Bombora Wave Power (Bombora), the award-winning ocean energy company, is pleased to announce it has received an investment of £3.54m from Mitsui O.S.K. Lines, Ltd (MOL) to further commercialise its mWaveTM energy generation technology.
The investment by MOL, one of the world’s largest shipping companies, follows 18 months of close collaboration between the parties and is a further endorsement of Bombora’s technology and the global opportunity that mWaveTM represents.
MOL’s funding will be used to further the development and operational capability of Bombora’s patented mWaveTM technology, including the completion of its 1.5MW mWaveTM validation project due to be installed off the coast of Pembrokeshire in the coming months.
This investment cements the strong relationship that has developed between the two companies. The expanded collaboration strengthens the marine energy project development capability of the group in Japan and the surrounding regions while building regional supply chain capacity and leveraging MOL’s expertise in marine logistics.
The collaboration also increases the reach of the InSPIRE platform where mWaveTM is integrated onto floating wind platforms to create an integrated renewable energy solution.
Sam Leighton, Managing Director at Bombora said “Renewable energy supply is one of the big issues we’ve yet to fully tackle as a society. We are confident that our technology can contribute significantly to this market by delivering consistent and predictable renewable power.
We have worked closely with MOL over the last 18 months and are delighted to strengthen our relationship through this investment. MOL bring invaluable expertise in marine operations, local industry supply chain knowledge and can provide support in project development in Japan and across the region.
The MOL investment underpins Bombora’s wider capital raising initiatives to propel the company through the next phase and for delivery on commercial projects.”
Yasuo Suzuki, General Manager, Corporate Marketing Division at MOL said “Bombora is a company at the forefront of innovative wave technology and we are very happy to be continuing to work with Sam and the team. We see great opportunities for mWaveTM technology to provide a significant contribution to the renewable power generation mix in Japan and Asia.”
