Cash injection for Scottish wave firm Mocean Energy

According to the Edinburgh and Aberdeen-based company, the funds will help it secure first orders for its small-scale Blue Star hinged-raft wave energy converter. Coupled with battery power, the device is pitched at decarbonising subsea power for the offshore sector.

Existing investors contributing to the latest round included Equity Gap, Scottish Enterprise and Old College Capital, which is Edinburgh University’s venture investment fund. New shareholders joining them include Norwegian impact investors Katapult Ocean, as well as MOL PLUS, the venture capital arm of Japanese shipping conglomerate MOL. The £500k grant was delivered through the Low Carbon Manufacturing Challenge Fund.

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“This new equity investment is significant for Mocean Energy – not just in the quantum invested, but in the additional strengths and specialist expertise our new shareholders bring,” said Mocean Energy co-founder and managing director, Cameron McNatt.

“MOL has a global footprint in marine transport sector and MOL PLUS will help us access MOL Group’s significant resources and expertise to accelerate our commercialisation. Katapult Ocean invests solely in technologies which will have a positive impact on our oceans, and the Mocean team will now be able to participate in Katapult Ocean’s award-winning accelerator programme to help drive our business growth.