Mocean Energy, the firm behind the Blue X wave power converter off Orkney, has raised £2.2 million in new equity as well as being awarded a £500,000 grant.
The cash will help the company to drive the commercialisation of its technologies.
Mocean’s new equity injection is from existing investors Equity Gap, Scottish Enterprise (SE), Old College Capital – Edinburgh University’s venture investment fund – and new shareholders Katapult Ocean and Mol Plus, the corporate venture capital arm of Japanese shipping conglomerate Mitsui OSK Lines.
Nearly £5,000 of Blue Star support
The Edinburgh firm has also secured a £499,500 Low Carbon Manufacturing Challenge Fund (LCMCF) grant.
This cash is targeted specifically at the detailed design, build and testing of key subsystems for the green energy developer’s small-scale Blue Star wave power converter.
Mocean was recently awarded £3.2 million by the European Union-backed EuropeWave programme.
New article from the @economistimpact on #waveenergy's role in a healthy #renewableenergy mix 📰
Harnessing just 1% of the global wave resource could power more than 50m homes and cutting 50m tonnes of CO2 annually.https://t.co/Vv6vUOU7FR
— Mocean Energy (@moceanenergy) October 30, 2023
Cameron McNatt, managing director and co-founder, Mocean, said: “This new equity investment is significant… not just in the quantum invested, but in the additional strengths and specialist expertise our new shareholders bring.
“The coming years will be crucial to Mocean Energy.
“I am extremely grateful to our existing shareholders who have invested again in this round, to Scottish Enterprise and to Mol Plus and Katapult Ocean for joining us on this exciting journey.”
Jane Martin, managing director of innovation and investment at SE, said: “This funding package is a great example of the public and private sectors working together to unlock investment in renewable energy.
“The projects it supports are crucially important. They have the potential to play an important role in the internationally competitive green energy industry that’s emerging right here in Scotland.”
Equity Gap director Fraser Lusty said: “The theme of increasing and diversifying renewable power generation is an important one for our members, and we are pleased with the impressive progress the company has made since our initial investment in 2020.”
The LCMCF, administered by SE, is part of Making Scotland’s Future, a partnership between the Scottish Government, public agencies, industry, and academia that aims to secure a strong, sustainable future for this country’s manufacturing businesses.
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