A few days ago, an investment agreement was signed between the State Treasury and ElectroMobility Poland, under which the state will acquire new shares in the company worth PLN 250 million. The signing of the agreement and recapitalisation of EMP enables the next stage of development of the Polish electric car brand.
The new shares will be issued as a result of an increase in the company’s share capital. Their purchase will be entirely covered by a cash contribution from the Reprivatization Fund. These funds will be earmarked, inter alia, for commencing cooperation with the supplier of technological platform, a continuation of engineering works, preparatory activities connected with the construction of the factory in Jaworzno.
“The involvement of the State Treasury in Izera is a guarantee of continuation of work in the most important areas and provides stability to the project” – says Piotr Zaremba, President of ElectroMobility Poland. He points out that building a Polish brand of electric cars enters a new, very important period.
“The last months were a time of intensive project work for us, e. g. in terms of building the supply chain for Izera, product development or planning the production plant. Now we are opening a new chapter in our venture.”
“The preparatory stage, which includes the investment agreement, is planned for 8 months. The amount of funds allocated for this stage reflects the scope and scale of the challenges we face and the dynamics of the work which has to be done in the nearest future” – he emphasizes.
The head of the EMP also points out that the involvement of the state at this stage of the project is crucial to its ultimate success. The investment agreement itself enables the implementation of the next stage of the project.
“Its completion (the next stage of the project) within the approved schedule will enable another round of financing,” says Piotr Zaremba.
The signing of the investment agreement is the first of the formal steps that will enable the implementation of the next stages of the project. Payment of funds from the Reprivatisation Fund to the Company’s account will take place after the General Meeting of Shareholders approving the share capital increase and the necessary changes in the National Court Register. The existing shareholders of EMP – Enea, Tauron, Energa and PGE – will remain shareholders of the Company while retaining their existing blocks of shares.