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Fluence’s MABR plant. Source: FLC.
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  • Fluence Corporation (FLC) increases its debt facility with Upwell Water by US$10 million (A$13.99 million) to fund recurring revenue projects
  • Under the extension, FLC can also reclassify 70 per cent of the costs of new projects from the term loan to project finance debt – reducing the principal
  • Altogether, the wastewater business has access to a debt facility of US$30 million (A$41.98 million) from Upwell with a maturity date of July 2024
  • FLC also revealed today that it had surpassed 300 membrane aerated biofilm reactor (MABR) plants sold, with recent orders from China and Cambodia
  • Company shares opened trading at 17 cents each

Fluence Corporation (FLC) has increased its debt facility with Upwell Water by US$10 million (A$13.99 million) to fund recurring revenue projects.

The extra money will also become working capital, and FLC has the option to reclassify 70 per cent of the capital costs of new projects from the term loan to project finance debt.

Doing so will help reduce the principal for the term loan from Upwell, which altogether totals US$30 million (A$41.98 million) with a maturity date of July 2024.

Additionally, the wastewater company has an incentive to secure extra recurring revenue projects, as additional costs of $2.9 million will kick in if less than $25 million is spent on these types of projects.

Commenting on the extended loan, Upwell CEO Tamin Pechet said he was pleased to be able to support Fluence.

“Fluence has continued to demonstrate the value of its rapidly-deployed treatment
technology to customers,” he said.

“Upwell Water is happy to support the broad adoption of Fluence’s decentralized treatment solutions.”

In addition to the new loan, FLC also revealed today that it had surpassed 300 membrane aerated biofilm reactor (MABR) plants sold, with recent orders from China and Cambodia.

Fluence Chairman and Chief Executive Officer Richard Irving said he was pleased to see such a strong take-up of their wastewater plant technology.

“We are extremely proud to have surpassed 300 MABR plant sales. This represents a very rapid uptake of our proprietary MABR technology in a very conservative industry, driven by our MABR’s ability to meet high treatment standards at the lowest total cost of ownership and energy use,” he said.

“Recent orders in Asia which are now being executed, contribute to working capital needs. In addition, we anticipate that continued growth of recurring revenue projects in the Caribbean and elsewhere will drive the need for further project financing. We are pleased that Upwell has increased our facility to ensure proper financing of both.”

Company shares opened Friday trading at 17 cents each.

FLC by the numbers
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