Edinburgh and Aberdeen-based start-up Mocean Energy has successfully raised £2.7 million (USD 3.29 million/EUR 3.08 million) in fresh capital to advance the commercialization of its wave energy technologies and facilitate the acquisition of initial orders. The company's prominent products, including the compact wave energy device Blue Star and the large-scale wave energy converter Blue Horizon, are at the forefront of the sector's development.
Mocean's Blue Star, slated for deployment in Scotland, aims to play a pivotal role in decarbonizing subsea operations within the offshore energy sector. The funding injection, comprising £2.2 million from a recent funding round, welcomes new shareholders Norwegian impact investors Katapult Ocean and MOL PLUS, the corporate venture capital arm of Japan's prominent shipping conglomerate, MOL. Existing investors such as Equity Gap, Scottish Enterprise, and the University of Edinburgh's venture investment fund Old College Capital have also expressed continued support.
Part of the capital, totaling £499,500, has been secured as a grant under the Low Carbon Manufacturing Challenge Fund. This financial support is earmarked for the detailed design, construction, and testing of key subsystems integral to the Blue Star machine.
Mocean Energy's flagship utility-scale device, Blue Horizon, is set to benefit from additional research and development, with plans to enhance the 250-kW technology before manufacturing and deploying a grid-connected model at the European Marine Energy Centre (EMEC) in Orkney by 2025.
The company's progress is exemplified by the successful installation of the Blue X prototype off the coast in 2021, underscoring Mocean Energy's commitment to advancing wave energy solutions. The infusion of funds positions the company to not only propel the commercialization of Blue Star but also to refine and expand the capabilities of the Blue Horizon technology, contributing to the evolution of sustainable energy solutions in the marine sector.
