Scottish climate tech company Mocean Energy has scooped £2.7m in new funding for its technology that harnesses wave energy to provide electricity.
Mocean Energy has developed a hinged raft that floats in the sea. One device has been designed to power subsea applications such as underwater vehicles, while another much larger version can provide electricity to the grid as part of an offshore wave farm.
The Edinburgh-headquartered company secured the bulk of the capital in a £2.2m equity round. It received investment from Scottish Enterprise, Old College Capital, the University of Edinburgh’s investment fund, Equity Gap, Katapult Ocean and MOL PLUS.
A further £499,500 grant was awarded to Mocean Energy from the Low Carbon Manufacturing Challenge Fund, which is managed by Scottish Enterprise.
“The coming years will be crucial to Mocean Energy, and as we scale up we need to take on board all of the learnings from our current Renewables for Subsea Power project and draw on the experience of our partners and new investors,” said Cameron McNatt, managing director and co-founder of Mocean Energy.
Its Blue X wave energy converter is in Orkney after receiving £3.2m from the EU in September.
Jane Martin, managing director of innovation and investment at Scottish Enterprise, said: “The projects it supports are crucially important. One can completely transform the way power is provided to remote, energy-intensive subsea equipment, while the other addresses the need for reliable, low-cost renewable energy at scale.”