Australian wave energy generation company Bombora Wave Power Pty Ltd has announced it has raised a multimillion-dollar round of investment to support its first commercial-sized mWave wave power generator.
The investment in support of the 1.5 MW mWave 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.
“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”.
Mr Dileep Viswanath, Chief Executive Officer, Enzen Australia added that the company believes mWave has the potential to be a robust solution for large-scale generation of clean energy and that Enzen is committed to investing in state-of-the-art technology to ensure it maintains its lead in renewable energy. This in turn will reduce energy prices and ensure 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.