Scottish wave energy developer Mocean Energy is aiming to raise £900,000 from a crowdfunding campaign as the company looks to mature its technology.
Founded in 2015, the Edinburgh-headquartered firm first launched its prototype Blue X wave energy converter (WEC) for testing off the coast of Orkney in 2021.
The Blue X later underwent further testing as part of the renewables for subsea power (RSP) project.
The initiative, which featured Aberdeen’s Verlume and North Sea operators including Shell, paired the WEC with subsea battery storage to decarbonise oil and gas operations.
© Image: Mocean EnergyFollowing the success of the RSP project, Mocean has launched a commercial version of its WEC, the Blue Star, and also partnered with oil and gas firm Proserv.
Now, the company wants to move beyond its research and prototype phase and focus on full commercialisation of the WEC technology, alongside international expansion.
Alongside the Blue Star, Mocean is developing a larger second-generation WEC known as Blue Horizon which it hopes to deploy at utility-scale globally.
Mocean Energy managing director Cameron McNatt said the crowdfunding campaign is an opportunity for investors to “join us on this exciting journey”.
“We are advancing our innovative technology in support of our ambition to become a global leader in the ocean energy space,” he said.
Investors have already committed nearly £400,000 to Mocean’s fundraising campaign since it launched for early access in October.
Mocean Energy investors
Since 2020, Mocean has raised more than £7.8 million from a mix of equity investments alongside Wave Energy Scotland, Innovate UK and EU grant funding.
Equity investors include Scottish Enterprise, Equity Gap, the University of Edinburgh, Katapult Ocean and Japanese shipping conglomerate MOL.
In launching its latest fundraising campaign, Mocean joins UK tidal energy firms Inyanga Marine Energy and Proteus Marine Renewables in a pivot to crowdfunding.
© Supplied by Mocean EnergyScottish tidal energy firm Orbital Marine Power has also utilised crowdfunding the past, raising just under £2.3m in 2020.
The recent rise in crowdfunding campaigns among marine energy firms comes as the UK government extends two start-up focused investment schemes.
HM Treasury said the government will extend the Enterprise Investment Scheme and the Venture Capital Trust until 2035.
The schemes aim to encourage investment into new or young companies through tax-relief incentives.
The Treasury said extending the schemes will encourage innovation, create jobs and stimulate economic growth.
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