Tech energy start-up Bowman Power completes £3m deal led by Octopus Investments
Waste heat recovery company to “enlarge” global footprint and develop new products
Southampton-based heat recovery specialist Bowman Power has closed a £3m funding round led entirely by existing shareholders, including venture management firm Octopus Investments, Fjord Capital, and several angel investors.
Established in 2004, Bowman Power focuses on the design, development and manufacture of waste heat recovery technology for large engines with the goal to support power generation and reduce waste within the heavy vehicles sector.
It will use the round, which is said to have been heavily oversubscribed, to realise its global expansion plans in existing and new markets, and develop new products to add to its portfolio.
It also intends to increase its marketing in order to reach new clients for its distributor network.
The investment builds on the energy company’s recent achievements; having placed second for green tech in the Deloitte Technology Fast 50 and third in the same category for the EMEA (Europe, Middle East and Africa) Fast 500 awards.
Dr Toby King, CEO of Bowman Power, said: “We want to expand our global footprint in terms of sales, marketing and distribution, and this funding round will make that all possible.
“At the same time we are looking to move into new and potentially dynamic markets such as Brazil, India, and Indonesia.
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“The funding round gives us a solid foundation and the financial security to expand, move forward with confidence and continue to deliver growth. Of course none of this would have been possible without the skills, dedication and hard work of our employees.”
Octopus Investments team member, Simon Andrews, continued:
“We have been impressed by the considerable progress Toby and his team have made in turning Bowman into a high quality supplier to a global customer base.”