Octopus Ventures, a division of Octopus Investments, has made an investment of GBP1.83m into Bowman Power, a developer of clean power generation technology designed to increase the performance of standard diesel and gas fuelled engines.
The deal with Bowman Power represents the 14th investment Octopus has concluded this year.
Based in Southampton, Bowman Power’s core product is a turbogenerator, which recovers waste heat from engines in order to both boost their power and efficiency, whilst reducing their emissions.
Bowman’s recent business wins include a significant contract to supply 2,000 production turbogenerators over four years to two German partners, Schnell and Burkhardt, in the power generation sector. The company also has development contracts with six vehicle original equipment manufacturers in the transport sector.
Investment from Octopus will help the company execute its plans for growth.
Luke Hakes (pictured) from Octopus says: “We’re delighted to invest in Bowman Power. The company demonstrates a very high standard of engineering excellence, and has the most technologically advanced, most commercially developed offering in the market. We look forward to working closely with the management team.”
Tony Davies, chief executive of Bowman Power, adds: “Bowman welcomes Octopus as a valued investor and business adviser. With its solid background and track record in supporting businesses, we are pleased to be working with them. Investment will support the company’s continued growth.”