HydroEdge Solutions, a Pittsburgh, PA-based provider of water solutions to the U.S. energy marketplace, completed an $8m round of debt financing.
An undisclosed third party lender provided the financing. Under the terms of the transaction, the company received a $3m revolving line of credit and a $5m one-year term loan.
The company intends to use the funds to accelerate operations, receivables, capex and as general working capital.
Founded in 2013 and led by Matt Brewer, Chief Executive Officer, HydroEdge provides water solutions to oil & gas, municipal, mining, and other industries.
The company maintains a deep base of global blue-chip customers in both the private and public sectors – including EQT Corp., CNX Gas Company, LLC – a subsidiary of Consol Energy, Rice Energy, Statoil, and EdgeMarc Energy and is on track to increase its 2017 revenue 67% to approximately $13.2m with $2.7m in EBITDA.
It is projected to organically grow revenue another 40% in 2018 to $18.5m with $4.4m in EBITDA.