A Scottish wave energy pioneer has won a significant vote of confidence from investors following a successful trial of technology that could help cut emissions associated with oil and gas production.

Edinburgh-based Mocean Energy raised £730,000 in a funding round supported by existing investors led by the Equity Gap operation.

Mocean expects to use the funding to support the commercial roll-out of its Blue Star wave energy machine, which has generated interest in the oil and gas sector.

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It reckons the machine could be used to provide power for subsea facilities in a way that will allow firms to reduce usage of gas turbines and the length of cabling they have to lay.

After completing a successful sea trial of its Blue X machine off Orkney last year, Mocean expects to launch the product commercially in 2023. It is also working on the development of a machine that would be expected to generate more power, with trials and rollout targeted for 2024-25.

The Herald: Mocean Energy managing director Cameron McNatt Picture: Mocean EnergyMocean Energy managing director Cameron McNatt Picture: Mocean Energy

On its website Mocean says both machines use a hinged raft with a unique geometry that improves performance by up to 300 percent compared to traditional hinged rafts and increases survivability by diving through the largest waves.

Managing director Cameron McNatt said yesterday: “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.”

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He added: “The equity funding is a tremendous boost and will allow us to accelerate our product roll out.”

Equity Gap director Fraser Lusty said the investment business had been hugely impressed with the progress made by Mocean through the testing phase.

The Herald: Picture: Mocean EnergyPicture: Mocean Energy

Mocean's progress will be followed closely in Scotland.

Former first minister Alex Salmond said technologies such as wave energy could turn Scotland into the “Saudi Arabia of marine power”. Scottish wave energy hopefuls Pelamis Wave Power and Aquamarine Power fell into administration in 2014 and 2015 respectively.

Mr McNatt founded Mocean in 2015 with Chris Retzler, who was a co-founder of Pelamis and its Principal Scientist. Both completed PhDs at the University of Edinburgh.