Wave power specialists Mocean Energy have secured major new investment to accelerate the commercialisation of their ground-breaking wave energy technology.
The Edinburgh start-up has raised £612,000 equity seed funding plus £250,000 from Innovate UK to advance the design of their Blue Star wave machine [pictured] and drive its adoption in subsea oil and gas.
Mocean Energy’s funding round has been led by business angel syndicate Equity Gap and includes investment by Old College Capital, the University of Edinburgh’s in-house venture investment fund, and the Scottish Investment Bank, the investment arm of Scottish Enterprise.
The equity funding unlocks a further £250,000 from Innovate UK, the UK’s innovation agency.
Earlier this year Mocean Energy 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.
Last year, Mocean Energy secured £3.3 million from Wave Energy Scotland to build and test a half-scale version of their technology at sea. The device is currently being completed at AJS Fabrication at Cowdenbeath.