BOOST&Co have provided £3M to Bowman Power Group, to support the company’s expansion plans, as the company increases market reach and develops new products.
BOOST&Co is an independent venture debt provider which creates growth finance for up-and-coming SMEs alongside existing shareholder capital. The company’s portfolio of innovative and disruptive businesses spans the cleantech, software and life sciences sectors, and to date, BOOST&Co have provided over £226M of funding.
Bowman Power Group’s Electric Turbo Compounding (ETC) solution recovers waste energy from the exhaust of reciprocating gensets and converts it to grid quality electricity, improving the energy efficiency of the genset. This can either reduce fuel consumption or provide additional power, as well as reducing CO2 emissions. The technology is proven in the field, with over 600 systems deployed worldwide, generating over 300GWh of free energy to date.
Over the coming 24 months, the £3M of funding from BOOST&Co. will support the company’s expansion into the engine OEM, power provision and rental sectors, in addition to product development and enhancing manufacturing capability.
David Lamb, CFO, Bowman Power Group, commented; “This is an exciting period for Bowman, as we continue to expand our customer base and pursue innovation in our product development strategy and manufacturing processes. The support from BOOST&Co will help us realise our ambitious growth targets and we’re looking forward to working with the team.”
Lance Mysyrowicz, partner of BOOST&Co, said; “We are delighted to support Bowman as it continues to roll out its products internationally. We have been very impressed with the recent customer wins and we look forward to supporting them on the next stage of their journey.”