Fluence Corporation announced initial drawdown from US$50 Mn project finance facility


Fluence Corporation Limited (ASX: FLC) notified the market on 1 April 2019 that it has for the first time, drawn down on its US$50 million non-recourse debt facility. The facility was established during November last year.

The US$50 million facility was offered by Generate Capital to FLC.

San Francisco based Generate Capital has a portfolio of investment and operating platform which is engaged with the building, owning and financing of advanced resource infrastructure. The company’s foundation was laid in 2014, and it is catering to the project developers and technology firms pioneering the Resource revolution.

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FLC leads the decentralized water and wastewater treatment markets, which had set the speed of the industry with the help of its Smart products like Aspiral™, SUBRE and NIROBOX™. FLC provides an integrated array of services throughout the entire water cycle. The company has its operations in the American region, Europe, the Middle East and several other nations.

The withdrawal proceeds of the amount US$2.0 million is intended to be utilized in sponsoring of FLC’s seawater desalination plant, situated in the Bahamas, at a resort called North Bimini. The earlier announced, Bimini project includes 3 NIROBOX™ smart-packaged seawater desalination units.

The FLC is aiming towards making use of the Facility for numerous present and planned revenue projects. The utilization of the Facility would enable FLC for streamlining of the project development. It would also aid in securing further Build, Own, Operate & Transfer (BOOT) plants with the prospects to produce recurring revenue.

FLC’s MD and CEO, Mr Henry Charrabe stated that the initial withdrawal from the Facility, established with General Capital for providing a fund to the Bimini Project, had strengthened the synergistic association amid General Capital’s ability for financing project. It has also strengthened FLC’s capabilities to provide recurring revenue solutions to its clients across the globe.

President and Co-Founder of General Capital said that the innovation speed in resource infrastructure is thrilling. Besides, General Capital backs up the technologies which have proven their mettle in the market. Via its financing program with FLC, General Capital is quickening its pace of the institutionalization of the desalination asset class. Its joint offer gives extremely valuable financial solutions to FLC’s consumers and enables FLC with the capability to gain global water and wastewater treatment projects.

Recently, the company announced to the market that it had signed a third contract with ITEST.

In its financial report for the period ending 31 December 2018, the company recorded the revenues from Operating revenue and income standing at $101 million as on 31 December 2018. The Total current assets of the company stood at around $97.6 million by the end of the financial period. The company’s Cash and cash equivalents on 31 December 2018 stood approximately at $38.7 million.

During the year 2018, the company managed to achieve several business targets. The company was successful in raising the revenue of its Smart Products Solutions to US$22 million. In the Chinese region, FLC grew its partnerships to twenty-six in number across the fifteen provinces of China.

The stock of the company closed the trading session 5.941% up at A$0.535, on 1 April 2019. Today, FLC has soared by 4.67%, trading at A$0.560 (As at 1:20 PM AEST). It has a market capitalization of around A$287.5 million with 537.38 million shares outstanding. The stock has given a yield of 21.69 % in the last six months period. Its 3 months yield stands at 62.90%.


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