Aquaback Technologies, a Port Saint Lucie, FL-based provider of safe patented wastewater treatment solutions based on energy efficient distillation of water, received USD 110M investment from GEM.
GEM, the Luxembourg based private alternative investment group, provides Aquaback with a share subscription facility of up to USD 110 million for a 36-month term following a public listing. The share subscription facility will allow Aquaback, subject to terms of the Agreement, to draw down funds by issuing shares of common stock to GEM. Concurrent with a public listing of its shares, Aquaback will issue warrants to GEM to purchase up to 3.25% of the common stock of the company at an exercise price that will provide material additional funding to Aquaback.
Led by Scott C. Newquist, President and CEO, Aquaback developed, tested and has proven the ability to recycle the heat of vaporization using standardized distillers to lower the cost of recycling wastewater and provide clean distilled water for less than most consumers pay for potable water while eliminating contamination from wastewater disposal. Distillers can be deployed in small decentralized treatment uses or in large utility scale installations.
The market applications available to Aquaback include industrial wastewater treatment and recycling, point of entry safe water supply, recycling virtually any contaminated source water for any intended use including direct potable use, advanced treatment by water utilities to remove emerging contaminants, production of distilled water as feed water for electrolyzers to produce green hydrogen, and advanced treatment of septic and sewage to mitigate nitrogen pollution.
FinSMEs
30/06/2023