The company ElectroMobility Poland, established to produce the Polish electric car Izera, has signed an agreement on recapitalization by the State Treasury, which will become the majority shareholder. The state will take up new shares of the company worth PLN 250 million. The recapitalization will make it possible to carry out preparatory works related, inter alia, to the construction of the Izera factory in Jaworzno.
– The funds that we will obtain under the investment agreement will allow for the implementation of absolutely key project goals, i.e. finalizing business talks with key partners or starting cooperation with the platform provider – explained PAP President of ElectroMobility Poland, Piotr Zaremba.
He assessed that the involvement of the State Treasury in Izera, i.e. the first Polish electric car, guarantees the continuation of work in the most important areas and ensures the project’s stability.
Investment agreement and recapitalization
The company ElectroMobility Poland informed PAP that on July 29, the State Treasury signed an investment agreement with the company, under which the state will acquire new EMP shares worth PLN 250 million. “The signing of the contract and the recapitalization of EMP enables the next stage of development of the Polish brand of electric cars. The existing shareholders of the company remain in the minority shareholding structure,” the company said.
As explained, the new shares will be issued as a result of increasing the company’s share capital. Their purchase will be fully covered by a cash contribution from the Reprivatization Fund. “These funds will be allocated, inter alia, to start cooperation with the supplier of the technology platform, continue engineering works, and preparatory activities related to the construction of the factory in Jaworzno” – it was announced.
As indicated by the president of Zaremba, the preparatory stage, which includes the investment agreement, is scheduled for eight months. – The amount of funds allocated to this stage reflects the scope and scale of the challenges we face and the dynamics of works that must be carried out in the near future – pointed out the president.
The company explained that the payment of funds from the Reprivatization Fund to the EMP account will take place after the general meeting of shareholders approving the share capital increase and the necessary changes to the National Court Register. The existing shareholders of EMP, i.e. Enea, Tauron, Energa and PGE, will remain shareholders of the company, keeping the existing blocks of shares.
Zaremba announced that by the end of 2020 the company had spent over PLN 53 million on design works.
The ElectroMobility Poland company was established in October 2016 and was an initiative of four Polish energy companies – PGE, Energa, Enea and Tauron, which each covered 25 percent. share capital. The share capital was PLN 70 million.
Main photo source: Andrzej Grygiel / PAP