Mocean Energy, a Scottish wave company, has secured €2.5 million in new equity. This funding, along with €572,000 in grant funding, will be directed towards driving the commercialization of its wave energy technologies.
The new funds will help the Edinburgh and Aberdeen-based company commercialize and secure first orders for their wave energy technology, Blue Star, which will be built in Scotland and is targeted at decarbonizing subsea operations in the offshore energy sector.
The equity funds come from existing investors including Equity Gap, Scottish Enterprise and Old College Capital, the University of Edinburgh’s venture investment fund, alongside new shareholders Norwegian impact investors Katapult Ocean and MOL Plus, the corporate venture capital arm of listed Japanese shipping conglomerate MOL.
Mocean Energy is developing two different wave technologies. Their Blue Star is a device capable of powering a range of subsea equipment, inspection, and maintenance systems. The second, called Blue Horizon, is a larger machine designed to generate grid-scale electricity. Despite their differences in scale, both systems are based on the same concept.
Their technology uses a hinged raft with a unique geometry that improves performance by up to 300 percent compared to traditional hinged rafts and increases survivability by diving through the largest waves.
In 2021, the company was able to test a prototype model, Blue X, for testing in real sea conditions. Installed at European Marine Energy Centre’s (EMEC) Scapa Flow test site, the Blue X is generating power and data on machine performance and operation seen over the summer months.
In addition, Mocean Energy has secured a Low Carbon Manufacturing Challenge Fund grant, targeted specifically at the detailed design, build and testing of key subsystems for their small-scale Blue Star wave energy machine.
The low carbon fund is administered by Scottish Enterprise and is part of Making Scotland’s Future, a partnership between the Scottish Government, public agencies, industry, and academia that aims to secure a strong, sustainable future for the country’s manufacturing businesses.
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