SparkLabs Energy Launches Cohort 2 of Groundbreaking Accelerator Program in Partnership with PDO
Updated: Feb 11, 2020
On Wednesday November 20th, SparkLabs Energy accelerator program (a partnership between Phaze Ventures, Petroleum Development Oman, and SparkLabs Global) launched the second cohort of their groundbreaking program in Muscat, Oman. The launch event was held at Petroleum Development's headquarters, and was attended by Raoul Restucci, Managing Director of Petroleum Development Oman, Abdullah Al-Shaksy, Co-Founder & CEO of Phaze Ventures, and various members of senior industry executives and key ecosystem stakeholders.
The program is the first of its' kind in the region, and is built around piloting technologies from global innovators in real world environments through corporate partnerships.
During the event, the cohort consisting of 7 technology first startups from around the world was announced, and their founding teams each presented the revolutionary technologies they will be piloting in Oman for the first time. The challenges covered by the companies include seismic data acquisition, data processing, reducing environmental impact of enhanced oil recovery, energy storage, and talent development in the regional innovation ecosystem.
1. Element 16: Element 16 is a California based company specialized in the improvement of thermal energy storage using Sulfer. Their systems improves thermal development, reduces energy waste, and does so at low costs by reusing a waste product of hydrocarbon production - further reducing impact.
2. Ragnarock Geo: Based in Norway, RagnaRock Geo develops an AI software that interprets seismic data. The software enhances the understanding and accelerates the workflow of the geophysicist. This increases accuracy of exploration activities, reducing costs and emissions, and increasing production.
3. Eden Geotech: Eden Geotech, based in Saudi Arabia, is developing a water-less and injection-free reservoir stimulation technology based on electrical stimulation. The technology increases permeability and leaves behind no residuals, dramatically reducing productioncost, water usage, and carbon emissions.
4. Spotlight: Spotlight is a French startup providing reservoir engineers dynamic detection of changes occurring in the subsurface using their seismic monitoring solution. They provide real time information on each spot of the reservoir using a single source and a single receiver perfectly positioned. This allows for less equipment and more accurate data points.
5. Sisprobe: Based in France, Sisprobe has developed a source-less, passive noise-based seismic exploration and monitoring tool based on cutting edge research. Their technology reduces time and cost in exploration and seismic monitoring activities.
6. Lift Well International: The team of engineers at Lift Well International have developed a revolutionary new artificial lift method that requires no downhole equipment. This reduces cost, set up time and emissions, and has a higher production rate due to its modern design.
Based in Oman, PhazeRo is building the region's largest engineering team out of local software talent. PhazeRo handles digital consulting, software development, talent onboarding, and continuous improvement for corporate clients so they can get back to focusing on their core business.
The finalists were selected from a total of over 900 startups screened by joint team at Phaze Ventures and Petroleum Development Oman.
Speaking on the occasion, Abdul-Amir Al-Ajmi, Director of External Affairs And Value Creation at Petroleum Development Oman, highlighted "PDO has always been an organization ready to take on new challenges, ready to raise the bar for technology, innovation and social responsibility. We know that what we do has an impact on the country overall, and we strive to make sure that when PDO succeeds, Oman succeeds as a whole."
Commenting on the success of the program to date, Mohammed Al-Wahaibi, Co-Founder & Partner at Phaze Ventures added "the program is not only a first for the region to focus on deep-tech in Energy, but the opportunity to co-develop and pilot technologies with a national energy major is truly unique. These pilots give the startup a unique and extremely valuable opportunity to prove their technologies, and give Phaze Ventures, PDO, and Oman at large, front row access to cutting edge technologies unavailable anywhere else in the world."