Mocean Energy lands £1.2M grant and almost £200K for further commercial work

Scottish wave energy company Mocean Energy has secured £140,000 (around $178,000) of further commercial work and a £1.2 million (around $1.5 million) grant from Wave Energy Scotland (WES) to further develop a novel direct drive generator for wave energy technology.

According to Mocean Energy, the funding boost from WES aims to support the refinement of Mocean Energy’s generator technology, which is designed to provide continuous power to offshore industries, remote islands, and other isolated applications. 

In addition to the grant, Mocean Energy’s commercial activities have allowed the firm to re-evaluate its crowdfunding goal, bringing it within reach of its revised target, with only £1k to go. The crowdfunding initiative, which has raised nearly all of its required funds, will close on December 31, 2024.

In late November, the company clinched an engineering study with a “major energy operator” to explore integrating its Blue Star wave energy device into the operator’s project. This marks a continuation of their previous collaboration, highlighting the growing interest in renewable ocean energy solutions.

Mocean Energy is also working with German subsea technology firm SubCtech to explore how wave and solar energy can be coupled with batteries to deliver low-carbon power for customized ocean power and monitoring solutions. 

Together, they are developing new subsea technologies that incorporate wave, solar, and battery power, targeting a variety of applications across the subsea sector.