Bombora to launch construction of 1.5MW mWaveTM through a multi-million-dollar investment from Enzen
- Investment enables Bombora to commence construction of commercial sized mWaveTM
- Funding provided by energy specialist and strategic advisory company, Enzen
- Albany project added to mWaveTM pipeline
Bombora Wave Power Pty Ltd (‘Bombora’ or ‘the Company’) today announced it has raised a multimillion-dollar round of investment to support the construction of it first commercial sized mWaveTM. Bombora’s patented, Australian designed, 1.5 Megawatt mWaveTM converts wave energy into low-cost, clean electricity.
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.
Bombora’s Chief Executive Officer, Sam Leighton said, “This investment from Enzen, after material due diligence of the mWaveTM’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 mWaveTM to market, and provides access to additional networks in the renewable energy industry.”
Mr Dileep Viswanath, Chief Executive Officer, Enzen Australia added, “We believe the mWaveTM 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. ”
Originating in India in 2006, Enzen is a global energy and environment company that has been providing large scale, high-end solutions to the energy and utilities industries. Enzen has become a partner of choice, successfully implementing projects for global utilities across India, the United Kingdom and the United States. Enzen recently announced it is expanding its South Australian offices from 30 to 250 staff.
Albany Project
The Albany Wave Energy Project (AWEP), an initiative by the Government of Western Australia to install and provide common user wave energy infrastructure in Albany, was recently awarded to Carnegie Clean Energy Ltd (Carnegie). Bombora is cooperating with Carnegie on the project and looks forward to the opportunity to deploy the mWaveTM at the AWEP site following installation of the AWEP infrastructure.
Sam Leighton
Managing Director
Bombora Wave Power Pty Ltd
T: +44 7981 844125
E: sam@bomborawave.com
Shirley Robertson
Director of Operations
Enzen Australia
T: +61 (0) 418 550 294
E: shirley.robertson@enzen.com
Media Enquiries:
Jane Stacey
Investor Relations & Communications
T: +61 (0) 412 159 433
About ENZEN
The Enzen Group is a global, professional, knowledge practice that focuses on gaining, refining and sharing expertise in the energy and utility sector; providing strategic advisory and delivering outcome-driven solutions to leading businesses, governments, non-governmental organizations, and not-for-profits. Enzen works with customers across the value chain to deliver sustainable and lasting improvements to their efficiency and performance, adding value to their bottom line. Founded in 2006, the Enzen has grown and developed across the globe, with a presence in the UK, India, Australia, USA, Spain, Turkey and Kazakhstan.
About Bombora’s mWave™
Bombora Wave Power Pty Ltd has developed a membrane style wave energy converter called an ‘mWaveTM’. Resting on the sea floor, similar to a fully submerged reef, it is invisible from the shoreline. As ocean waves pass over the mWaveTM, the membrane deflects pumping air through a turbine to generate electricity. The mWaveTM is unique among wave energy converters as it simultaneously addresses the ‘cost of energy’ and ‘ocean wave survivability’ challenges. The mWaveTM technology is protected by international patents.