Izera electric car project gets 250 million pln boost from Polish state

ElectroMobility Poland, the company responsible for the construction of the Polish electric car, will receive PLN 250 million and a recapitalization plan. Under the investment agreement, the State Treasury will acquire new shares and become the majority shareholder.

The money to finance this transaction will come from the Reprivatization Fund.

By the end of 2020, ElectroMobility Poland had spent over 53 million PLN on the design work of the Polish electric car.
The Treasury will recapitalize it, acquiring new shares for PLN 250 million. These funds are to be used for a preparatory phase scheduled for eight months.

Four energy concerns, on the initiative of which ElectroMobility Poland was established, will remain as minority shareholders.

“The involvement of the Treasury in Izera guarantees the continuation of work in the most important areas and ensures the project’s stability” – says Piotr Zaremba, President of ElectroMobility Poland.

EMP announces that the payment of PLN 250 million to the company’s account will take place after approval of the share capital increase at the general meeting of shareholders, as well as after changes to the National Court Register. Unofficially, it is expected this fall.

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