Inzile receives conditional order from eFashion Championship
Subject to approval at the extra shareholders’ meeting of Inzile, eFashion Championship PTE Ltd (“eFC”) has placed an order for Inzile AB (publ) (“Inzile”) including 96 electric competition hypercars. 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 racing cars will be produced and delivered within 12 months of the date of the order. The order is subject to the condition that the transaction between Inzile and QEV Holdings is completed, to allow eFC to acquire 63% of the shares of Inzile.
Inzile will at the date of approval of the order invoice eFC 30%, or MEUR 24, of the order value, after six months Inzile will invoice further 40%, or MEUR 32, and at the delivery of the vehicles, Inzile will invoice the remaining 30%, or MEUR 24. The order will generate a total net margin of MEUR 8 for Inzile.
As already communicated Inzile has entered a conditional agreement to acquire 50% of the Spanish company QEV Tech Holdings, which in turn is a part owner of QEV Tech. The agreement is subject to, inter alia, approval of the shareholders of Inzile at an extra shareholders’ meeting as well as the approval of Nasdaq First North Growth Market, due to change of identity.
In the joint structure for electric mobility, sales of vehicles, services and solutions will go through Inzile. This means that Inzile is responsible for customer relations and therefore all customer invoicing regarding electric mobility will be carried out by Inzile.
For further information, please contact:
Daniel Wedberg, CEO 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 person, for publication on June 28, 2021 at 22.45 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 companyspecialized in the design and production of electric vehicles. The company is the holder of the exclusive FIA licenseof 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 eFashionChampionship (eFC) is an electric hypercar 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.