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Infiniteria’s tire recycling plant in Uddevalla, for which Scandinavian Enviro Systems (Enviro) is responsible for project management and coordinating construction, is progressing well in the civil and building works and is now ready for installation of production equipment to begin.

On February 3, key local personnel from Scandinavian Enviro Systems and Antin Infrastructure Partners’ joint venture company Infiniteria, moved to the site outside Uddevalla where the joint venture company is establishing its first full-scale recycling plant. Among the personnel now starting to work from the site are Fredrik Alpner, Plant General Manager, along with about ten other key individuals.

As the construction of the Uddevalla recycling plant continues, Scandinavian Enviro Systems AB (publ) has released a half-year report. Second quarter 2024: Net revenues for the period were MSEK 58.5(3.6) Earnings after tax for the period were MSEK 30.5 (-25.3) Earnings per share for the period (before dilution) was SEK 0.04 (-0.03)

Scandinavian Enviro Systems (Enviro) has received MSEK 25.6 in compensation from the joint venture company after achieving a first predefined milestone linked to the construction of the plant in Uddevalla. Half of the compensation consists of cash and the other half of shares in the joint venture company. The compensation is received after achievement of the first of several predefined milestones linked to the construction of the site in Uddevalla. As previously commmunicated, Enviro will continuously receive compensations linked to the achievement of certain predefined milestones. As Enviro also previously announced, the company will communicate individual transactions linked to these compensations.

Scandinavian Enviro Systems (Enviro) currently has an ownership stake of 8.78 percent in the joint venture that the company formed together with Antin Infrastructure Partners’ NextGen platform and which is supported by Michelin. Enviro's share of ownership will shift as the joint venture company is capitalized, Enviro is compensated for the achievement of certain milestones and depending on when Enviro exercises its option to buy into the company.

On February 23, Scandinavian Enviro Systems (Enviro) has received an initial payment for costs incurred relating to the plant in Uddevalla, Sweden. The payment has been made by the joint venture established by Enviro and Antin Infrastructure Partners. In this initial stage, Enviro has received a payment of MSEK 53 million, of which MSEK 26.5 in cash and MSEK 26.5 in the form of shares in the joint venture. As previously communicated, Enviro has an option to acquire an ownership share in the joint venture that over time will ultimately correspond to approximately 30 percent. Enviro intends to fully exercise this option.

Enviro's CEO Fredrik Emilson, chairman Alf Blomqvist, and board member Peter Möller were present as the construction of Enviro Systems' recycling plant in Uddevalla officially began today. Together with Uddevalla's municipal councilor Martin Pettersson and the property owner Fratera's CEO Peter Karlsson, they held a symbolic groundbreaking ceremony with the assistance of an excavator.

The construction of Scandinavian Enviro Systems’ end-of-life tire recycling plant in Uddevalla has receieved starting notice. As previously communicated, the company expects the construction of the plant to start during the first quarter 2024. It is the municipality of Uddevalla that has notified about the permit in a letter. On February 7, Enviro, Antin Infrastructure Partners and Michelin announced the final investment decision for the plant and that the joint venture, formed between Enviro and Antin, has started to place orders for key materials and machinery for the plant.

On February 7, the joint venture between Scandinavian Enviro Systems (publ) (Enviro), Michelin and Antin Infrastructure Partners made the final investment decision regarding the construction of the end of life tire recycling plant in Uddevalla, Sweden. The joint venture has secured equity financing for the construction of the plant and signed multi-year agreements for the supply of end-of-life tires and offtakes for the recovered carbon black and oil products. The signed agreements regarding deliveries of recovered materials have a total value of approximately MEUR 180 (SEK 2 billion) over the contract period, which varies between 5 and 10 years.