Wave energy pioneer Mocean Energy has raised £2.2mn in new equity alongside a £500,000 grant to take its wave energy technologies closer to market, the Scottish company said in a November 13 statement.
The equity comes from a mix of old and new investors, the latter including MOL PLUS, the corporate venture capital arm of listed Japanese shipping conglomerate MOL.
Mocean has also secured a £499,500 Low Carbon Manufacturing Challenge Fund grant, targeted specifically at the detailed design, build and testing of key subsystems for their small-scale Blue Star wave energy machine.
The new funds will help the company commercialise and secure first orders for Blue Star. It will be built in Scotland and is aimed at decarbonising subsea operations in the offshore energy sector.
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