Wave firm Mocean Energy lands £730k new funding

Wave power specialists Mocean Energy have secured major new investment to accelerate the commercial roll-out of their ground-breaking wave energy technology.

The Edinburgh firm 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 new funds will enable Mocean to advance the design of their next-generation Blue Star wave machine and drive its adoption in subsea oil and gas.

Last year the Scots firm successfully trialled their 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, called Renewables for Subsea Power, to show how their technology can be coupled with underwater energy storage to provide reliable low carbon power to subsea equipment and autonomous underwater vehicles.

They now plan to test this system at sea this year.