Michelin, company executives subscribe to Enviro rights issue shares

Stockholm, Sweden – Senior management from Scandinavian Enviro Systems as well as Michelin have subscribed to shares in the Swedish waste tire pyrolysis company’s recent rights issue, Enviro has announced.

CEO Fredrik Emilson and CFO Fredrik Aaben have together subscribed for a total of 3,980,769 shares, valued at just over SEK3.3 million (€300,000), as part of the company’s recently completed SEK240 million offering.

The subscriptions were made in accordance with prior commitments from both executives.

The subscription “reflect our strong confidence in the company, its technology, and its ability to both solve a major environmental issue," said Emilson 5 June.

Other members of the management team have also participated by subscribing to "a considerable number of shares," he added.

Emilson subscribed to 2,956,672 shares, while Aaben, who did not hold shares prior to the issue, subscribed to 1,024,096 shares.

Among the investors in the rights issue were Handelsbanken Fonder and Michelin, noted Enviro.

The proceeds from the rights issue will secure Enviro’s operations for the next 18 months, enabling the company to complete its new Uddevalla recycling plant, begin operations, and proceed with the handover to Infinitira.

That transfer is expected in mid-2026, when the plant is due to receive its Provisional Acceptance Certificate (PAC).

Once operational, the facility will be able to recycle 34.5 kilotonnes per annum of end-of-life tires annually.

According to Enviro, said the full output of pyrolysis oil and recovered carbon black from the site has already been sold under contract.