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Mocean Energy secures new investment

MBM Commercial recently assisted Wave power specialists Mocean Energy as it secured major new investment to accelerate the commercial roll-out of its ground-breaking wave energy technology.

The Edinburgh company has raised £730,000 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 follow an £862,000 seed raise which completed in 2020, comprising £612,000 equity funding plus a £250,000 grant from Innovate UK, the UK Government’s innovation agency.

Last year Mocean Energy successfully trialled its Blue X prototype at sea at the European Wave Energy Centre (EMEC) in Orkney, and is currently collaborating with partners to advance a demonstrator project, called Renewables for Subsea Power, to show how its technology can be coupled with underwater energy storage to provide reliable low carbon power to subsea equipment and autonomous underwater vehicles. The new funds will enable Mocean to accelerate product roll out, including the next-generation Blue Star wave machine and drive its adoption in subsea oil and gas.

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Mocean Energy Managing Director Cameron McNatt noted, “Our products are aimed at opportunities in the oil and gas energy transition, defence, offshore wind, and ocean science markets where they can be used to provide power to remote subsea equipment, robotics, and monitoring systems. With this funding round we’ll start fabricating Blue Star 10 – a 10 kW machine based around the Blue X design and begin commercial trails in 2023. In parallel we are developing our next-generation Blue Star 20, a 20 kW machine based on a new optimised geometry, which will include solar panels and a novel direct drive generator, with trials and rollout targeted for 2024-25.

The MBM Commercial corporate team have managed this investment round and kept everything on track. We really appreciated their supportive approach to making sure everything progressed with ease. We felt they always had our interests at the fore and that we have been in very safe hands.”

 

“MBM increasingly looks to support those companies making positive impacts on climate change issues. It was a joy to work alongside the executive team at Mocean Energy on this latest investment round and we look forward to continuing our support as it continues to develop its cutting-edge technology“, said Alexander Lamley, who led the deal for MBM Commercial.

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