Market update for Bombora’s mWave™

Company Name: Bombora Wave Power

Announcement Date: 12/12/2016
Announcement Category: Product launch/update
Announcement Content:

Bombora Wave Power Pty Ltd (‘Bombora’) is pleased to provide an update on the commercial phase of its’ mWave™ wave power technology.

Business Development

The recently completed Feasibility Study based on a 60 MegaWatt (MW) Bombora mWave™ wave farm in Portugal concluded electricity could be produced for a cost competitive with other renewable energy sources by the mid 2020’s.

Following the release of these results, Bombora has seen strong interest in it’s mWave™ product from the the European marine energy industry, who lead the global uptake in renewable energy technologies. Bombora is increasing its focus on advancing these commercial relationships, progressing the pathway to commercial mWave™ wave farms across Europe.

Full-scale Single Cell

Final design work and vendor selection is underway for the construction of Bombora’s first full-sized cell of the mWave™. Bombora plan to build and test the single cell in Henderson, Western Australia, during the first half of 2017, ahead of deploying the first full size 1.5MW multi-cell mWave™ in Europe.

Construction of the first cell is being funded from the private capital raising announced in April 2016. Capital raising has been extended to cover the deployment and commissioning of the single cell.

Portugal Project

The environmental approval process for deployment of the first full size 1.5MW multi-cell mWave™ at Peniche, Portugal is progressing in conjunction with Lisbon based WavEC. Timing for deployment will be firmed up as the single cell project in Henderson progresses.

Commenting on the Company’s progress, Bombora’s Chief Executive Officer, Sam Leighton, said, “The results of our comprehensive financial analysis of mWave™ wave farms suggest we can produce the most economically viable wave powered electricity in the world. This has drawn attention from a number of international energy industry suppliers, who we are now in discussions with.”

He continued, “We are delighted to reach the construction phase of a full size cell for the mWave™ and are engaging local and international suppliers to build this world class technology. The opportunities are immense and we appreciate the support and confidence the investment community has shown in our mWave™ product.”

Announcement URL:
About Bombora Wave Power:

Bombora is developing a Wave Energy Converter (WEC) to extract commercial quantities of power from the ocean. Each unit, rated at 1.5MW, is of a similar scale to the average size of most onshore wind turbines currently deployed.

Go to Company Profile for: Bombora Wave Power

Announcement Contact: [email protected]

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