Bombora Wave Power is pleased to advise the appointment of Greenbackers Investment Capital to manage a new round of financing for the commercialisation of its globally patented wave energy converter, the mWave™.
Welsh based, multi-award-winning ocean energy company Bombora, was recently awarded £10.3 million of EU funds to support its 2½ year, £15 million, 1.5MW mWave™ demonstration project.
Greenbackers has been commissioned to assist in raising a further £6 million which will provide the balance of funds for the demonstration project and simultaneously launch the consenting of Bombora’s first commercial wave farm projects.
Designed to sit on the ocean floor, the mWave™ delivers low cost, low impact, renewable electricity for commercial use in island and national electricity grids. The mWave™ is robust, low maintenance and can be located close to the shore where wave energy is concentrated.
With offices in Glasgow, London and Cardiff, Greenbackers are specialists in cleantech growth company finance and ideally suited to assist with Bombora move through their next stage of commercialisation.
Sam Leighton, Bombora’s Managing Director said,
“Greenbackers have the experience and expertise in our specialised area of the energy sector and can help support us to deliver wave energy globally to complement todays renewable energy options.
Since opening our European operations in Wales in late 2017 and transferring our core team from Australia we have been delighted with the support from the Welsh Government and local industry. Our new base in the heart of this dynamic wave and tidal energy region offers excellent access to marine energy test areas, critical supply chain capability and marine operations expertise.”
Greenbackers’ Associate Partner, Andrew Smith, commented,
“We are very impressed with the mWave’s engineering simplicity and robust design. Bombora has been able to assemble an experienced multi-disciplinary engineering and management team, backed by funding from both the European Regional Development Fund and their major investor, Enzen Global Limited.”