Nettem, Designated OSD (Production), ONGC; Ratnesh Kumar, ED–Chief Corporate Strategy, ONGC; Dhananjay Rai, representing MC²⁺; Shaji Varghese, CEO, Society for Innovation & Entrepreneurship (SINE), IIT Bombay; Prof. Nishant Sharma, SINE; and Prof. Yogendra Shastri, Centre of Excellence in Oil, Gas and Energy (CoEOGE), IIT Bombay.
Tripartite MoU Signed to Strengthen Industry-Academia-Startup Collaboration
A major highlight of the Mumbai City Connect was the signing of a tripartite Memorandum of Understanding (MoU) between MC²⁺ Foundation, IIT Bombay and the Society for Innovation & Entrepreneurship (SINE), IIT Bombay.
The partnership aims to create a stronger interface between the energy industry, academic institutions and startups. It will provide innovators with access to research and development facilities, laboratories, academic and industry mentors, funding, market access and pilot-project opportunities in real-world operating environments.
As a partner PSU in the MC²⁺ ecosystem, ONGC will work with IIT Bombay and SINE across AI-driven Subsurface Intelligence and six other energy innovation themes.
The collaboration is expected to help promising technologies move through different stages—from research and development and validation to pilot projects, deployment and commercial scale.
Seven Focus Areas for Energy Innovation
MC²⁺ Ignite has identified seven broad areas where startups can develop solutions for India’s evolving energy requirements.
These include:
- 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
- Other emerging innovations relevant to the energy sector
The focus areas reflect the growing importance of artificial intelligence, clean energy, digitalisation and advanced technologies in improving efficiency and competitiveness across the oil and gas industry.
Up to ₹2 Crore Support for Selected Startups
The MC²⁺ Ignite accelerator will support up to 30 high-potential early-stage startups working on energy-sector innovations.
Selected startups will be eligible for up to ₹50 lakh in convertible funding and up to ₹1.5 crore in milestone-based funding, taking the potential financial support to ₹2 crore per startup.
Beyond funding, the programme aims to provide startups with access to technical expertise, research infrastructure, industry mentors and pilot opportunities.
This could help bridge one of the major gaps faced by deep-tech startups—the transition from a laboratory-stage innovation to a technology that can operate successfully in an industrial environment.
Startups Showcase Emerging Energy Technologies
A panel discussion and startup showcase at the Mumbai event featured founders and representatives from Sagar Defence, String Bio, WellRx, AngelBot AI and VDT Pipeline Solutions.
The discussions highlighted startup journeys and the challenges involved in translating emerging technologies into scalable solutions for the energy industry.
The participation of startups, academic institutions and major energy companies is intended to create a collaborative ecosystem where industry problems can be matched with technology-driven solutions.
MC²⁺ Ignite Takes Energy Innovation Across India
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 City Connect follows the Pune City Connect held on September 3 and forms part of the accelerator’s wider multi-city outreach programme.
The initiative seeks to bring together energy companies, academic and research institutions, startups and innovators to facilitate the development, validation, deployment and commercialisation of technologies relevant to India’s energy sector.
Applications Open Until September 15
Applications for the inaugural MC²⁺ Ignite cohort are open until September 15, 2026.
With India’s energy demand rising and the sector undergoing rapid technological transformation, initiatives such as MC²⁺ Ignite could play an important role in connecting India’s startup ecosystem with the operational requirements of large energy companies.
The partnership between ONGC, IIT Bombay and SINE also highlights the growing role of industry-academia collaboration in developing indigenous technologies for exploration, production, refining, clean energy and digital transformation.
For India, the larger objective is to build an energy innovation ecosystem capable of developing technologies within the country, testing them in real-world conditions and eventually taking successful solutions to commercial scale.
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