RCS - i(x) Net Zero PLC - SLI proposed business combination

I (X) Net ZeroAnnouncement

10/03/2023 07:00

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RNS Number : 5093S  i(x) Net Zero PLC  10 March 2023

REACH

i(x) Net Zero PLC

("i(x) Net Zero" or the "Company")

SLI proposed business combination with Churchill Capital Corp V

i(x) Net Zero PLC (AIM: IX.), the investing company which focuses on Energy
Transition and Sustainability in the Built Environment,  announces that, as
announced by NYSE listed Churchill Capital Corp V ("Churchill V") its
investment company, Sustainable Living Innovations, Inc. ("SLI"), has entered
into a non-binding letter of Intent in relation to a proposed business
combination with Churchill V. i(x) Net Zero has a an indirect 0.1% interest in
SLI which is held though MultiGreen SLI Partners, LP and, as of 30 June 2022,
i(x) Net Zero carried its investment in SLI at an NAV of $0.74m.

Pär Lindström, Chief Executive Officer of i(x) Net Zero, said: "This is a
potentially transformative combination for SLI that, if completed, will
provide the ideal platform to execute the next stage of SLI's growth strategy
and significantly improve access to capital. A successful transaction will
also help raise SLI's profile as it looks to capitalise on growing regulatory
and policy support for companies that are driving sustainability in the built
environment."

 

About Sustainable Living Innovations, Inc.

 

SLI was founded in 2008 to deliver innovation in the multi-family building
market by delivering sustainable apartment homes. Over 14 years, the SLI team
has worked to simplify the complex and fragmented value chain of traditional
multifamily construction.

Today, SLI employs more than 90 people with offices in Seattle and Denver and
operates a showroom in Seattle and a manufacturing facility in Tacoma,
Washington. In its 91,000-square-foot Tacoma factory, SLI manufactures
high-performance building panels for rapid on-site assembly, including
electrical, plumbing, ventilation, insulation and fireproofing.

SLI's building systems allow for highly repetitive and scalable construction;
panels are installed in the field, enabling SLI to deliver an entire building
directly to customers, significantly reducing build times, construction waste,
labor needs and greenhouse gas emissions.

About Churchill V

Churchill V has announced that on 14 March 2023, its shareholders will vote on
whether to extend the date by which Churchill V has to consummate an initial
business combination 18 March 2023 to 18 December 2023, or such earlier date
as determined by the Churchill V board of directors.

 

 

 

- Ends -

 

 

For further information visit https://ixnetzero.com/
(https://url.avanan.click/v2/___https:/ixnetzero.com/___.YXAzOml4bmV0emVybzphOm86N2IwNzI5ZjFjNmRmYzY5Yjg5ODRhOGZiZWRiYWVmOTk6NjoyMjBhOjRmMGM4Yjg2ZmVkOWZiMzQwN2MwYjQ5ZDVjM2Q0N2I5ZjdmYjRmNDZmYTQ1NjM4Y2NkYTkwYmVjZGEyZTA4YWM6cDpU)
 or contact:

 i(x) Net Zero                              Via Buchanan below
 Pär Lindström - Chief Executive Officer
 Dmitri Tsvetkov - Chief Financial Officer

 H & P Advisory Limited                     +44 20 7907 8500

 Financial Adviser & Joint Broker
 Neil Passmore
 Ernest Bell
 Andy Crispin (Sales)

 Shore Capital                              +44 20 7408 4050

 Nominated Adviser & Joint Broker
 Tom Griffiths
 David Coaten

 Iain Sexton

 Buchanan
 Helen Tarbet                               +44 7872 604 453
 Simon Compton                              +44 7979 497 324

 

 

Notes to Editors

About i(x) Net Zero PLC

i(x) Net Zero PLC is an AIM quoted investing company that provide its
shareholders the opportunity to create long-term capital growth with
positive, scalable, measurable and sustainable impact on the environment and
on the communities it serves.

In accordance with its belief that the world's biggest problems are also the
biggest market opportunities, i(x) Net Zero focuses on two critical areas in
which it aims to make a positive impact: (i) Energy Transition and (ii)
Sustainability in the Built Environment. The Company uses a multi-strategy
investment approach, providing the companies in which it invests with the
expertise and catalytic capital to help them grow. To date, i(x) Net Zero has
invested in biofuels, direct air capture (carbon removal), renewable energy,
sustainable workforce housing and net zero construction technology.

i(x) Net Zero is a  signatory to the UN Principles for Responsible
Investing. The Company has received the London Stock Exchange's Green Economy
Mark.

 

 

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