During the spring, Enviro carried out a rights issue which initially secured approximately SEK 240 million before issue costs. Shares and warrants have been transferred to the respective custody accounts at the same time as trading in the warrants has commenced, which means that the issue is now complete. The issue proceeds are expected to last 18 months and take the company well past the completion of the first factory, the so-called PAC (Provisional Acceptance Certificate), which is expected to occur in mid-2026.
The warrants now granted entitle the holder to subscribe for new shares during the period 1-15 September 2026 at a price that will correspond to 70 percent of the volume-weighted average price paid for the company's share during the period from 17 August to 28 August 2026.
The construction of the recycling plant in Uddevalla, which is built by Enviro for the joint venture company Infiniteria, is progressing according to plan and more and more process equipment has now been delivered to the site. The construction has now entered the next intensive phase and in order to maintain the pace at the site, work will also progress during the holiday period.
"We are now entering the next escalation phase as we intend to complete external installations, an important step on the road to commissioning," says Fredrik Emilson, CEO of Enviro.
With more central process equipment in place, the completion of all external installations can begin. The plan is for the five reactors, the very heart of the pyrolysis process, to be delivered to the factory for installation during August, and with this, the factory construction also takes a major step forward regarding internal installations.
Commissioning 2025 and PAC 2026
PAC is when the plant is considered to meet the requirements set for the plant's performance. Once PAC is achieved, Infiniteria can begin delivering on the multi-year offtake agreements with a total value of approximately SEK 2 billion signed with market-leading tire and fuel producers such as Michelin and Preem. The Uddevalla project, which in an initial stage includes an annual recycling capacity of approximately 35,000 tons, is progressing according to plan and is expected to continue to meet the target of commissioning by the end of 2025.
The ambition to expand the annual recycling capacity in Europe to 1 million tons at a high rollout rate remains and is based on the enormous demand for recycled carbon black and oil as well as on the business case, which is very strong both financially and in terms of generated environmental benefits.
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
