Inzile’s new Board and Management report on current status

Inzile’s new board and managementhave made their assessment and list below important decisions and steps taken for the future of the company.

• Inzile’s Plan 2022-2024 is, due to the shift of CEO, currently being revised and will therefore be published during the coming months.  
   
• The order from eFashion Championship regarding 96 Formula E racing cars, at a total order value of MEUR 80, is delayed due to the postponed start of the Formula E Championships. Hence Inzile will invoice the first 30% of this order during H1 2022.
   
• During the recent months Inzile has successfully reduced costs to prepare the company for the shift of strategy.
   
• Negotiations with a selected group of European investors are ongoing for a future capital injection.
   
• According to Inzile’s new strategy focus will be on becoming an important business-to-business partner for special electric vehicles for segments like hotel & resort, last mile and small electric vehicles (SEV) for urban use. 
   
• Inzile will develop, produce and sell high quality electric vehicles at competitive prices.
   
• Last mile vehicles for big cities, developed in collaboration with QEV Technologies and with the Inzile brand, will be launched during 2022. 
   
• Small electric vehicles (SEV) for urban use will be offered in collaboration with energy companies across Europe.
   
• Inzile has started the process of registering a subsidiary in the US and negotiations are underway with domestic partners on the US market. In the first phase focus will be on electrification and conversion of existing commercial vehicles.
   
• Inzile is in negotiations to electrify and convert combustion engine buses in both Northern Europe and in selected emerging countries.
   
• The press released order to the hotel & resort segment from Pinero Group, at an order value of MSEK 22, will generate its first customer invoice during December 2021. Inzile has already initiated the development of a new range of hotel & resort vehicles in cooperation with Pinero Group, within the framework of the companies' joint venture.
   
• Inzile Group has signed an agreement with 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 (StatensVegvesen), has approved Inzile’s Norwegian operation for sales and delivery of Inzile vehicles in Norway. Inzile Pro4 is approved for a subsidy by Enova Norway of KNOK 50 per vehicle.

For further information, please contact:

Yago Mendez, CEO Inzile, [email protected], +46 490 199 99

Peter Wergens, CFO Inzile, [email protected], +46 73 325 75 04