Fourth quarter 2021 in brief

• 80% of Spanish QEV Tech Holdings was acquired

• eFashion Championship became principal shareholder of Inzile

• Order from Pinero Group worth SEK 22 million was received

• Agreement with UNWTO, World Tourism Organization, was signed

• British and German investors became strategic shareholders

Inzile Group

Fourth quarter 2021 in numbers

• Net sales amounted to MSEK 2.9 (0.0)

• Operating profit (EBIT) amounted to MSEK -36.9 (0.0) 

• Result for the period amounted to MSEK -37.7 (0.0)

• Earnings per share, before and after dilution, amounted to SEK -0.70 (-0.02)

The Year 2021 in numbers

• Net sales amounted to MSEK 2.9 (0.0)

• Operating profit (EBIT) amounted to MSEK -36.9 (0.0) 

• Result for the period amounted to MSEK -49.6 (0.0) 

• Earnings per share, before and after dilution, amounted to SEK -1.10 (-0.08)

Events during the period

In accordance with an approval by the Extraordinary General Meeting, Inzile acquired 80% of the shares in Spanish QEV Tech Holdings (QTH). The purchase price was SEK 494 million and the access took place immediately. In connection with the acquisition, the Board of Directors decided on a directed share issue to eFashion Championship (eFC) by offsetting eFC’s entire claim against Inzile attributable to the transfer of shares in QTH. The subscription price was SEK 14.62 per share, which means that at the registration of the share issue, eFC owned 63% of Inzile’s outstanding shares. The acquisition was regarded as a reversed acquisition, meaning that eFC received the controlling interest of Inzile.

Inzile received an order, worth SEK 22 million, from Spanish Pinero Group regarding the development and delivery of battery systems for their existing vehicle fleet within Hotels & Resorts. The order was delivered during Q4 2021 and Q1 2022 to Pinero’s facilities in the Caribbean.

The Board of Directors appointed Yago Mendez as CEO with immediate effect. Yago Mendez was at the time Board Member of QEV Technologies in Barcelona and has been CEO of Spanish Amper Group, a USD 300 million listed company. Board Member Måns Sjöstedt took on a new interim position as General Manager for Inzile Nordics.

Inzile finalized the process of raising SEK 45 million in mid-term financing. In part this financing is a credit facility by the main owner eFashion Championship, and in part it is a bridge loan from an external party, both on market terms. The bridge loan was available as of end of November, while the credit is available when Inzile calls for it. The financing is being used for Inzile’s working capital need until new capital has been raised.

Inzile Group signed an agreement with the 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 approved Inzile’s operation for sales and delivery of vehicles in Norway. Inzile´s vehicle Pro4 was approved for a subsidy by Enova Norway of NOK 50 thousand per vehicle.

eFashion Championship strengthened Inzile’s ownership structure by adding German businessman Hakan Koc and British-Chinese businesswoman Snowy Li Ru as strategic investors.

At an Extra General Meeting (EGM) it was resolved to amend the articles of association, meaning that the board shall have its registered office in Stockholm and the company’s number of shares shall be a minimum of 25 million shares and a maximum of 100 million shares. The EGM also resolved to authorize the Board of Directors to, on one or more occasions during the period until next Annual General Meeting, decide on a new issue of shares. The number of shares that can be issued shall in total correspond to a maximum of 55 percent of the outstanding shares. The EGM elected Rafael Escanez and Yago Mendez as new Members of the Board and Håkan Örtenholm was appointed Chairman of the Board.

Events after the period

The governments of Spain and Catalonia, together with the local trade unions, endorsed the electromobility HUB proposal made by QEV Technologies, of which Inzile controls 19,6%. The HUB will be located in the previous Nissan factory in the Free Zone of the Port of Barcelona. Inzile is a direct part of the winning HUB proposal and will therefore have at its disposal all the facilities for design and scale production of its planned new vehicles.

Inzile was selected for Swedish HBV’s framework agreement regarding procurement of electric work vehicles. The agreement, worth up to SEK 189 million, is valid for three years, with an option for another year. Inzile is one of four accepted suppliers.

Spanish OK Mobility Group invested in Inzile corresponding to 1% of the share capital. OK Mobility Group provides mobility solutions through the OK Rent-a-car and OK-cars brands. The company is market leader in Spain and is also present on the Italian, Portuguese, French and German markets.

Former Board Member Måns Sjöstedt took over as CEO of Inzile, with immediate effect. From the end of November 2021, Måns Sjöstedt was acting General Manager for the Nordic region. Måns Sjöstedt has extensive experience from international business, after many years as CEO in global organizations and a Swedish public company.

Inzile signed an agreement with reseller NT Maskin that operates in central Sweden. NT Maskin is an entrepreneurial company with extensive experience in sales in the green space and contracting industry.

Inzile continued its expansion in the Nordics by signing a dealer agreement with Danish Jaka Service Aps, a sales and service company with seven years of experience in sales and optimization of electric vehicles throughout Denmark.

Inzile received an order, at a value of SEK 5 million, from Pinero Group’s subsidiary Turiscar, regarding installation of a turnkey assembly factory with a capacity of 2 000 vehicles per year. The factory will assembly the new generation of the Inzile Hotel & Resort vehicles for the Caribbean market for Emos Caribbean, which is a joint venture company between Inzile and Pinero Group. The order will be delivered during the second quarter of 2022 to the Dominican Republic.

Inzile has signed an agreement with Maskincentrum in Bockara, a well-established dealer of transport vehicles in southern Sweden. During its 50 years of operation Maskincentrum has successfully developed its sales in combination with efficient aftermarket service, which has become their key to expansion.

At an Extra General Meeting, and in accordance with a proposal from the company’s majority owner eFashion Championship, Enrique Bañuelos, Gloria Bañuelos and Juan Carlos Del Rio were elected as new Members of the Board. Ragnar Åhgren, Måns Sjöstedt, Rafael Escanez and Yago Mendez resigned as Members of the Board.

Pinero Group invested in Inzile to become a strategic shareholder and partner in the commercialization of electric vehicles in the Caribbean.

Inzile and Spanish OK Mobility Group created a joint venture company for the commercialization of electric vehicles (EV) for the Rent a car sector in Europe. Inzile will design, homologate, and produce compact EVs, in order to supply them to this sector, with the assistance and experience of OK Mobility Group and its marketing facilities.

Inzile has signed a distributor agreement with Finnish Oy YBAS Ab (YBAS), which has a long experience and a wide network. By entering the Finnish market Inzile is present on all larger markets in the Nordics. Initially YBAS will take care of sales of Inzile vehicles to end customers. During this period YBAS will also contract resellers and service partners to expand sales at the highest possible pace on the Finnish market.

Inzile contracted international financial advisor MCM Partners for a capital raise equivalent to SEK 250 million, at SEK 25 per share. The share issue may be divided into two or more transactions and will be directed to selected strategic international investors.

Inzile received an order of 33 Hotel & Resort vehicles for Bahia Principe’s 5-star luxury resort Cayo Levantado in the Dominican Republic. Bahia Principe is a high-end brand of Pinero Group. The order will be delivered through Emos Caribbean, a joint venture company between Inzile and Pinero Group. The vehicles will be in operation from November 2022, and Inzile’s part of the order has a value of SEK 5,6 million.

For further information, please contact:

Måns Sjöstedt, CEO Inzile,, +46 70 946 69 05

Peter Wergens, CFO Inzile,, +46 73 325 75 04

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 March 30, 2022, at 08.00 CET.