Mocean Energy has raised £730,000 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.
The funding boost will enable the firm to advance the design of its “next-generation” Blue Star wave machine and drive its adoption in subsea oil and gas.
Last year, the company successfully trialled its Blue X prototype at sea in Orkney, and is currently collaborating with partners to advance a demonstrator project, called Renewables for Subsea Power, to show how its technology can be coupled with underwater energy storage to provide low-carbon power to subsea equipment and autonomous underwater vehicles.
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Managing director Cameron McNatt said: “The equity funding is a tremendous boost and will allow us to accelerate our product roll out.
“This year we’ll start fabricating Blue Star 10 - a 10kW machine based around the Blue X design which will begin commercial trials 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.
Fraser Lusty, director at Equity Gap, said: “This investment affords the company a huge opportunity to accelerate their growth and provide further impetus to the adoption of their market leading wave technology. This has been a first-class example of multi stakeholder partnership and funding.”
Andrea Young, fund manager at Old College Capital, added: “We’re constantly impressed by Mocean Energy’s management team as they progress towards full commercial operations, and we’re proud to be investing again in this technology.”