Prerequisites for conditional agreement between Inzile and QEV Tech Holdings

As already communicatedInzile AB (publ) (“Inzile”) has entered a conditional agreement to acquire 50% 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”). The agreement is subject to 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. Within this new joint electro mobility group Inzile will be parent company for all European activities and the board of directors and management of Inzile will remain in Sweden. QEV Holdings is an owner company and will have no operative function.

- To join forces with Enrique Bañuelos and QEV Tech, Inzile takes a leap in its vision of becoming a leading electro mobility provider, says Daniel Wedberg, CEO of Inzile. With this setup we have secured a long-term investor with the necessary network, customer base and capabilities to scale globally, continues Daniel Wedberg.

In the new joint structure Inzile will be responsible for sales, while QEV Tech will cater for development of vehicles for the volume market. Manufacturing will be outsourced, except production of special vehicles, which will stay in Västervik, Sweden. Sales of vehicles, services and solutions will go through Inzile, which has already developed and implemented a digital sales platform, as well as traditional distribution channels.

QEV Tech will develop vehicles for the volume market, building on today’s scope of formula E, rally cross and electric buses. QEV will also be the main contributor in developing next generation of Inzile’s electronic light truck Pro4, as well as vehicles in segments above and under the current Pro 4 range. Inzile R&D will continue to focus on specialized small commercial vehicles and expand its scope to niche markets like municipalities and the hotel & resort industry.

Development of value added services and connectivity will be centralized to Sweden, which is a pioneering country in terms of digitalization. Inzile's production unit in Sweden will remain unchanged and it will serve as role model for future micro production units within the new group.

Below follows financial data in EUR in from QEV Tech financial report 2020 estimated (2019 audited). Notice that during 2020 Spain was closed down due to the Corona pandemic and therefore no auto racing activities were taking place.

• Net revenues                        3 453 575  (12 950 367)
• Operating result                   -1 967 582    (1 105 857)
• Pre tax income                     -2 556 596   (1 038 701)
• Balance sheet total             19 392 888  (12 825 039)

For further information, please contact:

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

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 andChina teams in FIA Formula E, the world’s first all-electric auto racing series. With its cumulative experience and know-how, it aimsto revolutionize the electric vehicle solutions market.

https://www.qevtech.com/