Top Page > Press Release 2022 > Mitsui O.S.K. Lines, Ltd. and Bombora Wave Power strengthen their collaboration through an investment

Mitsui O.S.K. Lines, Ltd. and Bombora Wave Power strengthen their collaboration through an investment

January 21, 2022

Mitsui O.S.K. Lines, Ltd. (MOL; CEO: Takeshi Hashimoto, Headquarters: Tokyo, Japan) today announced that the company invested in Bombora Wave Power Pty Ltd (Bombora; Established in: Australia, Key Operations in: Wales, UK), which is the award-winning ocean energy company to further commercialize its wave energy converter "mWaveTM". MOL and Bombora has been working together to explore potential wave power projects in Japan and the across the region (Note 1) as well as opportunities in Europe.

Bombora was founded in 2012 in Perth, Western Australia and its key operations are now in Pembroke Docks, Wales. The mWaveTM harnesses wave energy at scale to produce environmentally friendly, consistent and cost-competitive energy for commercial power generation throughout the world.

Bombora has developed a patented membrane-style wave energy converter, mWaveTM which is unique among wave energy converters as it simultaneously addresses the cost of energy and ocean wave survivability challenges, whilst delivering a utility scale solution.

MOL invested in Bombora to support its technology and global opportunity that mWaveTM presents after 18 months of close collaboration between the parties.

Bombora will use the funds to further the development and operational capability of Bombora's patented mWaveTM technology, including the completion of its 1.5MW mWaveTM validation project due to be installed off the Pembrokeshire coast in the coming months.

This investment cements the strong relationship between the two companies, moving to the next stage of close collaboration, strengthening the project development capability of the group in Japan and the surrounding regions while building regional supply chains capacity and leveraging MOL's expertise in marine logistics. The collaboration also increases the reach of the InSPIRE platform where mWaveTM is integrated onto floating wind platforms to create an integrated renewable energy solution.

Sam Leighton, Managing Director at Bombora said "Renewable energy supply is one of the big issues we've yet to fully tackle as a society. We are confident that our technology can contribute significantly to this market by delivering consistent and predictable renewable power.

We have worked closely with MOL over the last 18 months and are delighted to strengthen our relationship through this investment. MOL bring invaluable expertise in marine operations, local industry supply chain knowledge and can provide support in project development in Japan and across the region.

The MOL investment underpins Bombora's wider capital raising initiatives to propel the company through the next phase and for delivery on commercial projects."

MOL is conducting an investigation to select the suitable sites for mWaveTM and InSPIRE platforms in Japan. This collaboration with Bombora will create pathways for wave energy projects in Japan.

(Note 1)
Please refer to January 7, 2021 press release:
Bombora and Mitsui O.S.K. Lines Forge Partnership to Identify Marine Energy Project Opportunities in Japan

Ends

Image: Floating mWaveTM co-located or integrated with Floating Wind Turbines to optimise seabed lease area utilisation, maximise marine energy generation capacity and reduce the cost of energy.


About Bombora and mWaveTM

  • Founded in Perth, Western Australia in 2012, Bombora's key operations are now based in Pembroke Dock, Wales.
  • Bombora has developed a membrane style wave energy converter called 'mWaveTM'
  • mWaveTM is unique among wave energy converters as it simultaneously addresses the 'cost of energy' and 'ocean wave survivability' challenges whilst delivering a utility scale solution.
  • The mWaveTM harnesses wave energy at large scale to produce environmentally friendly, consistent and cost-competitive renewable energy for commercial power generation
  • mWaveTM can be installed in both nearshore and offshore sites with good wave resources to generate sustainable clean energy
  • Bombora is currently completing the 1.5MW mWaveTM Pembrokeshire Demonstration Project in Wales part funded by £13.4 million European Regional Development Fund (ERDF) through the Welsh Government
  • Bombora is also working with global EPCI contractor TechnipFMC on the InSPIRE project to develop a floating offshore wind foundation incorporating Bombora's mWaveTM.
    • Phase 1: 12MW Demonstrator - Integrated mWaveTM (4MW) and wind turbine (10MW) on an integrated floating platform
    • Phase 2: 18MW Pre-Commercial - Integrated mWaveTM (6MW) and wind turbine (12MW) on an integrated floating platform.
  • Bombora is progressing project opportunities in Lanzarote, Norway and Japan.

www.bomborawave.com

About Mitsui O.S.K. Lines, Ltd. (MOL)

  • Mitsui O.S.K. Lines, Ltd. (MOL), as a global marine transport group, operates a global fleet exceeding 800 vessels, including tankers, bulkers, car carriers, ferries, which also extends to offshore projects.
  • MOL announced "MOL Group Environmental Vision 2.1" in June 2021, and is making a concerted effort to achieve net zero GHG emissions by 2050.
  • To achieve it, MOL will pursue "Adoption of Clean Alternative Fuels", "Enhancement of Energy-Saving Technologies", "Boost Operating Efficiency", "Building Business Models to Enable Net Zero GHG Emissions" and "Expanding Low-Carbon and Decarbonization Projects through Use of the MOL Group's Concentrated Strengths" and reduce GHG emissions not only in its group business but also in society by promoting such renewable energy business.

www.mol.co.jp/en/