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… Read More
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.