Bombora Wave Power has appointed Greenbackers Investment Capital to manage a new funding round for the commercialisation of its mWave device.
The Pembroke Dock company was awarded £10.3m of EU funds earlier this month to support its £15m project to install a 1.5MW full-scale device in Milford Haven in 2020.
Edinburgh outfit Greenbackers has been commissioned to assist in raising £6m to provide the balance of funds for the scheme.
The funds will also be used to launch the consenting of Bombora’s first commercial wave farm projects.
Bombora managing director Sam Leighton said: “Greenbackers have the experience and expertise in our specialised area of the energy sector and can help support us to deliver wave energy globally to complement today’s renewable energy options.”
Greenbackers associate partner Andrew Smith added: “Bombora has been able to assemble an experienced multi-disciplinary engineering and management team, backed by funding from both the European Regional Development Fund and their major investor Enzen Global.”