Mocean Energy, a Scottish startup that pioneered wave energy, has raised £2.2 million in funding. The equity funds originate from new shareholders, Norwegian impact investors Katapult Ocean and MOL PLUS, the corporate venture capital split of listed Japanese shipping conglomerate MOL, as well as from existing investors, Equity Gap, Scottish Enterprise, and Old College Capital, the University of Edinburgh’s venture investment fund.
The extra funding will support the Scottish-based company’s efforts to commercialise and obtain initial orders for Blue Star, an offshore energy project that aims to decarbonize subsea operations. The project is situated in Edinburgh and Aberdeen.
Read also – UK-based Accenture Acquire 6point6
Additionally, it will spur additional study and advancement of their expansive Blue Horizon technology. In addition, Mocean has been awarded a £499,500 grant from the Low Carbon Manufacturing Challenge Fund, which is primarily intended to be used for the comprehensive planning, construction, and testing of important components of their small-scale Blue Star wave energy engine.
According to Mocean Energy managing director and co-founder Cameron McNatt: “This new equity investment is significant for Mocean Energy – not just in the quantum invested, but in the additional strengths and specialist expertise our new shareholders bring. The grant funding is also vital and has been match-funded through this new equity round. It will help us accelerate the commercial development of our Blue Star technology.”
Anthony Bellafiore, Investment Manager for Katapult Ocean, shared: “Our investment is the culmination of nearly two years of research and diligence in the burgeoning field of wave energy, which took us across the spectrum of platforms and solutions being developed to capture the still largely untapped resource of wave power. The Mocean team is poised to play an important role in pushing the world closer to its net zero targets, and we’re looking forward to helping them do so.”
Jane Martin, Managing Director of Innovation and Investment at Scottish Enterprise, says: “This funding package is a great example of the public and private sectors working together to unlock investment in renewable energy. The projects it supports are crucially important. One can completely transform the way power is provided to remote, energy-intensive subsea equipment, while the other addresses the need for reliable, low-cost renewable energy at scale, Combined, they have the potential to play an important role in the internationally competitive green energy industry that’s emerging right here in Scotland.”
About Mocean Energy
In order to provide clean, carbon-free, renewable energy to the grid and ocean equipment, Mocean Energy produces wave energy converters.
Presently, the company is an important participant in the £2 million Renewables for Subsea Power (RSP) project in the Orkney Seas, wherein Mocean’s 10kW Blue X wave energy prototype is linked to a Halo underwater battery system created by Verlume, specialist in intelligent energy management in Aberdeen.