Ombu has provided over £4m in equity funding to Bowman Power Group. The investment will support the company’s growth in the energy efficiency market and help drive further adoption of its unique and innovative Electric Turbo Compounding (ETC) technology.
Bowman Power Group’s Electric Turbo Compounding (ETC) solution recovers waste energy from the exhaust of reciprocating generator sets (gensets) and converts it to free, grid quality electricity, significantly improving the energy efficiency of the genset without increasing its footprint or maintenance requirements. This reduces fuel consumption or provides around 10% additional free power, as well as cutting CO2 emissions by an equivalent amount. The technology is proven in the field, with over 600 systems deployed worldwide, which, to date, have accumulated over 12,000,000 running hours, generated over 350GWh of free energy and reduced CO2 by over 120,000 tonnes. Cornerstone customers include Cummins and Wärtsilä.
Ombu is a UK investment company that provides capital and management support to a group of high growth, technology businesses in the energy, water, industrial and healthcare sectors. Ombu is backed with funding from leading UK investors, Invesco Perpetual and Woodford Investment Management.
Ombu’s investment in Bowman will support the company’s expansion in its target markets with further resource in sales and marketing, new product development and enhanced manufacturing and test facilities. Additionally, Ombu’s representative, Mark King, will join the Bowman board. Mark has deep operational management experience in advanced engineering businesses having spent the majority of his career at Rolls-Royce where he was ultimately President of Aerospace.
Peter Ward, Chairman, Bowman Power Group, commented:
“We’re delighted to announce this new partnership with Ombu, which comes at an exciting time for Bowman, as the company expands its customer base and drives new product R&D forward. The company will undoubtedly benefit from working with the Ombu team, who bring significant market experience and knowledge to support Bowman’s reach into new markets. We are also pleased to announce Mark King’s appointment and welcome him to the board.”
Stephen Brooke, CEO Ombu Group, also commented:
“We have been following Bowman for several years and have been impressed with their recent progress. We are delighted to have this opportunity to work with an excellent management team to accelerate growth and are excited about the future of the business.”