Mocean Energy raises £862k in seed and grant funding to advance wave energy technology.
The Edinburgh firm secured backing led by Equity Gap alongside an Innovate UK grant to accelerate commercialisation of its Blue Star wave machine.
Share allotment filed at Companies House
Edinburgh-based Mocean Energy develops wave energy technology designed to supply low-carbon power for marine and subsea operations.
Edinburgh-based wave power specialist Mocean Energy has secured £862k in seed funding and grant backing to advance the commercialisation of its marine energy technology. The financing comprises £612k in equity seed funding alongside a £250k grant from Innovate UK.
The round was led by business angel syndicate Equity Gap, with additional participation from Old College Capital and the Scottish Investment Bank. The capital will support the engineering design and development of the company's Blue Star wave machine, alongside team expansion and preparation for forthcoming prototype testing in Orkney.
From the founder
"Our goal is to produce a commercially-available wave machine which can deliver low carbon power for tie backs and future fleets of autonomous AUVs [autonomous underwater vehicles]"
Cameron McNatt
Managing Director at Mocean Energy
Investor perspective
"Mocean Energy has an exciting technology backed by some very sound science and ideally placed to help the oil and gas sector decarbonise its operations, with other worldwide applications to follow. This funding allows them to broaden their team and seek well-aligned commercial partners who can bring offshore experience to accelerate their ambitious plans."
Fraser Lusty
Managing Director, Equity Gap
Use of funds
- 01Grow the team
- 02Continue product development
Investors
Categories
About the company
Mocean Energy
Mocean Energy develops wave energy technology to supply low-carbon power for marine environments.