The Development Bank of Wales has agreed a £1m+ funding package to help fund the growth of Bombora Wave Power, at its regional base in Pembroke Dock.

The company, originally from Australia, opened a European base in west Wales in 2017, and has grown its local team to 23 as it develops innovative energy generation technology. The latest funding is from the Development Bank of Wales, aimed at supporting the company’s cashflow over coming months.

Bombora’s patented technique uses units placed on the seabed to create electricity. Flexible membranes attached to concrete chambers shift air as waves change the pressure of water. The air movement drives a turbine to create the energy, with the completely submerged equipment having no impact on coastlines.

A test plant will be installed off the Pembroke coast, to prove the concept at scale, over the next year. It is designed to deliver 1.5MW of energy. Following this, a project has already been secured off the coast of Lanzarote, in the Canary Islands. There, a first phase of the wave farm will create 4MW of electricity, reducing the island’s dependence on diesel powered generation.

In addition to the latest Development Bank funding, Bombora has already received a £10.3m grant from the European Regional Development Fund, delivered via the Welsh Government.

The company expects to add a further 10 staff by the end of 2020, and is also using local engineering expertise. It has already placed fabrication orders with Pembroke companies including Mainstay Marine Solutions and Altrad Services.

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