The £3 million capital injection will be used to finance marketing needed to expand Bowman Power’s worldwide distributor network for its technologies.
Set up in 2004, Bowman’s technology has been designed to recover waste heat from diesel and gas-fuelled engines. The last year has seen the business rank highly in a number of power rankings such as the Green Tech Sector of the Deloitte Technology Fast 50 and Sunday Times Tech Track Index.
Toby King, CEO of Bowman Power, comments, ‘We want to expand our global footprint in terms of sales, marking 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.’
The deal represents the latest in a series of undisclosed investments that Octopus has made in Bowman Power. Other deals have included an August 2010 £1.83 million injection.
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Simon Andrews, member of the ventures team at Octopus Investments, says that the investment firm is impressed with the progress made by King and his team in building a global customer base.
‘This latest funding round demonstrates the support of the investor syndicate; we are pleased to continue to back the business in the next phase of its growth,’ he says.
Going forward, King adds that Bowman has secured ‘significant traction’ with engine original equipment manufacturers.
‘This funding round gives us a solid foundation and the financial security to expand, move forward with confidence and continue to deliver growth,’ King says.