The Board of Directors of Enersize Oyj ("Enersize" or the "Company") published a press release on 18 October 2021 that the Company entered into a Letter of Intent ("LOI") with Finnish Batteries Oy (also known as TeraFactory) as a step towards streamlining the corporate structure. The parties have today suspended the process and the reverse acquisition will therefore not be carried out.
Enersize, since the announcement to complete a reverse acquisition of TeraFactory, has worked intensively to complete the transaction. During the course of the process, the parties have established that there is a lack of consensus about the future. The parties have therefore agreed to suspend work on the reverse acquisition. Enersize wants to focus on its core business with energy optimization, which according to the board is timely and will become increasingly important in the future.
"Enersize is exactly at the right time and can assist the industry with more than necessary savings to meet the energy crisis both quickly and very efficiently, and that is where we want to put our focus right now. Enersize is moving towards a bright future!” says CEO Anders Sjögren, Enersize Oyj