Commercialising Petroleum Technology for Net Zero

Dr Lateef Akanji, coordinator of the MSc Petroleum Engineering programme at the University of Aberdeen, is internationally recognised for his expertise in petroleum production systems, field development planning, and flow simulation. Alongside his academic role, he is driving innovation to support cleaner, more sustainable oil and gas production during the global transition to net zero.

Focusing on minimising methane emissions and accidental hydrocarbon discharges during production and transportation, Lateef is working with industry partners to develop new technology that could significantly reduce environmental harm in sensitive marine environments. One example is an emergency release device designed to cut closure times during tanker breakouts, preventing or minimising oil discharge into the sea.

In 2024, he joined the Grand Scale Ignite programme — proudly supported by the Scottish Ecosystem Fund 2023‑24, administered by Scottish Enterprise on behalf of the Scottish Government — to strengthen the commercial capability needed to bring this and other innovations to market.

 

The Drive to Commercialise

When Lateef joined Grand Scale Ignite, his technology was at the Design for Manufacture (DFM) stage — optimised for efficient production but not yet ready for market launch.

With a potential spinout on the horizon, he wanted to:

• Develop a strategy for forming a company
• Understand how to raise funds and secure capital
• Build a business design strategy

These goals were driven by a need to bridge the gap between technical readiness and the commercial realities of launching a viable venture.
 

From Building the Product to Building the Business

Ignite’s emphasis on market validation, investment readiness, and scalable business models offered the exact framework Lateef was looking for. In addition to building commercial capability, the programme also helped instil an entrepreneurial way of thinking.

Before Ignite, his focus was firmly on the technical development of the product; through the programme, he learned to reframe everything from the perspective of the customer and the market.

“I found the Grand Scale Ignite training programme highly insightful. It exposes the fact that it is not just sufficient to have a fantastic technology development idea — having a formidable value proposition, business model, go‑to‑market strategy, and a clear financial plan are all crucial to a successful spin‑out project.”

Raising finance was another area where his confidence grew significantly. He developed a clearer understanding of the funding landscape and learned how to navigate key considerations, from securing non-dilutive funding to designing a strategic board structure and paying close attention to the share capital table. 

“Each time I go through this commercialisation process, I use the materials from this course. And it now serves as a guide for my activities, including even the spreadsheets on equity. I still use them today.”

By the end of Ignite, Lateef felt equipped to engage in commercial conversations, able to articulate the value of his innovation and advocate for it effectively:

His goal coming out of the programme was clear: “To execute my spin out project plan using all the taught components of this course.”

One Year On: Partnerships, Progress, and a Path to Market

Over a year after completing Grand Scale Ignite, Lateef’s commercialisation journey is gathering real momentum. We recently sat down with him for our In Conversation series to hear more about his journey, the progress made and the road ahead.

His technology is now expected to reach the market within the next six months. Discussions are underway with a major multinational company that could become both a strategic partner and an early investor. These talks include negotiations on funding, the formation of the company’s top management team (with members from both the partner company and the University of Aberdeen), and securing initial investment.

The past year has also seen tangible milestones:

• Acceptance onto the Scottish Enterprise High Growth Spinout Programme.
• Expansion of the core team, adding one new member.
• Ongoing refinement of the route to market — weighing a potential licensing model against forming a company, with the decision dependent on funding and scalability consideration

The progress so far is significant, but for Lateef, this is just the beginning. Ignite provided the foundation, but it’s the continued application of its tools and insights that’s powering the next stage of his journey. As he reflected:

Looking Ahead

Lateef’s progress over the past year shows exactly the kind of commercial traction Grand Scale Ignite is designed to unlock. With strategic discussions underway, team formation in motion, and market launch within reach, he’s moving steadily towards commercialising a technology with both strong industry relevance and real environmental impact.