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Beskrivning
| Land | Sverige |
|---|---|
| Lista | First North Stockholm |
| Sektor | Industri |
| Industri | Industriprodukter |
Hørsholm, Denmark, March 24[th], 2023, Bawat Water Technologies AB (BAWAT) receives approval in principle from the Nordic Environment Finance Corporation regarding a green financing package and is exploring the conditions to carry out a new share issue.
Bawat Water Technologies AB ("Bawat" or the "Company") is negotiating with Nefco (the Nordic Environment Finance Corporation) regarding a green financing package which is subject to final approval by the Nefco Board of Directors. However, the Nefco Board of Directors has given its "Approval in Principle" to a financing commitment from Nefco of approx. SEK 25m (EUR 2.3m) to Bawat, probably divided into two tranches with one tranche to be disbursed in first half of 2023 and the other tranche in 2024. ("NEFCO-financing").
Specifics regarding the financing, including terms and conditions, are subject to negotiations and final agreement between Bawat and Nefco shortly. The negotiation of main terms has included a due diligence of Bawat by Nefco. The aim is to get the financing proposal for final approval to the next Nefco Board meeting which will be held the last week of April, which could imply disbursement of funds from NEFCO to Bawat in the end of 2nd quarter 2023.
Financing from Nefco can cover maximum 50 percent of the Company's total financing need and is subject to be matched with equity with a minimum 1:1 ratio. The Company has reason to expect market adapted terms for the Nefco financing. The duration of the financing has an estimated repayment period of seven years.
Since the Nefco financing requires the matching of equity with a minimum 1:1 ratio, the board of directors of Bawat is exploring the conditions to carry out a new share issue in the near term. The Company will seek a bridge loan to cover liquidity needs during the transition period to finalize the Nefco financing and the potential share issue. The bridge loan is estimated to be arranged and put in place at the end of March 2023.
Nefco, the Nordic Green Bank is an international financial institution, owned by the five Nordic countries, that accelerates the green transition by financing the initial scale-up of Nordic green solutions on global markets. For more information, see www.nefco.int.
Bawat announced in January 2023 guidance to reach EBITDA break-even during the course of H2 2024 which also was confirmed with detailed guidance in connection with announcement of the Company's 2022 Q4 report. The Nefcofinancing together with matching equity will be used to finance commercial activities to reach EBITDA break-even and to accelerate the service in Ballast Treatment as a Service ("BaaS"). BaaS will be supported by building and putting into service mobile ballast water treatment units.
FOR MORE INFORMATION, PLEASE CONTACT:
Investors & Media:
Marcus P. Hummer, CEO, E-mail: mph@BAWAT.com
John B. Henriksen, CFO, E-mail jbh@BAWAT.com
Certified Adviser
Svensk Kapitalmarknadsgranskning AB
This press release constitutes inside information that Bawat Water Technologies AB is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014. The information was sent for publication, through the agency of the contact persons set out above, at the time stated by the Company's news distributor, Cision, at the publication of this press release on March 24th, 2023.
For further information about Bawat Water Technologies AB, please contact above.
About Bawat
The development of an entirely new approach to ballast water treatment utilizing onboard waste heat to treat ballast water led to the founding of Bawat in 2011. A ballast water treatment system avoids disposal of untreated water in seas and harbors.
Bawat's BWMS is a system that is simple, cost-effective, and sustainable, build on a zero environmental impact, using standard marine components. No filters, no chemicals no UV. And is the first to market a USCG/IMO Type Approval BWMS that uses pasteurization to treat ballast water in a one-pass process.
Bawat has built upon its innovative breakthrough, and now offers ballast water solutions to the maritime industry in three categories:- Ship BWMS (https://www.bawat.com/ship-bwms/) for Retrofit and New Builds
- Mobile containerized solution (https://www.bawat.com/mobile-bwms/) for multiple vessel usage in a port, on a ship or for rigs
- Ballast Water as a Service (https://www.bawat.com/ballast-water-treatment-as-a-service/ballast-water-treatment-as-a-service/) for contingency services in ports
Bawat is an engineer-driven company that is rooted in the tradition of Danish maritime innovation and with a deep maritime insight: www.bawat.com