Scottish wave power firm Mocean Energy has secured £730,000 ($978,711) in equity funding from both private and public funders to accelerate the commercial roll-out of their wave energy technology, with a view to boosting the energy transition in the subsea oil and gas sectors.
The new funds will also enable Mocean to advance the design of its next-generation Blue Star wave machine, and drive its adoption in subsea oil and gas.
The funding round, led by the angel-funding syndicate Equity Gap, saw investment by government investment body Scottish Enterprise, as well as the University of Edinburgh’s in-house venture investment fund, Old College Capital.
The new funds follow an £862,000 ($1.15 million) seed raise which was completed in 2020, comprising £612,000 ($820,649) equity funding plus a £250,000 ($335,175) grant from Innovate UK, the UK Government’s innovation agency.
Last year the Scottish firm successfully trialled their Blue X prototype at sea at the European Wave Energy Centre (EMEC) in Orkney.
Currently, the company is collaborating with partners to advance a demonstrator project, called Renewables for Subsea Power, to show how their technology can be coupled with underwater energy storage to provide reliable low carbon power to subsea equipment and autonomous underwater vehicles.
