Wastewater treatment hopeful Bluewater Bio has conditionally raised £2 million from Lehman Brothers International.

Geneva-headquartered and Cayman Islands-registered Bluewater is the holding company for concerns designing and marketing ‘HYBACS’, described as ‘an advanced biological solution to wastewater’. Steered by chief executive officer Daniel Ishag, the company, which floated on AIM last December, has switched its focus from potential industrial users to the municipal water sector.

Under the funding deal, US-owned financial heavyweight Lehman, already a 6.3 per cent shareholder, will invest an initial £324,000 at 4.5p a share, taking its stake to 9.3 per cent. If Bluewater obtains shareholder approval, it will issue further shares to Lehman for another £1.7 million at the average price in the five trading days ahead of the authorising shareholders’ meeting, up to a maximum 9p.

Floated at 12p, Bluewater shares dropped to 4.37p earlier this month. They have now rallied to 6.5p, valuing the company at £14 million.

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