Scandinavian Enviro Systems has raised SEK 3.57 million before costs through a directed share issue to Alumni Capital Limited, marking another drawdown under the equity-based financing arrangement agreed in May. The Swedish tyre recycling technology company said the funding will support its ongoing company reorganisation, while adding further dilution for existing shareholders.
Funding under the May agreement
Enviro has issued 20 million new shares to Alumni Capital at SEK 0.1785 per share. The company said the price equals 90% of the lowest daily volume-weighted average price during the five trading days before the drawdown closing date.
The company has also issued 1.785 million warrants to Alumni Capital free of charge. Each warrant gives the holder the right to subscribe for one new Enviro share at SEK 0.22. The warrants may be exercised from registration with the Swedish Companies Registration Office until 22 May 2030 and are not intended to be traded.
The issue follows Enviro’s 22 May agreement with Alumni Capital. Under that arrangement, Enviro may request share subscriptions with accompanying warrants for up to SEK 50 million over 12 months. Each individual drawdown is capped at SEK 5 million.
The immediate capital raise is modest. Its importance lies in what it signals about Enviro’s near-term financing route while it works through a court-approved company reorganisation.
Enviro said the deviation from shareholders’ preferential rights was made to secure financing for the ongoing reorganisation in a time- and cost-efficient way. The board said it had considered a rights issue, but viewed that route as more time-consuming, costly and exposed to execution risk given the company’s position.
Tyre News previously reported that Enviro had sought court-approved reorganisation after a liquidity squeeze, with the process centred on financing, creditor agreements and the future role of its recovered carbon black and tyre pyrolysis technology.
Dilution and share capital impact
Following the issue, Enviro’s number of shares will increase from 1,117,994,435 to 1,137,994,435. The new shares represent dilution of around 1.757% of shares and votes. If all newly issued warrants are exercised, a further 1,785,000 shares would be created, adding about 0.157% dilution.
The new shares are expected to be admitted to trading on Nasdaq First North Growth Market after registration with the Swedish Companies Registration Office and Euroclear Sweden. The warrants are not intended to be admitted to trading.
Enviro sits at the intersection of end-of-life tyre processing, recovered carbon black and pyrolysis-based circular materials. The company says its technology recovers raw materials from tyres and that using carbon black recovered through its process can reduce carbon dioxide emissions by up to 93% compared with virgin carbon black.
That makes its financial position relevant beyond Sweden. Tyre manufacturers, compounders and sustainability teams are assessing whether recovered carbon black can move from pilot and demonstration use into dependable industrial supply. Tyre News has previously covered Michelin’s use of Enviro recovered carbon black in Le Mans tyres, showing the material’s relevance to high-performance and future mobility applications.
The backdrop remains difficult. Enviro’s reorganisation was granted by Gothenburg District Court on 27 February 2026. In May, the company applied to extend the process by three months, saying an extension was necessary to complete long-term financing negotiations and prepare a reorganisation plan.
Earlier restructuring steps included the bankruptcy filing for Tyre Recycling in Sweden AB, the subsidiary operating the Åsensbruk recycling facility. Enviro said that site had helped validate its technology and products, but that the operation was not profitable. The bankruptcy was expected to affect results through an impairment of approximately SEK 84 million.
The latest Alumni Capital drawdown does not settle Enviro’s longer-term questions. It does, however, provide additional working capital while the company continues to pursue a reorganisation plan and future licensing-led opportunities.
For the tyre trade, the case remains a useful indicator of the pressure facing advanced tyre recycling businesses. Demand for circular materials is rising, but technology validation, project finance and reliable commercial-scale supply remain separate challenges.
Tagged with: Scandinavian Enviro Systems, Enviro, Alumni Capital, tyre recycling, recovered carbon black, pyrolysis, end-of-life tyres, circular economy, tyre recovery, share issue, Swedish reorganisation, rCB
Disclaimer: This content may include forward-looking statements. Views expressed are not verified or endorsed by Tyre News Media.
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