Enviro launches rights issue to fund expansion, technology development

Stockholm – Scandinavian Enviro Systems (Enviro) has launched a rights issue of units worth SEK297.6 million (€26.5 million), the end-of-life-tire (ELT) recycler announced 14 April.

The partially guaranteed issue, consisting of shares and warrants, is subject to approval by an extraordinary general meeting scheduled for 5 May, stated Enviro.

Funds raised will go towards strategic initiatives, including the ongoing construction of an ELT pyrolysis plant in Uddevalla, Sweden and the repayment of a SEK30-million bridge loan.

The funds will also be used for further development of the company’s modular plant concept for expansion across Europe and beyond, said Enviro.

The rights issue “will enable Enviro to commercialise its leading proprietary technology on a large scale,” said Fredrik Emilson, CEO.

“We look forward to getting the Uddevalla facility up and running to showcase Enviro’s technology at full scale,” he added.

Enviro’s Uddevalla facility is the first large-scale plant built under its Infiniteria JV with Antin Infrastructure Partners and Michelin.

The plant is scheduled to begin production in the fourth quarter of 2025, reaching around 65% capacity by mid-2026, according to the Swedish recycler.

Enviro expects the facility to serve as a “framework” for its broader European expansion.

As previously reported by ERJ, the Infiniteria JV aims to establish plants across Europe, with a total capacity to process 1 million tonnes of ELTs by 2030.