Scottish wave energy company Mocean Energy has successfully raised £2.2 million in new equity, accompanied by a £499,500 grant, as part of its strategic initiative to accelerate the commercialization of its innovative wave energy technologies. The funding round welcomes Katapult Ocean and MOL Plus as new investors, enhancing Mocean Energy's capabilities in advancing sustainable solutions.
The equity funds are a result of contributions from existing investors, including Equity Gap, Scottish Enterprise, and Old College Capital (the University of Edinburgh’s venture investment fund). Joining this lineup are new investors Katapult Ocean, Norwegian impact investors specializing in ocean-positive technologies, and MOL Plus, the corporate venture capital arm of the Japanese shipping conglomerate MOL.
Mocean Energy has also secured a Low Carbon Manufacturing Challenge Fund grant, specifically targeted at supporting the detailed design, build, and testing of crucial subsystems for their small-scale Blue Star wave energy machine. Administered by Scottish Enterprise, this fund is part of Making Scotland’s Future –a collaborative effort between the Scottish Government, public agencies, industry, and academia to bolster the country’s manufacturing businesses and ensure a sustainable future.
The newly acquired funds will play a pivotal role in the commercialization efforts of Mocean Energy, with a primary focus on securing initial orders for the Blue Star wave energy machine. The manufacturing of Blue Star is set to take place in Scotland, contributing to the decarbonization of subsea operations in the offshore energy sector.
Additionally, the funds will drive further research and development into Mocean Energy’s large-scale Blue Horizon technology. Recently awarded £3.2 million by the EU-backed EuropeWave program, the company plans to refine the Blue Horizon 250kW design and aims to deploy a grid-connected machine at the European Marine Energy Centre (EMEC) in Orkney as early as 2025.
Cameron McNatt, Mocean Energy’s managing director and co-founder, expressed the significance of the new equity investment, stating: “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."
Anthony Bellafiore, Investment Manager for Katapult Ocean said: “Katapult Ocean is thrilled to be supporting Mocean as it prepares to bring its wave energy technology into the renewables market. Our investment is the culmination of nearly two years of research and diligence in the burgeoning field of wave energy, which took us across the spectrum of platforms and solutions being developed to capture the still largely untapped resource of wave power.
"With their robust and efficient wave energy converter, we feel Cameron and the rest of the Mocean team are poised to play an important role in pushing the world closer to its net zero targets, and we’re looking forward to helping them do so.”
Takuya Sakamoto, CEO of MOL PLUS added: “We believe that Mocean Energy has a great potential of growth in this market with a strong team of advanced initiatives and rapid implementation of their Blue Star project. We will keep up with the Blue Star and Blue Horizon projects and be proactive with collaborating with Mocean Energy and all partners. To support this, we have agreed a memorandum of understanding for business alliance between Mocean Energy, MOL HQ and MOL PLUS. We are looking forward to an exciting journey with Mocean Energy.”
Mocean Energy is currently a key participant in the Renewables for Subsea Power (RSP) program, connecting its 10kW Blue X wave energy prototype with a Halo underwater battery system off the coast of Orkney. The program, supported by industry partners and the Net Zero Technology Centre, is delivering low carbon power to critical infrastructure in the region.
