Australian Anthill
Tuesday 1/7/2008 Page: 92
In other capital raising news, BioPower Systems Ltd, Australia's ocean energy group, has successfully raised $6 million in private equity funding.
The private equity investment round was cornerstones by Lend Lease Ventures, with additional investment from CVC REEF and CVC Sustainable Investments. BioPower has already received a $5 million Australian Government REDI grant and aims to use this, along with the private equity funding, to run pilot test programs for its bioWAVETM ocean wave power system and bioSTREAMTM tidal current power system in Tasmania.
BioPower CEO Dr Tim Finnigan commented: "We are very pleased to have Lend Lease working closely with BioPower Systems on developing commercial opportunities for our ocean power conversion systems in Australia, Europe and North America."
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