Enviro taps Alumni Capital again for US$431.5K as reorganisation drags on
What's the deal? Scandinavian Enviro SystemsDealroom has a profile for this one. Try Dealroom → has raised US$431.5K 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 US$0.02 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 US$6.04M in share subscriptions over 12 months, with each drawdown capped at US$604.4K.
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 US$0.03 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 Michelin 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
