Scandinavian Enviro Systems
Enviro receives MSEK 53 payment for costs incurred, of which half in cash and half as ownership share in joint venture
The payment covers part of the costs incurred by Enviro for establishing the full-scale recycling plant for end-of-life tires in Uddevalla and Enviro will receive further payments to cover these costs. Construction of the plant in Uddevalla commenced last week.
In addition to the cash payment of MSEK 26.5, Enviro also received shares in the joint venture. Enviro’s stake in the joint venture will fluctuate in pace with the capitalization process for the joint venture, but over time Enviro is entitled to acquire an ownership share that ultimately corresponds to approximately 30 percent.
The joint venture will be the world’s first large-scale tire recycling company, combining Enviro’s unique patented technology for extracting carbon black and pyrolysis oil from end-of-life tires with Antin’s expertise in developing and scaling up future infrastructure platforms. The joint venture plans to construct plants across Europe targeting a total annual recycling capacity of up to one million metric tons of end-of-life tires by 2030. Enviro and Antin Infrastructure NextGen fund have previously agreed on a plan for financing the construction of the plants.
As previously communicated, Enviro will receive revenue through both service fees and an asset fee based on the profitability of the respective plants while the company will have the possibility of building up long-term value through ownership in the joint venture.
For further information, please contact:
Fredrik Emilson, CEO Enviro, +46 (0)706-05 67 83, fredrik.emilson@envirosystems.se
Alf Blomqvist, Chairman of the Board Enviro, +46 (0)733-14 97 00, alf@blomqvistunlimited.com
Mårten Wikforss, Investor Relations Enviro, +46 (0)705-59 11 49, marten.wikforss@envirosystems.se
FNCA Sweden AB is Enviro’s Certified Adviser on Nasdaq First North Growth Market Stockholm.
Scandinavian Enviro Systems AB
Frihamnen 16B, SE-417 70 Gothenburg
info@envirosystems.se
envirosystems.se
This disclosure contains information that Scandinavian Enviro Systems is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 23-02-2024 17:58 CET.
| Datum | 2024-02-23, kl 17:58 |
| Källa | Cision |
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