Scottish company Mocean Energy has secured €875,000 to accelerate the commercial roll-out of its wave energy technology and drive its adoption in offshore oil and gas sector.
Mocean Energy has raised a little over €875,000 equity funding from existing funders, led by angel syndicate Equity Gap, together with Old College Capital, The University of Edinburgh’s in-house venture investment fund, and Scottish Enterprise.
The new funds will enable the company to advance the design of its next-generation Blue Star wave machine and drive its adoption in subsea oil and gas, Mocean Energy said.
Last year, the company successfully trialed its Blue X prototype at sea at the EMEC: European Marine Energy Centre in Orkney, and is currently collaborating with partners to advance a demonstrator project, called ‘Renewables for Subsea Power’.
Mocean Energy has seen increasing interest from the oil and gas sector and has opened a dedicated office in Aberdeen to meet customer demand, while the firm’s staff has grown to 17.