Bowman Power has secured the funds to initiate ambitious expansion plans into new markets and territories over the next three years.
The £4m ($6.7m) raised came exclusively from existing shareholders, a vote of confidence from the Southampton-based company’s current investors.
The money, a mixture of debt and equity from shareholders, will financeexpansion in Bowman’s Product Development, Sales and Marketing and Manufacturing operations, as well as providing additional working capital as sales volumes rise.
A world leader in energy recovery technologies, notably in the heavy vehicle and power generation sectors, Bowman was 18th in the Sunday Times’ Tech Track 100 list of the UK’s fastest growing companies. The company has seen its revenue grow from £0.8m in 2008 to a predicted £9m-plus this year, with further strong growth anticipated in the coming years as it moves into new markets and territories.
Bowman’s CFO David Lamb, who led the fundraising, said: “We are delighted to have concluded this fundraising, as it sets us up extremely well to deliver our ambitious growth plans over the next three years. It was particularly pleasing to see the vast majority of our existing shareholders subscribing, such that no external investment was necessary.”
Arild Nerdrum, a member of the Bowman board and partner at Fjord Capital, added: “We have been an investor in Bowman for less than two years, but have already seen margins improve dramatically and the customer base expanding strongly, so we are delighted at the opportunity to increase our investment and to help fund the future growth of the business.”
Paying tribute to the Bowman workforce, CEO Dr Toby King said: “I would like to thank our investors for their continued support of the business as we move into the next phase of growth and engage with a broader base of high quality clients, so that we can continue to deliver the growth to which we aspire. My thanks also to our dedicated and loyal employees, without whom of course none of this would be possible. I very much look forward to using this money to build a valuable business of real scale.”