Scottish Green energy startup Mocean Energy secured major new investment of £850k to accelerate the development of its wave energy tech.
Led by Equity Gap, the investment round which was held in November 2020 includes funding by Old College Capital, the University of Edinburgh’s in-house venture capital fund, along with the Scottish Investment Bank.
The funding will see Mocean Energy take on three new non-executive board members and two full-time jobs will be added to the 12-strong team.
The Edinburgh-based company has raised £612,000 of seed funding, as well as £250,000 from Innovate UK in order to advance the design, adoption and deployment of its Blue Star wave machine in the oil and gas sector.
Earlier this year, the startup announced a pilot project with the Oil and Gas Technology Centre (OGTC), oil major Chrysaor and subsea specialists EC-OG and Modus to study the potential to use their Blue Star prototype to power a subsea battery and a remote underwater vehicle.
In 2019, Mocean Energy secured £3.3 million from Wave Energy Scotland to make and test a half-scale version of its technology at sea. The device is currently being made to completion at AJS Fabrication at Cowdenbeath in Fife.
What Mocean has to say
According to Mocean’s managing director, Cameron McNatt, “Our goal is to produce a commercially-available wave machine which can deliver low carbon power for tie backs and future fleets of autonomous AUVs [autonomous underwater vehicles]”.
“We are currently working with firms in the Scottish supply chain to build and deliver our first prototype, which will commence testing at the European Marine Energy Centre in Orkney next year,” he also added.
What Equity Gap has to say
Fraser Lusty, director, Equity Gap said, “Mocean Energy has an exciting technology backed by some very sound science and ideally placed to help the oil and gas sector decarbonise its operations, with other worldwide applications to follow”.
“This funding allows them to broaden their team and seek well-aligned commercial partners who can bring offshore experience to accelerate their ambitious plans,” he also added.
About Mocean Energy
It is creating products that provide renewable energy from the ocean for offshore systems, with technology for harnessing energy from ocean waves. The company was founded by Cameron McNatt and Chris Retzler in 2005, with headquarters in Edinburgh.
About Equity Gap
Equity Gap is a group of private individuals for investing in and to support emerging and growing businesses. Funding will usually be between £20,000 and £500,000. It was founded in 2010 with headquarters in the UK.
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