Scottish wave energy innovator, Mocean Energy, has secured a substantial financial injection of £2.2 million in new equity, complemented by a £500,000 grant. This funding boost is aimed at advancing the commercialization of Mocean Energy’s cutting-edge wave energy technologies, with a focus on the small-scale Blue Star wave energy converter designed to decarbonize subsea operations in the offshore energy sector.
Mocean Energy is at the forefront of harnessing the vast, untapped potential of ocean waves to generate clean, carbon-free, and renewable energy. With the goal of contributing to a sustainable energy future, the company’s wave energy converters aim to provide both ocean equipment and the grid with a reliable source of green power.
As a key participant in the £2 million Renewables for Subsea Power (RSP) program in the Orkney seas, Mocean Energy has connected its 10kW Blue X wave energy prototype with a Halo underwater battery system, showcasing the practical applications of its innovative technology.
The equity infusion of £2.2 million comes from a mix of existing investors, including Equity Gap, Scottish Enterprise, and Old College Capital, alongside new stakeholders such as Norwegian impact investors Katapult Ocean and MOL PLUS. Additionally, a significant £499,500 grant from the Low Carbon Manufacturing Challenge Fund is specifically earmarked for advancing the detailed design, build, and testing of key subsystems for the small-scale Blue Star wave energy machine.
EU Support and Global Recognition:
Mocean Energy’s commitment to innovation is further underscored by the £3.2 million funding received in Phase 3 of EuropeWave, a pre-commercial procurement program funded through the EU. This collaborative effort, managed with partners Wave Energy Scotland, the Basque Energy Agency, and Ocean Energy Europe, emphasizes Mocean Energy’s international standing in the wave energy sector.
The newly acquired funds are pivotal in accelerating the commercial development of Mocean Energy’s Blue Star technology. According to Cameron McNatt, Managing Director and Co-founder of Mocean Energy, the equity investment not only signifies a significant financial boost but also brings additional strengths and specialized expertise through new shareholders.
Anthony Bellafiore, Investment Manager for Katapult Ocean, highlights the importance of Mocean Energy’s role in pushing the world closer to net-zero targets. The collaboration reflects nearly two years of research and diligence in the field of wave energy.
Jane Martin, Managing Director of Innovation and Investment at Scottish Enterprise, emphasizes the collaborative nature of the funding package, showcasing the synergy between the public and private sectors. The supported projects have the potential to revolutionize power provision to remote subsea equipment and address the global need for reliable, low-cost renewable energy at scale, contributing to Scotland’s emergence as a competitive hub in the green energy industry.
