Bombora Wave Power has engaged Greenbackers Investment Capital to manage a new round of financing for the commercialization of its patented wave energy converter – the mWave.
Cleantech finance specialist Greenbackers has been commissioned to assist Bombora in raising £6 million to secure the balance of funds for its demonstration project, and launch consenting process for the company’s first commercial wave farm projects, according to the Australia-founded firm Bombora which also has a base in Wales.
As reported earlier, Welsh-based outfit – Bombora Wave Power Europe – was awarded £10.3 million of EU funds to support its £15 million and 1.5MW mWave demonstration project.
Sam Leighton, Bombora’s Managing Director said: “Greenbackers has the experience and expertise in our specialized 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, added: “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.”
Designed to sit on the ocean floor, the mWave is said to be able to deliver low-cost, low-impact, renewable electricity for commercial use in island and national electricity grids.