REG - i(x) Net Zero PLC - Carbon Engineering Update

I (X) Net ZeroAnnouncement

17/11/2023 07:15

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RNS Number : 8225T  i(x) Net Zero PLC  17 November 2023

17 November 2023

i(x) Net Zero PLC

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

Completion of Sale of Carbon Engineering; First Tranche of Proceeds Received

i(x) Net Zero PLC (AIM: IX.), the investing company which focuses on the
Energy Transition, is pleased to announce that further to the announcement on
16 August 2023 detailing the conditional sale of its interest in its portfolio
company Carbon Engineering Ltd. ("Carbon Engineering"), to Occidental
Petroleum Corporation ("Occidental"), the sale has now completed and the
Company has received the first tranche of proceeds.

The Company has now received approximately $2 million, net of taxes and costs
related to the SPVs, as the first tranche of the three payments, representing
approximately 30% of the gross $7.2 million sales proceeds due to the Company.
It is expected that the remaining net proceeds will be paid to the Company as
follows, a further 30% is expected in November 2024 and a final 40% in
November 2025 (less taxes and costs related to the SPVs).

 

- Ends -

 

 

For further information visit https://ixnetzero.com/
(https://url.avanan.click/v2/___https:/ixnetzero.com/___.YXAzOml4bmV0emVybzphOm86MDZmOWFkOWNkMmIyNmQ4NTRiZGQwZWNlNjY1ZWIxNWI6NjozYTJkOjMyODEzYjk5ZWNkMmE1YTMxMTQ5YjZjN2U3MGFkZmRhYmNiMTdlNGVjYjIwOTI1NjBhY2Y0ZWY5ODgxNjhiNzI6cDpU)
 or contact:

 

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

 Canaccord Genuity Limited                  +44 20 7523 8000

 Nominated Adviser & Broker
 Max Hartley
 Harry Pardoe

 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 seeks to provides
its shareholders with 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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