– promoting a CO2 emission-free Blue Economy –

Mocean Energy, MOL and MOL PLUS announced the signing of a memorandum of understanding  for mutual cooperation in promoting the broad application of Mocean-developed offshore off-grid power solutions and wave power generation devices, as well as supporting global transport, manufacturing, and marketing of wave power generation devices. In conjunction with the signing of the MoU, MOL PLUS has also announced its investment in Mocean.

Mocean has already begun marketing the Blue Star (Note 1), a device that uses ocean wave motion to generate electricity to power underwater inspection and maintenance equipment for the offshore oil and gas market and the CO2 capture and storage market. And within the next few years, the company aims to commercialize Blue Horizon(Note 2) for the large-scale power generation market, which will generate more than 10 times as much electricity as the Blue Star.

CG rendering image of Blue Star and Blue Horizon

MOLEA will consider collaborating with Mocean to support the spread of Mocean’s wave power generation technology, including the establishment of a supply chain for global transport of wave power generation devices and collaboration with the MOL Group’s offshore power generation business.

MOL PLUS also expects Mocean to make a significant contribution to decarbonization and a diverse global energy mix(Note 3) through the use of wave energy, and will participate in this financing to promote collaboration.

About Blue Star

The compact design makes it easy to transport, and it combines wave power with solar power and battery storage to provide continual power.

 About Blue Horizon

This is a larger power supply device than Blue Star. It is designed as a large-scale generator that can be installed in coastal wave power plants to provide green energy to the world’s power grid. The design not only expands the capacity of the Blue Star, but also keeps costs to a minimum through optimization.

 Energy mix

It is critical to efficiently combine multiple methods of power generation to supply society with the electricity it needs. An appropriate energy mix ensures a stable supply of electricity.

＜Outline of Mocean＞