Bowman closes record funding round to boost growth
Bowman Power Group closed a record funding round in December 2017 in support of its growth plans. In total £4.6million was raised from existing shareholders, with its newest investor, Ombu Group, leading the three largest shareholders in a substantial over-subscription.
This significant investment in Bowman reflects shareholder confidence in Bowman’s revised strategy; bringing new, lower cost Electric Turbo Compounding (ETC) technology to the market place. Bowman’s ETC technology is attracting growing levels of interest across the power generation and large engine markets, especially from major industrial engine OEMs. The new investment gives Bowman a solid foundation on which it can scale its business, investing in products and customer application engineering as well as new research and development. The funding will also help the company to build up its manufacturing capability in Southampton, UK.
Paul Dowman-Tucker, CEO, Bowman Power Group said, “I’d like to congratulate our CFO, David Lamb for his excellent leadership of the funding round and, of course, the wider Bowman team without whose skill, dedication and hard work none of this would have been possible. This funding enables us to forge ahead with our strategy to establish ETC firmly as the first technology of choice to enhance the efficiency of the engines the world relies on, and will continue to rely on for the foreseeable future, to generate power and move products around the globe.”