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Analyst Comment

Bawat: Receives Approval in Principle on a green financing package from Nefco

By Kasper LihnHead of Research
Bawat Water Technologies

This morning, Bawat announced that the company has received Approval in Principle from the Nordic Environment Finance Corporation (Nefco) on a green financing package, and Bawat is exploring the conditions to carry out a new share issue in the near term.

The financing commitment from Nefco is approx. SEK 25m (EUR 2.3m), which may be divided into two tranches (one in H1 2023 and the other in 2024). The green financing package is subject to final approval by Nefco’s Board of Directors, and the Nefco financing requires the matching of equity with a minimum 1:1 ratio. More details of terms and conditions are subject to negotiations and final agreement shortly, and the aim to get the financing proposal for final approval is at the next Nefco board meeting, which is expected to be held in the last week of April.

In January 2023, Bawat announced that the company expects to reach EBITDA break-even in H2 2024. With the potential financing from Nefco and the matching equity, Bawat expects to have sufficient cash to invest in commercial activities and accelerate the service in Bawat’s Ballast Treatment as a Service (BaaS) until reaching break-even.

By the end of March 2023, Bawat expects to seek a bridge loan to cover its liquidity needs during the transition period to finalize the Nefco financing and the potential share issue.

Read the full announcement here: https://view.news.eu.nasdaq.com/view?id=ba83fa5a4fa5518e341d5df98c0772552&lang=en&src=listed

Disclaimer: HC Andersen Capital receives payment from Bawat for a DigitalIR/Corporate Visibility agreement. /Kasper Lihn 12:40, 24-03-2023.

Bawat Water Technologies

1.58SEK23.03.2023, 18.00

Bawat Water Technologies operates in the maritime and industrial sectors. The company provides heat-based BWMS systems used for ballast water treatment. The system is suitable for ship solutions on board and for container facilities. Today, the company operates on a global level with the largest presence in the Nordic region and Europe. Bawat Water Technologies was founded in 2011 and is headquartered in Stockholm.

Read more on company page

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11/3/2022, 12:33 PM
by Asbjorn Scheller
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