Wave power developer Mocean Energy is set to advance the design of its Blue Star wave machine thanks to major new equity funding.
The Scottish firm secured £730,000 in a funding round led by Equity Gap, with investment received from Scottish Enterprise and Old College Capital, the University of Edinburgh’s in-house venture investment fund. This is on top of £862,000 in funding raised back in 2020.
Mocean Energy’s Blue X prototype completed successful trials last year at the European Wave Energy Centre (EMEC) in Orkney. This year, the company will start fabricating Blue Star 10 – a 10kW machine based around the Blue X design which will begin commercial trials in 2023.
In parallel, it is developing its next-generation Blue Star 20, a 20kW 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, Managing Director Cameron McNatt.
direct drive generator, with trials and rollout targeted for 2024-25. Both 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,