Perth-based company, Bombora Wavepower, has wrapped up its capital funding round, according to Hydro World.
Recently, the company announced its plan to raise US$3.6 million during the capital raise.
Bombora executive director Glen Ryan welcomed this announcement by saying: “It is a great achievement given the tough environment for capital raising and the political uncertainty surrounding renewables within Australia.”
The funds will be used for the development of their power system, which uses a large membrane to convert wave energy by circulating air into electricity.
As a wave passes over the system it moves air around the circuit and drives it through the 1.5MW turbine, which in turn spins a generator, creating electricity.
Offshore WIND staff, March 19, 2014; Image: bomborawavepower