Bowman Power Reports Successful Investment Round

June 26, 2002 by Jeff Shepard

Microturbine system manufacturer Bowman Power Ltd. (UK) announced that it has raised 15-million pounds from a group of leading global investors in its latest funding round. The investment is the second phase of an investment program put in place in August 2001, bringing both 12.78-million pounds of capital and new business partners to Bowman.

Bowman Power is developing the Turbogen family of small-scale, compact power generation systems ranging from 25kW to 100kW electrical output for distributed power generation and for mobile power applications.

Bowman Power is focused on supplying microturbine-based systems which, as well as generating electricity on site, also use the surplus heat from the microturbine for heating and/or air conditioning. In addition to its end-user systems business, Bowman Power is also a leading supplier of turbo alternators and power conditioners to the power generation industry.

Tony Davies, executive chairman of Bowman Power, said, "The market for microturbine-based power generation systems presents enormous potential. This funding enables us to continue to grow our company. We are delighted to be able to widen our investor base with major new investors such as Lehman Brothers and OPG."