RCS - i(x) Net Zero PLC - Wastefuel announces partnership with Averda

I (X) Net ZeroAnnouncement

08/11/2022 07:00

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RNS Number : 5972F  i(x) Net Zero PLC  08 November 2022

i(x) Net Zero PLC

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

WasteFuel to Develop First Commercial Waste-to-Renewable Methanol Plant in the
Middle East

i(x) Net Zero PLC (AIM: IX.), the investing company which focuses on Energy
Transition and Sustainability in the Built Environment, is pleased to
announce that its portfolio company, WasteFuel, has embarked upon a
partnership with Averda Holdings International Ltd ("Averda"), a leading
end-to-end waste management company, to develop the first commercial scale
municipal waste-to-renewable methanol plant in the Middle East.

 

Under the terms of the agreement, which was announced on the first day of the
COP27 Climate Conference in Egypt, Averda will collect and provide the plant
with waste feedstock which cannot be otherwise re-used and recycled. Utilising
WasteFuel technology, the plant will produce renewable methanol that is
expected to help shipping companies reduce their CO2 emissions and other
greenhouse gases by up to 90% compared with conventional fuels.

 

The location of the plant is currently being researched, and is expected to be
in Jebel Ali, United Arab Emirates. Further announcements regarding financing
and development will be made in due course.

 

Averda and WasteFuel partnered after meeting through the Sustainable Markets
Initiative (https://www.sustainable-markets.org/)  (SMI), which was
established in 2020 by King Charles III when he was Prince of Wales.

 

Pär Lindström, Chief Investment Officer of i(x) Net Zero, said: "This is an
exciting announcement for our portfolio company, WasteFuel. With global
municipal solid waste expecting to grow from 2.01 billion tonnes annually to
3.40 billion tonnes by 2050, this partnership is very significant, helping to
divert waste that would otherwise end up in landfills and creating valuable
renewable and sustainable fuel for the shipping industry."

 

- Ends -

 

 

For further information visit https://ixnetzero.com/ (https://ixnetzero.com/)
 or contact:

 i(x) Net Zero                               Via Buchanan below
 Steve Oyer - Chief Executive Officer
 Pär Lindström - Chief Investment 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
 Abby Gilchrist                              +44 7557 952 223

 

 

Notes to Editors

About i(x) Net Zero PLC

i(x) Net Zero PLC is an AIM quoted investing company that provides 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.

About WasteFuel

 

WasteFuel produces renewable fuels using proven technologies to address the
climate emergency and revolutionize mobility. WasteFuel converts municipal
(trash) and agricultural waste into low-carbon fuels such as renewable natural
gas and green methanol.

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