MoU for Deep-Tech Energy Startups: ONGC ₹2,000 Cr AIF
Why in the news
A three-party MoU and an ONGC-backed fund aim to nurture young companies working on energy technology.
Key facts
- MoU partners: MC²⁺ Foundation, IIT Bombay and SINE.
- Focus: deep-tech energy startups.
- Fund: ₹2,000 crore Alternative Investment Fund (AIF), announced by ONGC.
- Ticket size: up to ₹2 crore per startup, via convertible and milestone-based funding.
Focus areas
- AI-driven subsurface intelligence and drilling.
- Hydrogen, mobility and bioenergy.
- Refinery technology and digital asset management.
Exam angle
- Size of the ONGC fund: ₹2,000 crore.
- Maximum support per startup: ₹2 crore.
- Full form: AIF means Alternative Investment Fund.