Bombora Wave Power has successfully closed its capital funding round, the Australian marine and hydrokinetics developer has announced.
Headquartered in Perth, Australia, Bombora is the owner and developer of the Bombora Wave Energy Conversion System, which uses wave energy to squeeze air through a flexible membrane and valve system. Air in the closed circuit is used to turn a turbine, giving each unit an output capacity of 1.5 MW.
The company announced earlier this year that it sought around US$3.6 million during the capital raise.
“The directors are delighted to have secured investment to fund the next development phase,” Bombora executive director Glen Ryan said. “It is a great achievement given the tough environment for capital raising and the political uncertainty surrounding renewables within Australia.”
Ryan said the funding will be used to continue computer modelling and scaled tank testing, as well as a commercial field trial in Perth’s Swan River later this year.
The company’s system was recognized as a GE Ecoimagination Challenge award recipient in 2013, and was a semi-finalist in the Australian Clean Technology Competition 2013 and a finalist in the Western Australia (WA) Innovator of the Year program.
For more MHK news, visit here.