Mocean Energy has recently secured a total of £2.7 million in funding to advance the commercialisation of its wave energy technology. This includes a £500,000 grant from the Low Carbon Manufacturing Challenge Fund to test key subsystems for its small-scale Blue Star wave energy machine. The remaining funding will be used to secure initial orders for Blue Star, aimed at reducing subsea-related carbon emissions in the offshore energy industry. The funding will also support research and development into the company’s larger-scale Blue Horizon technology, which aims to deploy a grid-connected machine in the European Marine Energy Centre in Orkney by 2025.
Existing investors, including Equity Gap, Scottish Enterprise, and Old College Capital, along with new shareholders Katapult Ocean and MOL PLUS, have contributed to the funding round. Mocean Energy’s managing director and co-founder, Cameron McNatt, sees the new investments as vital to the company’s expansion. He notes that MOL’s significant resources and expertise in the marine transport sector will aid the acceleration of commercialisation, whilst Katapult Ocean’s commitment to investing in ocean-friendly technologies will prove useful for the company’s growth.
With the grant funding match-funded through this new funding round, the company plans to accelerate the Blue Star technology’s commercial development. As the company scales up, it will build on the learnings from the current Renewables for Subsea Power project and take advantage of the new investors’ experiences. McNatt expresses gratitude to all investors for supporting Mocean Energy’s journey.