Wave power firm Mocean Energy raises new funding
Wave power company Mocean Energy has secured new investment to accelerate the commercial roll-out of its ground-breaking technology.
The Edinburgh firm has raised £730,000 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.
The new funds will enable Mocean to advance the design of its next-generation Blue Star wave machine and drive its adoption in subsea oil and gas.
Last year the Scottish firm successfully trialled its Blue X prototype at sea at the European Wave Energy Centre (EMEC) in Orkney, and is currently collaborating with partners to advance a demonstrator project.
Mocean Energy managing director Cameron McNatt said: “The equity funding is a tremendous boost and will allow us to accelerate our product roll out.”
The company has seen increasing interest from the oil and gas sector and has opened an office in Aberdeen to meet customer demand, whilst the firm’s staff complement has grown to 17.
The new funds follow an £862,000 seed raise which completed in 2020, comprising £612,000 equity funding plus a £250,000 grant from Innovate UK, the UK Government’s innovation agency.