Mocean Energy has secured new investment to accelerate the commercial roll-out of its hinged raft wave energy technology.
The Edinburgh-based company has raised £730,000 equity funding from existing funders, led by angel syndicate Equity Gap, together with Old College Capital, Edinburgh University’s venture investment fund, and Scottish Enterprise.
The new funds will enable Mocean to advance the design of their next-generation Blue Star wave machine and drive its adoption in subsea oil and gas. The new funds follow an £862,000 seed raise which completed in 2020, comprising £612,000 equity funding plus a £250,000 grant from Innovate UK.
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In a statement, Mocean Energy managing director Cameron McNatt said: “The equity funding is a tremendous boost and will allow us to accelerate our product roll out.
“This year we’ll start fabricating Blue Star 10 – a 10kW machine based around the Blue X design which will begin commercial trails in 2023.
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