diff --git a/.bumpversion.cfg b/.bumpversion.cfg
index 5d4157da..3abef5fc 100644
--- a/.bumpversion.cfg
+++ b/.bumpversion.cfg
@@ -1,5 +1,5 @@
 [bumpversion]
-current_version = 0.5.0
+current_version = 0.5.1
 commit = False
 tag = False
 parse = (?P<major>\d+)\.(?P<minor>\d+)\.(?P<patch>\d+)((?P<release>[a-z]+)(?P<build>\d+))?
diff --git a/README.md b/README.md
index 360296a3..38a826dd 100644
--- a/README.md
+++ b/README.md
@@ -1,7 +1,7 @@
 # Simphony: A Simulator for Photonic circuits
 
 <p align="center">
-<img alt="Development version" src="https://img.shields.io/badge/master-v0.5.0-informational">
+<img alt="Development version" src="https://img.shields.io/badge/master-v0.5.1-informational">
 <a href="https://pypi.python.org/pypi/simphony"><img alt="PyPI Version" src="https://img.shields.io/pypi/v/simphony.svg"></a>
 <img alt="PyPI - Python Version" src="https://img.shields.io/pypi/pyversions/simphony">
 <a href="https://github.com/BYUCamachoLab/simphony/actions?query=workflow%3A%22build+%28pip%29%22"><img alt="Build Status" src="https://github.com/BYUCamachoLab/simphony/workflows/build%20(pip)/badge.svg"></a>
diff --git a/simphony/__init__.py b/simphony/__init__.py
index 20e287d1..8dc90544 100644
--- a/simphony/__init__.py
+++ b/simphony/__init__.py
@@ -42,7 +42,7 @@
         + " detected)."
     )
 
-__version__ = "0.5.0"
+__version__ = "0.5.1"
 __license__ = "MIT"
 __project_url__ = "https://github.com/BYUCamachoLab/simphony"
 __forum_url__ = "https://github.com/BYUCamachoLab/simphony/issues"