Cleantech company secures loan from Vækstfonden

Bactiquant, a Danish cleantech company, has entered into an agreement with Vækstfonden to secure a loan of up to DKK 10 million. The initial loan amount will be DKK 4 million, with the option to increase the loan by mid-April 2023. The decision to utilize the option to increase the loan will be made at the company's annual general meeting next year.
In the first half of 2022, Bactiquant reported revenue of DKK 5.2 million and a pre-tax loss of DKK 6.8 million I Photo: Bactiquant / PR

Bactiquant, a Danish cleantech company, has entered into an agreement with Vækstfonden, a Danish venture capital fund, to secure a loan of up to DKK 10 million ($1.6 million). The initial loan amount will be DKK 4 million, but the company has the option to increase the loan to the full amount by mid-April 2023.

The decision to utilize the option to increase the loan will be made at the company’s annual general meeting next year. In order to access the second part of the loan, which is worth up to DKK 6 million, Bactiquant must provide new equity capital, such as by conducting an equity offering with a corresponding gross proceeds.

Additionally, the loan is conditional on Bactiquant issuing warrants to Vækstfonden at its annual general meeting next year, corresponding to 10% of the loan amount at that time. If Bactiquant fails to issue warrants to Vækstfonden at the annual general meeting in 2023, the company will be required to pay a penalty equal to 10% of the loan amount.

In the first half of 2022, Bactiquant reported revenue of DKK 5.2 million and a pre-tax loss of DKK 6.8 million. The company subsequently lowered its revenue forecast for the year to a range of DKK 11-15 million and an EBITDA range of DKK -10 to -14 million.

Read more about the story right here.

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