Inzile’s new Board and Management report on current status

Inzile’s new board and managementhave made their assessment and list below important decisions and steps taken for the future of the company.

• Inzile’s Plan 2022-2024 is, due to the shift of CEO, currently being revised and will therefore be published during the coming months.  
   
• The order from eFashion Championship regarding 96 Formula E racing cars, at a total order value of MEUR 80, is delayed due to the postponed start of the Formula E Championships. Hence Inzile will invoice the first 30% of this order during H1 2022.
   
• During the recent months Inzile has successfully reduced costs to prepare the company for the shift of strategy.
   
• Negotiations with a selected group of European investors are ongoing for a future capital injection.
   
• According to Inzile’s new strategy focus will be on becoming an important business-to-business partner for special electric vehicles for segments like hotel & resort, last mile and small electric vehicles (SEV) for urban use. 
   
• Inzile will develop, produce and sell high quality electric vehicles at competitive prices.
   
• Last mile vehicles for big cities, developed in collaboration with QEV Technologies and with the Inzile brand, will be launched during 2022. 
   
• Small electric vehicles (SEV) for urban use will be offered in collaboration with energy companies across Europe.
   
• Inzile has started the process of registering a subsidiary in the US and negotiations are underway with domestic partners on the US market. In the first phase focus will be on electrification and conversion of existing commercial vehicles.
   
• Inzile is in negotiations to electrify and convert combustion engine buses in both Northern Europe and in selected emerging countries.
   
• The press released order to the hotel & resort segment from Pinero Group, at an order value of MSEK 22, will generate its first customer invoice during December 2021. Inzile has already initiated the development of a new range of hotel & resort vehicles in cooperation with Pinero Group, within the framework of the companies' joint venture.
   
• Inzile Group has signed an agreement with World Tourism Organization (UNWTO) in order to lead the change from the current combustion tourism mobility sector into a global sustainable electromobility solution.
   
• The Norwegian Transport Agency (StatensVegvesen), has approved Inzile’s Norwegian operation for sales and delivery of Inzile vehicles in Norway. Inzile Pro4 is approved for a subsidy by Enova Norway of KNOK 50 per vehicle.

For further information, please contact:

Yago Mendez, CEO Inzile, yago.mendez@inzile.com, +46 490 199 99

Peter Wergens, CFO Inzile, peter.wergens@inzile.com, +46 73 325 75 04

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.

The company's share is traded on Nasdaq First North Growth Market Stockholm.

Redeye AB is the Company’s Certified Adviser, +46 8 121 57 690, certifiedadviser@redeye.se.

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