Enviro taps Alumni Capital again for SEK 3.57M as reorganisation drags on
What's the deal? Scandinavian Enviro SystemsDealroom has a profile for this one. Try Dealroom → has raised SEK 3.57 million ($371,000) before costs through a directed share issue to Alumni CapitalDealroom has a profile for this one. Try Dealroom → Limited. The Swedish tyre recycling technology company issued 20 million new shares at SEK 0.1785 each — 90% of the lowest daily volume-weighted average price over the five trading days before closing.
Why now? The raise is the latest drawdown under a financing arrangement Enviro agreed with Alumni Capital on 22 May 2026. That deal lets it request up to SEK 50 million in share subscriptions over 12 months, with each drawdown capped at SEK 5 million.
What's the endgame? Enviro said the funding will support its ongoing court-approved reorganisation, granted by Gothenburg District Court on 27 February 2026 after a liquidity squeeze. In May 2026, it applied to extend the process by three months to complete long-term financing talks and prepare a reorganisation plan.
The company also issued 1.785 million warrants to Alumni Capital free of charge, each convertible into one new share at SEK 0.22 and exercisable until 22 May 2030.
What could go wrong? The board chose a directed issue over a rights issue, calling the latter more time-consuming, costly and exposed to execution risk. The trade-off is dilution: shares rise from 1,117,994,435 to 1,137,994,435, diluting existing holders by about 1.757%, with a further 0.157% if all warrants are exercised.
Enviro's position is precarious. Earlier steps included the bankruptcy of subsidiary Tyre Recycling in Sweden AB, which ran the Åsensbruk facility — a site Enviro said validated its technology but was not profitable.
The signal: Enviro's technology recovers raw materials from tyres, and it says its recovered carbon black can cut carbon dioxide emissions by up to 93% compared with virgin carbon black — material MichelinDealroom has a profile for this one. Try Dealroom → has used in Le Mans tyres. This repeat drawdown shows how a company with credible circular-materials tech is now leaning on incremental, dilutive financing to stay solvent, testing whether recovered carbon black can scale from demonstration to dependable industrial supply.
Read more: Tyre News
Image credit: Generated with Gemini
