FREYR terminates the cooperation agreement with Logistea regarding a potential establishment of a battery factory in the municipality of Svenljunga
Logistea AB (publ) (“Logistea”) has been informed by FREYR Battery AS (”FREYR”) that FREYR has resolved to end the ongoing work with a potential establishment of a battery factory in the municipality of Svenljunga. Consequently, the cooperation agreement between Logistea and FREYR will cease to apply between the parties with immediate effect.
The municipality of Svenljunga and Logistea has during a long period invested both resources and time in the detailed development process due to which Logistea will investigate the possibility to locate other operations and tenants to the area. A prolongation of the land reservation agreement between the municipality of Svenljunga and Logistea was intended to be addressed at the municipal council meeting on Monday the 11th of September 2023. It is uncertain if the municipality of Svenljunga and Logistea will prolong the cooperation, which if relevant will be communicated by Logistea.
The cooperation agreement with FREYR included an intention to joint cooperate regarding a potential establishment of a battery factory in Svenljunga. The cessation of the cooperation agreement will marginally affect Logisteas result for the third quarter with a maximum amount of MSEK 3 and will further not affect the company’s financial position or communicated earning capacity. Further, there are no unrealised changes in value relating to the project.
As a result of Logistea's ongoing Rights Issue, Logistea intends to prepare and publish a supplement to the prospectus in accordance with Article 23 of the EU Prospectus Regulation as soon as possible, stating the cessation of the cooperation agreement in accordance with the above. The supplement to the prospectus, and the right for investors to withdraw their subscriptions in connection therewith, will entail a postponement of the date of publication of the outcome of the Rights Issue. The Rights Issue is in full covered by subscription- and guarantee commitments.