Jun 10, 2021

RALEIGH & FLETCHER – According to an SEC filing , Low Impact Technologies USA, Inc., has raised more than $2.5 million in equity from 15 investors, and will use the proceeds to acquire an Australian company. The North Carolina Secretary of State’s business registration database lists the company as founded in November 2020, and the primary address is listed in this filing and in the SEC filing as an address in Raleigh along Glenwood Avenue. The filing agent for the company is the Charlotte-based attorney, Nathan Hull, whose office confirmed to WRAL TechWire that the firm listed in the filing. It  also is the same company as made the announcement regarding the Fletcher facility, he added. The company could not be reached for comment. The SEC filing states that the proceeds are connected to a business combination transaction, and reads “Acquisition of Australian company through a stock for stock transaction with sole shareholder for acquired company.”  Investors were asked for a minimum of $10,000, and the filing indicates up to $1,630,000 more could be raised. Area Development reported in December that the company had come to an agreement to locate its first manufacturing facility in Henderson County in the town of Fletcher, investing about $5 million in machinery and $150,000 in improvements to an existing building, with operations planned to begin in 2021. According to news reports, the company planned to hire for 60 new jobs at the facility at the time of the announcement. “LIT is eager to deploy this technology. Henderson County and the Town of Fletcher have been exceptional partners so far in assisting with our location process, we’re fortunate to have committed public partners and look forward to a long relationship together,” Nick Probert, the company’s general manager, said, according to Area Development. Asheville.com published a story that was prepared by the Henderson County Partnership for Economic Development in December 2020 that states the company that will occupy the 30,000 square foot facility in Fletcher designs and produces concentrated solar multi-effect distillation and dewatering equipment to be sold domestically and internationally. According to the publication, the company was “poised to begin production in Australia in early 2020 but construction of the facility was significantly delayed by the COVID-19 pandemic.” “LIT began evaluating sites in the US, assessing locations in South Carolina and Texas before selecting an existing industrial building in the Town of Fletcher,” the statement reads. The filing agent for the company is the Charlotte-based attorney, Nathan Hull, whose office confirmed to WRAL TechWire that the firm listed in the filing. It  also is the same company as made the announcement regarding the Fletcher facility, he added. The company could not be reached for comment.