Inzile has signed revised conditional agreement regarding acquisition of QEV Tech Holdings

Inzile AB (publ) (“Inzile”) has entered a revised conditional agreement to acquire 80% of the Spanish company QEV Tech Holdings (“QEV Holdings”), which in turn is a part-owner of the Spanish company QEV Technologies SL (“QEV Tech”).

After intensive negotiations between the principal owners of the parties Inzile and QEV Holdings, a revised solution for a collaboration has been reached, giving Inzile 80% of the shares of QEV Holdings, which in turn owns 19,64% of the shares of QEV Tech. This agreement is subject to the conditions listed below. At an extra shareholders’ meeting Inzile will propose that new shares are issued in order to allow the international electromobility group eFashion Championship PTE Ltd (“eFC”) to acquire 63% of the shares of Inzile. eFC is the owner of 100% of the shares of QEV Holdings and Enrique Bañuelos de Castro is the owner of 100% shares in eFC. The purpose of the acquisition by eFC is, through Inzile, establish a leading European hub for electric vehicles and to secure necessary resources for a global expansion. The agreement is conditioned by the following:

• Approval of Inzile’s shareholders at extra shareholders’ meeting
• Approval of Nasdaq First North Growth Market, with the exemption or no need for a takeover bid/tender offer (OPA), only with this requirement will the operation be carried out, motivated by the proposed industrial plan that benefits all parties and minority shareholders.

- This revised agreement will provide Inzile with a stronger position in QEV Holdings, which will speed up the development of Inzile becoming a truly international provider within the electromobility industry, says Ragnar Åhgren, principal shareholder and Chairman of the Board of Inzile.

Inzile will establish the enterprise Inzile USA EV to enter the American market through a joint venture with an American company using all the necessary electromobility technology from QEV Tech through the agreement with the same. With the above mentioned alliances Inzile aims to become the leading company within the electromobility market in Europe as well as an important actor in the North American market. This will be accomplished by the future establishment of a legal entity and subsidiary in the United States. 

- Merging with Inzile will take our group to a new level, enabling us to compete globally in our focus sectors within eMobility, says Enrique Bañuelos, owner of eFC as well as the Bendinat Group.

As previously communicated, the board of direcors and management of Inzile as well as its operations will remain in Sweden. Sales within the merged entity will be channeled through Inzile Sweden. Further, Inzile has, in collaboration with a major resort chain and with support from the United Nations World Tourism Organization (UNWTO), commenced a joint development project aiming at producing a new resort vehicle for the global market.

 - The revised agreement will strengthen our possibilities of developing electric vehicles for both the hotel & resort sector and for our present segment, as well as increase the pace of delivering next generation of last mile vehicles for the international market, says Daniel Wedberg, CEO of Inzile.

As previously announced, eFC has placed a conditional order for Inzile including 96 electric competition hyper cars. The total order value is MEUR 80 and Inzile will take care of project management of the order including sourcing of delivery capacity from QEV Tech as well as other suppliers. The order will generate a total net margin of MEUR 8 for Inzile.The racing cars will be produced and delivered within 12 months of the date of the order, which is subject to a completed transaction between Inzile and QEV Holdings.

For further information, please contact:

Ragnar Åhgren, Principal Shareholder & Chairman of the Board of Inzile, ragnar.ahgren@inzile.com, +46 73 356 89 89

Daniel Wedberg, CEO of Inzile, daniel.wedberg@inzile.com, +46 70 285 42 55

This information is such that Inzile AB (publ) is obliged to publish in accordance with the EU Market Abuse Regulation (MAR). The information was provided by the above contact persons, for publication on August 5, 2021 at 22.30 CET.

About Inzile

Inzile is a Swedish tech company manufacturing intelligent electrically powered vehicles as well as creating modern transport and service solutions for a sustainable community. The company’s vision is to liberate the world from emission of fossil fuels and to accelerate the climate efforts by contributing to sustainable cities that improve quality of life.

Inzile was founded in 2012 based on a strong will to secure a future climate friendly utility vehicle sector. The team consists of some of Scandinavia’s foremost authorities related to electrical vehicles, digitalization, manufacturing and purchasing. Inzile develops, produces, and sells innovative vehicle solutions on the global market based on the demanding Nordic climate, security requirements and environmental standards. The company is based in Sweden with headquarters and production facility located in Västervik, R&D in Tranås and marketing office in Stockholm.

FNCA Sweden AB is the Company’s Certified Adviser, +46 8 528 00 399, info@fnca.se.

For further information, please visit: www.inzile.com

About QEV Technologies’ E-MOBILITY WORLD

QEV Technologies is a global leader in integrating electric mobility solutions. QEV Technologies is a technology company specialized in the design and production of electric vehicles. The company is the holder of the exclusive FIA license of the ERX (rally cross) championship and of one EXTREME E championship team and has also participated in the management of the Mahindra and China teams in FIA Formula E, the world’s first all-electric auto racing series. With its cumulative experience and know-how, it aims to revolutionize the electric vehicle solutions market.

https://www.qevtech.com/

About Group eFashion Championship PTE. LTD

eFC is owned by the co-founder of ABB Formula E Championship, Mr Enrique Bañuelos de Castro, who provides access to stakeholders in the electromobility market. The eFashion Championship (eFC) is an electric hyper car racing series that partners with the world’s most famous luxury fashion brands. The championship aims to focus on the increased consciousness towards sustainability, in collaboration with the most influential brands and individuals. eFC will also increase the attraction towards electric vehicles among high-net-worth individuals, in turn boosting the development of the electric vehicle industry as a whole.