Bombora Wave Power has secured a multimillion-dollar investment to support the construction of its first commercial-sized mWave wave energy device.
The investment is being provided by new strategic investor, Enzen, a global energy and environment company that provides strategic advisory and high-end solutions to the energy and utilities industries.
The funding provides capital to accelerate testing of the membrane, valve and full-scale turbine and generator.
Sam Leighton, Bombora’s Chief Executive Officer, said: “This investment from Enzen, after material due diligence of the mWave’s potential, will allow Bombora to move to full-scale construction and testing. Having a major energy company supporting our product allows the company to focus on bringing the mWave to market, and provides access to additional networks in the renewable energy industry.”
Dileep Viswanath, Chief Executive Officer of Enzen Australia, added: “We believe the mWave has the potential to be a robust solution for the large-scale generation of clean energy. Enzen is committed to investing in state-of-the-art technology to ensure that it maintains its lead in renewable energy thereby reducing energy prices and ensuring reliability of supply is sustainable for future generations.”
Bombora’s mWave produces energy when ocean waves pass over the device, causing the membrane to deflect pumping air through a turbine to generate electricity.
The Australian wave energy developer Bombora also said the company added the Albany Wave Energy Project (AWEP) to mWave pipeline.
The project is being developed by Carnegie Clean Energy, with whom Bombora is cooperating as it looks to deploy the mWave device at the Albany site following the installation of the AWEP infrastructure.