Bowman, whose technology is designed to recover waste heat from diesel and gas-fuelled engines, will use the investment to support ‘continued growth’, according to CEO Tony Davies.
Recent wins for the Southampton-based company include a contract to supply 2,000 of its turbogenerators, over four years, to German power generation companies Schnell and Burkhardt. Bowman also has development contracts with six original equipment manufacturers in the transport sector.
Funds for the deal were provided from the Octopus Titan VCTs and the Eureka EIS Portfolio Service.
Law firm Shoosmiths and Wragges advised Octopus on the transaction, while solicitors Paris Smith represented Bowman Power.