Interview with CEO of Zenith Energy, Andrea Cattaneo, regarding the ongoing listing process in Sweden

For those who have not previously heard of Zenith Energy, could you briefly introduce the Company, explain what you do, and which markets you address?

Zenith Energy is a diversified energy producer with a strong base in Italy and an international presence. Our business model is focused on acquiring cash-generating assets and expanding our solar portfolio. We deliver value by combining stable revenues from natural gas with scalable growth in renewable energy. In addition, we are pursuing legal claims which we consider a significant potential bonus for our shareholders.

Zenith’s strategy has centred on acquiring cash-generating energy assets, including a low-capex gas concession and a total of 64.5 MWp solar power asset in Italy. Could you elaborate on the Company’s core operations and the key drivers behind its long-term value creation strategy?

Our operations are built on two pillars: profitable gas-to-power production and a rapidly expanding solar business. Gas provides predictable cash flow with low capex, while our solar portfolio, has already surpassed our initial 20 MWp target and is on track to exceed 100 MWp. This combination gives us both short-term stability and long-term growth potential.

Zenith Energy recently announced on September 16 the acquisition of a new 6 MWp solar project in Puglia, Italy, further expanding its renewable portfolio. Could you elaborate on the acquisition?

The new Puglia acquisition increases our capacity in the region to 9 MWp and further strengthens our presence in Italy’s most attractive solar markets. Our acquisition process is very selective – many opportunities are discarded because they do not meet our strict parameters. We focus only on projects with clear permitting visibility, strategic proximity to our existing clusters, and positive preliminary assessments from the utilities, for a potential optional sale of the asset. This disciplined approach ensures that every addition to our portfolio contributes to scale, efficiency and long-term value for our shareholders, keeping always an eye on our liquidity.

Zenith is currently involved in legal arbitrations that may have a material impact on shareholder value. Could you walk us through the background of these cases, and explain where the Company’s legal and strategic focus will be directed going forward?

We currently have four active cases. ICC-1 awarded us USD 9.7 million, which we are working to enforce and collect. ICC-2 was dismissed, but we have filed an annulment request in Switzerland, where we see strong grounds for success. The most significant is the ICSID arbitration, where we are claiming USD 503 million against Tunisia. Each case has a clear legal basis and timeline, and we are confident in our strategy.

Zenith is pursuing a USD 503 million claim under the UK–Tunisia bilateral investment treaty through ICSID. How does this case differ from the ICC arbitrations in terms of legal scope and framework, what is the expected timeline, and what underpins the Company’s confidence in the outcome?

The ICSID arbitration is based on breaches of the bilateral investment treaty between the United Kingdom and Tunisia. This framework provides strong legal protection for foreign investors, and our USD 503 million claim remains fully intact. Final submissions will be made in September 2025, with hearings scheduled for Q2 2026.

Through the Swedish listing, the Company is raising SEK 25 million, despite already having sufficient working capital to support its ongoing operations. What is the rationale for raising this additional capital, and how does the Company intend to allocate the net proceeds?

Our operations and arbitrations are already fully funded. The Swedish raise is primarily about building a strong, long-term shareholder base and creating a sustainable free float on Spotlight. The proceeds will be used to accelerate solar development, support future acquisitions, and further strengthen our working capital.

From a strategic standpoint, where do you envision Zenith Energy in 12 months, both operationally and financially?

Within the next 12 months, I expect to have strengthened our core business further, with a solar portfolio exceeding 100 MWp and meaningful progress achieved across all arbitration proceedings.

We aim to:

1. Collect the ICC-1 award (USD 10 million+)
2. Advance the ICSID arbitration process toward a favorable outcome
3. On Monday, on September 15, we submitted the final documentation for the annulment of ICC-2, which we hope will allow us to relaunch the process of ICC-2.

Our focus is to keep demonstrating our ability to combine stable operations while unlocking substantial upside potential through our arbitration strategy.

8. What are the top three reasons why Zenith Energy presents a compelling investment opportunity at this stage?

I’d summarize the top three reasons as described below:

1. First, our largest arbitration claim of USD 503 million under ICSID is fully intact and represents major upside potential. Also, claim the ICC-1 award, totaling more than 10 million including interest rate.
2. Second, we have a strong, cash-generating core business in gas and solar.
3. Third, we offer a unique risk/reward profile, combining solid operations with extraordinary potential from our arbitrations.

Links 

Zenith Energy IPO website: https://zenithenergy.ca/investors/listing-2025/

Subscribe for the IPO via Swedish Mobilt BankID: https://app.verified.eu/web/eminova-app/?company=zenith

Subscribe for the IPO via Avanza: https://www.avanza.se/erbjudanden/svara.html/1757338900338

Analysis of the IPO and IPO page at Analyst Group: https://analystgroup.se/emission/ipo-zenith-energy/