Ecofin has invested £2 million in Bluewater Bio by way of £2 million subscription for secured loan notes, due in 2012, together with warrants to subscribe for up to 5,714,285 ordinary shares at 17.5p each in the capital of Bluewater Bio. In addition the company has secured a further £2 million on the same terms as Ecofin, from existing investor Aqua Resources Fund Limited, the authorised closed-ended investment scheme managed by FourWinds Capital Management.
This latest round of financial backing comes at a time when Bluewater Bio is shifting its strategy towards acquisitions. The company is examining compatible technologies and new markets which could boost its global presence. Contract wins in the Middle East and South Africa have demonstrated the appeal of Bluewater Bio’s HYBACS (Hybrid Bacillus Activated Sludge) system in areas of the world where the problem of water scarcity is becoming ever more acute. As well as enabling opportunistic acquisitions, the funds will also further accelerate the international roll out of Bluewater Bio’s proprietary technology, working with select strategic partners, utilities and governmental bodies.
Joe Mangion, managing director, Special Situations at Ecofin, said: “We are delighted to make this investment in Bluewater Bio as the company crosses the inflection point between proof of technology and global adoption. As water scarcity and sanitation present an increasing challenge to global populations, Bluewater Bio’s HYBACS technology heralds a true paradigm shift, enabling wastewater to be seen as a valuable and reusable resource rather than an expensive problem. Bluewater Bio has grown from strength to strength over the years and established a strong track record, validated in over 25 applications around the world where it has dramatically reduced capex and opex as well as removing harmful environmental pollutants from wastewater.
Valerie Daoud Henderson, Head of FourWinds’ Europe Environment Group, added, “We are pleased to announce this follow on investment in Bluewater Bio which positions Aqua to take full advantage of developments made by Bluewater Bio in recent months and to provide this fast growing technology company with the capital it requires to sustain and build on its recent successes.”
