Nasdaq Tallinn: ELMO Rent brings remotely controlled cars and at least 50 new electric vehicles to the streets with IPO revenues

Tallinn, Estonia, 2021-06-02 13:25 CEST --


Please find photos to illustrate the news here:
https://www.dropbox.com/sh/vxjyei3123cgz6e/AAA0yiJocQ00bhRmfShmLCnCa?dl=0 

On Friday, 4 June, the initial public offering of ELMO Rent AS shares will
start on the Tallinn Nasdaq stock exchange, with whose support the company
plans to launch the testing of the remote car sharing service in Tallinn as
early as this year. In addition, the company will use the revenues of the IPO
to roll out at least 50 new electric vehicles and start preparations for
entering foreign markets. 

According to the founder of ELMO Rent AS Enn Laansoo, Jr., the company wants to
contribute to the creation of a people-centric urban space by focusing solely
on the environmentally friendly vehicle sharing service and reducing the number
of shared vehicles burdening city streets and car parks. 

"Rental cars, scooters and other vehicles parked on the streets might be
convenient for their users, but many citizens are rather annoyed that
pedestrian roads and streets are filled with scooters, even the few parking
spaces are sometimes occupied for days by parked rental cars. Our entire
business concept is built on the principle that our vehicles must not pollute
the urban environment in any way - neither its air nor its kerbs and pavements.
Therefore, all our shared vehicles stop at distribution points, and our
remotely controlled electric cars will also start their journey to the next
customer or return to the distribution point after the trip," explained
Laansoo. 

According to him, the company has reached the final stage of development of its
remote control car technology. "This autumn, the first citizens will be able to
order an electric shared car to their doorstep in just a few clicks as part of
the street tests," he expressed his satisfaction with the company's progress. 

According to him, the introduction of remotely controlled cars will increase
the activity and efficiency of the car fleet and offer customers more
flexibility in using the sharing service. 

"ELMO's environmentally friendly vehicle fleet is in use today more than 36% of
the time, which is a huge improvement from the 4% use level of the average
personal car. Since the user no longer has to worry about the location of the
nearest rental car, I am convinced that the use of these vehicles will increase
by more than 50% in the coming years thanks to our innovative technology," he
said. 

"A fivefold increase in our turnover and a tenfold increase in EBITDA over the
next three years is more than realistic," he added. 

Another purpose of the public offering of shares is to raise funds for the
acquisition of at least 50 new electric vehicles, which will strengthen the
company's position as the owner of the largest electric car fleet in Estonia.
In addition, with the support of the investments engaged, ELMO Rent will start
preparations for entering the distribution service markets of other European
countries. 

"The car sharing service is significantly more popular in Europe than in
Estonia, and there are quite a lot of distribution companies offering electric
cars in other countries. Our novelty will be the first-time presentation of
remote-controlled car technology; offering an environmentally friendly service
based on this innovative technology will be our competitive advantage and a
topic of discussion for many years to come," confirmed Julia Nekrassova, CEO of
ELMO Rent. 

"In order to quickly enter the new market, we are ready to consider buying
existing companies and certainly also a partnership," Nekrassova laid the cards
down. 

According to the founder of ELMO Rent, the team wants to give people the
opportunity to be a shareholder in an environmentally friendly and rapidly
growing Estonian company focusing on the development and implementation of
environmentally friendly future technology. A total of 120,000 shares will be
offered for listing, and if the result is successful, the number of shares will
be increased by 80,000. 

The price of one share is 5 euros, of which EUR 0.10 is the nominal value and
EUR 4.90 is the share premium. Only integer shares can be subscribed to. The
subscription period on the Nasdaq Baltic First North alternative market lasts
from 4-14 June, during which time the company wishes to raise 600,000-1,000,000
euros from investors. 

About the company:

ELMO Rent AS is a company founded by the State of Estonia in 2013 which has
been actively growing in private hands since 2017. Its main field of activity
is the provision of environmentally friendly vehicle sharing services and the
development, marketing and scaling of related environmentally friendly and
innovative technology. 

ELMO Rent is one of the first electric car distribution companies in the world
and the first company of rental vehicles with a responsible business quality
label in Estonia. 

Read more:

Introduction to the initial public offering of ELMO Rent AS shares:
https://elmorent.ee/wp-content/uploads/2021/06/ELMO-Rent-IPO-tutvustus.pdf 

Nasdaq Tallinn stock exchange announcement on the initial public offering of
ELMO Rent AS shares:
https://view.news.eu.nasdaq.com/view?id=b8f0e92fff25a03a667907c0e79afbef4&lang=e
n 

Recording of the IPO presentation of ELMO Rent AS (2 June 2021):
https://www.facebook.com/elmorent2.0/videos/4157398280983915 


Additional information:

Enn Laansoo, Jr.
Founder of ELMO Rent AS
Phone: [phone]
E-mail: [e-mail]