Scandinavian Enviro Systems (Enviro) CEO Fredrik Emilson and the company's CFO, Fredrik Aaben, have together subscribed for a total of 3,980,769 shares worth just over SEK 3.3 million, in accordance with the subscription commitments they entered into in connection with Enviro's recently completed rights issue. The issue as a whole strengthened the company's cash position by approximately SEK 240 million.
"Fredrik Aaben and I made extensive subscription and guarantee commitments, which reflect our strong confidence in the company, its technology, and its ability to both solve a major environmental issue and create significant economic value. Other members of the management team have also subscribed to a considerable number of shares," says Fredrik Emilson, CEO of Enviro.
Before the rights issue, both CEO Fredrik Emilson and CFO Fredrik Aaben had entered into subscription commitments. Now that the issue has been completed, both have subscribed for shares in accordance with these commitments. Fredrik Emilson subscribed to a total of 2,956,672 shares. Fredrik Aaben, who did not own any shares prior to the issue, subscribed to 1,024,096 shares. In total, the issue brought in approximately SEK 240 million before issuance costs. Among the participants in the issue were, notably, Handelsbanken Fonder and Michelin.
The proceeds from the rights issue secures Enviro's operations for the next 18 months, carrying the company through the completion of the plant, its operational start, and onward to the handover to Infinteria, which is expected to take place in mid-2026 when the plant is scheduled to receive its Provisional Acceptance Certificate (PAC). The Uddevalla facility will have the capacity to recycle 34,500 tons of end-of-life tires per year, and its entire future output of recovered tire oil (pyrolysis oil) and recovered carbon black (rCB) is already sold out.
For further information, please contact:
Fredrik Emilson, CEO Enviro, +46 (0) 706-05 67 83, fredrik.emilson@envirosystems.se
Fredrik Aaben, CFO Enviro, +46 (0) 729 70 78 91, fredrik.aaben@envirosystems.se
N.B. The English text is an in-house translation of the original Swedish text. Should there be any disparities between the Swedish and the English text, the Swedish text shall prevail.
Scandinavian Enviro Systems contributes to enhanced environmental and economic sustainability using a patented technology for the recovery of valuable raw materials from scrapped and end-of-life products, including tires. The production of new tires using carbon black recovered with Enviro's technology reduces carbon dioxide emissions by up to 93 per cent compared with the use of virgin carbon black. Enviro has its head office in Gothenburg and a plant for the recycling of end-of-life tires in Åsensbruk. The largest owner is the French tire manufacturer Michelin. Enviro was founded in 2001 and is listed on Nasdaq First North Growth Market. www.envirosystems.se
