MOL & Bombora Wave Power Strengthen their Collaboration through an Investment

Source: 1/21/2022, Location: Asia

Mitsui O.S.K. Lines, Ltd. (MOL) announced that the company invested in Bombora Wave Power Pty Ltd, which is the award-winning ocean energy company to further commercialize its wave energy converter "mWaveTM". MOL and Bombora has been working together to explore potential wave power projects in Japan and the across the region (Note 1) as well as opportunities in Europe.

Bombora was founded in 2012 in Perth, Western Australia and its key operations are now in Pembroke Docks, Wales. The mWaveTM harnesses wave energy at scale to produce environmentally friendly, consistent and cost-competitive energy for commercial power generation throughout the world.

Bombora has developed a patented membrane-style wave energy converter, mWaveTM which is unique among wave energy converters as it simultaneously addresses the cost of energy and ocean wave survivability challenges, whilst delivering a utility scale solution.

MOL invested in Bombora to support its technology and global opportunity that mWaveTM presents after 18 months of close collaboration between the parties.

Bombora will use the funds 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 Pembrokeshire coast in the coming months.

This investment cements the strong relationship between the two companies, moving to the next stage of close collaboration, strengthening the project development capability of the group in Japan and the surrounding regions while building regional supply chains 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."

MOL is conducting an investigation to select the suitable sites for mWaveTM and InSPIRE platforms in Japan. This collaboration with Bombora will create pathways for wave energy projects in Japan.

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