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Mocean Energy bolsters board with two key appointments

View all news from: Mocean Energy Ltd
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30 August 2022

Wave power specialists Mocean Energy have strengthened their board as they plan to commercialise their Blue Star wave machine and raise investment.

The Edinburgh firm has appointed experienced non-exec Torger Skillingstad as the company’s chair, with Lynne Ross, a specialist cleantech angel investor, also joining the board. Both appointees are existing investors in Mocean Energy and Lynne will represent Equity Gap, Mocean Energy’s lead investor, on the board.

Skillingstad has a long track record as a CEO and non-exec in the oil and energy industry and brings proven leadership skill alongside strong technical, commercial, and fundraising experience. He was the CEO of RESMAN Wireless Reservoir Surveillance and saw them through investment from Equinor Ventures and their acquisition by Nordic Capital in 2015.

Ross brings significant experience in early-stage business growth as an investor, chair and non-exec, and was formerly Head of Climate Change Policy at energy giant SSE.  She has expertise in the economic and policy drivers to integrate renewable and conventional generation sources within the energy system.

Last year, Mocean Energy successfully trialled their Blue X prototype at sea in Orkney. They are now working within a collaborative initiative to demonstrate how wave energy can be coupled with underwater energy management and storage to deliver reliable, renewable subsea power and communication systems to a range of end users.

The programme, known as Renewables for Subsea Power, is being funded by the Net Zero Technology Centre, matched by financial and in-kind contributions from partners including Harbour Energy, Serica Energy, Baker Hughes, Transmark Subsea and Verlume, with plans to test the entire system at sea next year.

Completion of that project will support the launch of Mocean’s Blue Star 10, a 10kW rated wave energy converter, based around the Blue X design.

Commenting on the appointments, Mocean Energy Managing Director Cameron McNatt says:

"Torger and Lynne are joining our board at a very exciting time. Mocean Energy’s technology roadmap aligns well with many energy companies’ net zero transition plans and we are carrying out desk-based projects now leading to offshore deployment of our Blue Star technology in 2024 to reduce the carbon footprint of our customers. To deliver our ambitions, we need to scale.

"Torger and Lynne have been long-time believers in Mocean. Both bring immense experience in supporting technology pioneers on their growth journey, and I am confident they will help us bring impact and corporate investors on board as we work towards growth and delivering our vision.”

Torger Skillingstad says:

"I am very impressed with what Cameron and his team have achieved so far and believe wave energy has an important role in the transition towards a carbon neutral world. I look forward to working with the team in the coming years to realize the potential and the ambitions of the company.

"Their Blue Star technology is well suited to opportunities in the oil and gas energy transition, defence, offshore wind, and ocean science markets where it can be used to provide power to remote subsea equipment, robotics, and monitoring systems among others.”

Lynne Ross says:

"Mocean Energy is a dynamic business with a strong management team and an exciting technology which has great appeal in a number of sectors. Wave energy offers specific attributes which are important to a balanced and reliable energy system.  With the right investment, I believe Mocean Energy can scale up rapidly and bring commercial products to market within the next few years, and I hope to contribute to their ambitious growth plans.”

The firm is also advancing plans for its 250kW Blue Horizon technology which will provide reliable grid power to remote and island communities. Mocean Energy is one of seven technology developers awarded contracts for phase 1 of the €20 million EU-funded EuropeWave R&D scheme, which will ultimately see three prototype technologies undergo testing in real sea conditions at the European Marine Energy Centre (EMEC) in Orkney and the Biscay Marine Energy Platform (BiMEP) in Spain in 2025.

The EuropeWave project has received funding from the European Union’s Horizon 2020 Research and Innovation Programme under grant agreement No 883751.

L-R Torger Skillingstad, Lynne Ross, Cameron McNatt.

Mocean Energy bolsters board with two key appointments