Startup competition for new marine technologies

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Norway-based Yara Marine Technologies, a specialist in gas scrubbing technology, has announced a new corporate accelerator program for startups, Yara Marine X, that it hopes will speed up the adoption of environmentally sound marine technologies.

“Our corporate mission is to nurture the next generation of high value, high performance sustainable ocean technologies,” explained Yara Marine CEO Thomas Koniordos. “With this new program, we are seeking to position Yara Marine in the global startup space while developing new opportunities for the company.” He noted that the long-term goal for the program is to integrate new ideas into the company’s business portfolio.

According to YMT strategy business development manager Thomas Gabestad, the startup competition is designed to attract mature startups looking for partners and investors. “We will be recruiting young companies or professionals with a focus on sustainability and green solutions within vessel operations. Candidates will need to be adjacent to what we do in order to enhance our corporate performance as a whole and help us to build on our strong brand.”

The company says that the competition winner will enter a bootcamp orientation of two weeks, followed by six months in a tailored accelerator program. The program will include office space, a US$10,000 up-front stimulus grant, potential later-stage investment from Yara Marine, and access to the company’s mentors, network and facilities. Additionally, piloting and distribution opportunities with Yara Marine customers, suppliers and network are part of the company’s longer-term plan for winning entries.

Gabestad noted that target companies include ocean and maritime clusters, incubators, universities, various maritime programs, and the global startup media. Key markets for the new technologies will be Asia, the Americas and Europe.

“The winning candidate will take up residence at our Headquarters in Oslo,” Gabestad said.

Applications for the competition opened on September 1 and close October 11.

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