Bombora secures MOL investment to advance wave power technology
Japanese shipping giant Mitsui O.S.K. Lines (MOL) has invested in Bombora Wave Power, cementing their wave energy partnership formed a year ago.
MOL invested in Bombora to support its technology and global opportunity that its patented membrane-style wave energy converter mWave presents, after 18 months of close collaboration between the parties.
Bombora said it would use the funds to further the development and operational capability of its mWave technology, including the completion of its 1.5MW mWave demonstration project due to be installed off the Pembrokeshire coast in the coming months.
The 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 is also expected to increases the reach of the InSPIRE platform where mWave 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.
“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.”
According to the partenrs, MOL is conducting an investigation to select the suitable sites for mWave and InSPIRE platforms in Japan, as it expected the collaboration with Bombora will create pathways for wave energy projects in Japan.
To remind, MOL received a subsidy in early October 2021 from the Government of Japan for the proposed wave energy project in Mauritius, to be developed with Bombora.