Mocean Energy Lands £2.7 Million Funding for Wave Power Advancement
Mocean Energy’s Blue X wave energy converter
In an exciting leap for climate technology, Edinburgh-based Mocean Energy has recently garnered £2.7 million in funding, earmarked for their innovative technology that adeptly captures and utilizes wave energy to generate electricity. This Scottish company's brainchild is a uniquely designed hinged raft, adeptly floating in the sea. They have created two versions of this device: a smaller one dedicated to powering underwater vehicles and other subsea operations and a significantly larger variant envisioned for integrating into offshore wave farms, contributing electricity to the grid.
The bulk of this financial infusion, amounting to £2.2 million, was raised through an equity funding round. This round saw substantial contributions from diverse investors, including Scottish Enterprise, Old College Capital (part of the University of Edinburgh's investment arm), Equity Gap, Katapult Ocean, and MOL PLUS.
In addition to the equity funding, a substantial grant further bolsters Mocean Energy's pioneering efforts. The company received an additional £499,500 from the Low Carbon Manufacturing Challenge Fund. This fund, managed by Scottish Enterprise, focuses on supporting endeavors that align with low-carbon manufacturing principles, underlining Mocean Energy's commitment to sustainable and innovative energy solutions.
This financial milestone not only underscores Mocean Energy's forward-thinking approach to renewable energy but also signals growing confidence in wave energy as a viable and sustainable power source, echoing a broader shift towards embracing renewable energy sources in combatting climate change.
"The coming years will be crucial to Mocean Energy, and as we scale up, we need to take on board all of the learnings from our current Renewables for Subsea Power project and draw on the experience of our partners and new investors," said Cameron McNatt, managing director and co-founder of Mocean Energy.
Its Blue X wave energy converter is in Orkney after receiving £3.2m from the EU in September.
Jane Martin, managing director of innovation and investment at Scottish Enterprise, said: "The projects it supports are crucially important. One can completely transform the way power is provided to remote, energy-intensive subsea equipment, while the other addresses the need for reliable, low-cost renewable energy at scale."