A wave power firm has secured major new investment to accelerate the commercial rollout of its technology.
Mocean Energy has raised £730,000 in equity funding to advance the design of its next-generation Blue Star wave machine and drive its adoption in subsea oil and gas.
Last year the Edinburgh company successfully trialled its Blue X prototype at sea at the European Wave Energy Centre in Orkney and is currently collaborating with partners to advance a demonstrator project, called Renewables for Subsea Power, to show how the technology can be coupled with underwater energy storage to provide reliable low carbon power to subsea equipment and autonomous underwater vehicles.
The plan is to test the system at sea later this year.
The firm raised the equity funding from existing funders, led by angel syndicate Equity Gap, together with Old College Capital, the University of Edinburgh’s in-house venture investment fund, and Scottish Enterprise.
Cameron McNatt, managing director of Mocean Energy, said: “The equity funding is a tremendous boost and will allow us to accelerate our product rollout.
“This year we’ll start fabricating Blue Star 10, a 10kW machine based around the Blue X design which will begin commercial trails in 2023.
“In parallel we are developing our next-generation Blue Star 20, a 20kW machine based on a new optimised geometry, which will include solar panels and a novel direct drive generator, with trials and rollout targeted for 2024-25.
“Both products are aimed at opportunities in the oil and gas energy transition, defence, offshore wind, and ocean science markets where they can be used to provide power to remote subsea equipment, robotics, and monitoring systems.”
The company said it has seen increasing interest from the oil and gas sector and has opened a dedicated office in Aberdeen to meet customer demand.
The new funds follow an £862,000 seed raise which completed in 2020, comprising £612,000 in equity funding plus a £250,000 grant from Innovate UK, the UK Government’s innovation agency.
Kerry Sharp, director of growth investments at Scottish Enterprise, said: “Bold and ambitious low carbon technology companies like Mocean Energy are fundamental to Scotland’s just transition to a net-zero emission economy.
“Scottish Enterprise is pleased that our ongoing support to the team at Mocean is helping them to scale up and explore their international aspirations, and we hope this most recent investment will see Mocean move ever closer to fully commercialising their innovative wave power technology.”