Inzile 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 the conditions listed below, above all the approval of the shareholders of Inzile at an extra shareholders’ meeting and the approval of Nasdaq First North Growth Market. At the shareholders’ meeting Inzile will propose that new shares are issued in order to allow the strategic investor and 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 Mr 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 the operation will be carried out, motivated by the proposed industrial plan that benefits all parties and minority shareholders.
  • Confirmation that QEV Holdings owns and controls 51% of QEV Tech, and that revenues and results of QEV Tech will be consolidated into Inzile.

With this alliance 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. The intellectual property rights of QEV Tech in relation to the US market will be transferred to Inzile AB (publ). The management of Inzile will remain in Sweden.

– This agreement will help Inzile become a leader in electromobility solutions at an international level. QEV Tech’s engineers and their broad experience in development of electric vehicles provide a solid platform for our global expansion, says Ragnar Åhgren, principal shareholder and board member of Inzile. Enrique Bañuelos invests in electromobility solutions, real estate, and the financial sector and we will be able to utilize his experience and network in global markets, primarily in the United States, Latin America and Asia, continues Ragnar Åhgren.

 – For our group, Inzile is the perfect platform to consolidate European electromobility companies and carry out international joint ventures preferentially in the United States and Latin America, says Enrique Bañuelos, owner of Bendinat Group. The future requires designing electromobility solutions that the market and consumers are demanding, through new commercial, financial and digital channels, continues Enrique Bañuelos.

Key figures in from QEV Tech audited financial report 2018 (2017):

  • Turnover                      EUR 12 589 555 (7 031 715)
  • Operating result           EUR      937 555 (1 080 212)
  • Profit for the year         EUR      883 902    (799 998)
  • Balance sheet total      EUR   6 520 625 (3 240 894)

For further information, please contact:

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

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 21, 2021 at 08.00 CET.