Bombora Wave Power names CFO

  • Business & Finance

Australian wave energy developer, Bombora Wave Power, has appointed Allyn Wasley as its Chief Financial Officer (CFO).

Wasley will lead the Bombora’s recently announced private capital raising to fund construction and deployment of the first 1.5 MW mWave in 2017 in Peniche, Portugal, the company informed.

Bombora’s CEO, Sam Leighton, said: “We are delighted to welcome Allyn to our team. His wealth of knowledge in corporate finance will play a crucial role with our current capital raising. He comes on board at an exciting time for Bombora, with our ‘invisible’ mWave technology starting to generate clean electricity in 2017.”

To remind, Bombora completed a feasibility study for a commercial scale wave farm which found that the cost of electricity from Bombora wave farms would be competitive with other renewables like offshore wind and solar by 2023.

Following the announcement of the study results, Bombora launched Au$8 million ($5.7 million) fund raising campaign from private investors to finance the building and deployment of the first unit, with an initial Au$1 ($715,000) million required to fund construction of the first ‘cell’ of the converter.

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