REG - i(x) Net Zero PLC - Corporate Update

I (X) Net ZeroAnnouncement

05/08/2022 07:00

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RNS Number : 0135V  i(x) Net Zero PLC  05 August 2022

i(x) Net Zero PLC

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

Corporate Update

i(x) Net Zero PLC (AIM: IX.), the investing company which focuses on Energy
Transition and Sustainability in the Built Environment, provides the
following update on its portfolio companies, which continue to perform in line
with the Board's expectations, as well as the Company's own activities.

 

Despite challenging market conditions and the economic volatility that has
unfolded since the Company's listing in February 2022, the resilience shown by
the Company's investee companies demonstrates the continuing global trend
towards decarbonisation and the net zero energy transition, with the backing
of government legislation and corporate commitments. i(x) Net Zero's investee
companies continue to be well positioned for long-term sustainable growth and
value creation.

 

Pär Lindström, CIO of i(x) Net Zero, commented: "The institutional
marketplace is increasingly  committed to deploying capital into
opportunities that advance energy transition and decarbonise the built
environment which is being accelerated by government action. In the US, the
Government is to enact legislation that will funnel billions of dollars in tax
incentives towards renewable power, battery development and carbon capture
technology while in the UK, the Jet Zero Council's public-private partnership
promotes the development of production facilities for sustainable aviation
fuels.

 

"As more investors follow i(x) Net Zero's lead and invest in sustainable
opportunities to fight climate change, we are excited by the number of new
businesses we are seeing within the space."

 

1.   Energy Transition

 

Rising energy prices and the inflationary environment have been the catalyst
for short-term volatility in the energy markets. Therefore, it has become more
apparent than ever that companies with the ability to supply sustainable
transportation fuels and alternative power sources, such as wind and solar,
are important providers of the solution to the current energy crisis.

 

WasteFuel Global LLC, is a U.S. next-generation waste-to-fuels company that
seeks to use proven technologies to address the climate emergency and
revolutionise mobility by creating renewable transportation fuels. It
exemplifies the opportunity for long-term, scalable businesses that address
the challenges faced across the global economy. The company is well
capitalized and positioned, with strategic investors and partners to generate
significant future growth opportunities.

 

WasteFuel's strategy is to secure feedstocks of municipal solid waste and
agricultural waste in strategic locations for conversion into renewable
transportation fuels including green methanol, renewable natural gas and
sustainable aviation fuel. The WasteFuel Marine Division is developing
projects to produce renewable methanol as a marine fuel at strategic locations
with partners including Maersk.

 

Carbon Engineering Ltd is a British Columbia (Canada) corporation that deploys
a proprietary Direct Air Capture (DAC) technology that captures carbon
dioxicde (CO2), the primary greenhouse gas responsible for climate change,
directly out of the atmosphere. With its DAC and carbon-to-value proposition,
it is the next generation of industrial scale decarbonisation. The company has
a clear path to global opportunity and is focused on partnerships. Its
strategic initiative with Occidental Petroleum's Low Carbon Ventures and
1PointFive (its subsidiary), has a goal to build and operate 70 DAC facilities
by 2035, each with an expected capacity of up to 1 million tonnes per year.

 

Context Labs, B.V. an impact software company, continues to grow its customer
base through its Decarbonization-as-a-Service(TM) (DaaS(TM)) offering. It
recently announced a platform partnership with Encino Environmental Services,
LLC, a ground and mid-air-based continuous monitoring technology, along with
SATLANTIS, a microsatellite business, to accelerate the verification of carbon
emissions measurement with greater accuracy. Another recent announcement is
its multi-year partnership with Williams (NYSE: WMB), a Fortune 500 American
energy company with operations across the natural gas value chain.  Context
Labs continues its trajectory to acquire clients that wish to fulfill their
decarbonisation plans.

 

Enphys Management Company, LLC. (NYSE: NFYS), i(x) Net Zero's partnership with
the Latin America Investment Group ("LAIG"), continues to pursue merger
opportunities as announced at its listing. Its strategy is to create a
regional champion in the Americas for alternative energy through the
aggregation of existing, cash-flow positive wind and solar assets. Latin
America provides a rapidly growing energy market where alternative energy
production is often the lowest cost source. This provides Enphys the
opportunity to execute at scale and become a significant publicly traded
leader in energy transition.

 

2.   Sustainability in the Built Environment

 

The real estate and construction industries are experiencing inflationary
pressures, rising interest rates and supply chain challenges, all of which
hasten the sectors' need for disruptive change to reduce and manage costs. The
persistent lack of supply of affordable rental housing and societal demands to
reduce the carbon footprint of the built environment remain at the foundation
of i(x) Net Zero's investment thesis.

 

MultiGreen Properties, LLC, is a Delaware limited liability company that is
i(x)'s attainable and sustainable housing platform. The company is delivering
on its mission to provide attainable, tech-enabled rental apartments in
supply-constrained US markets, such as Phoenix, Dallas and Salt Lake City. It
is executing on its pipeline of developments at scale with 1,106 units
currently under construction. ViaVerde, its multi-phase development in
Albuquerque, New Mexico, is progressing with Phase I leasing, due to commence
in October 2022, with demand already overpacing supply. A groundbreaking in
September 2022 is scheduled for Phase II.

 

Sustainable Living Innovations (SLI), is a building technology and product
development company producing high-performance panelized buildings. SLI
continues to capture market share as a leader in delivering net zero buildings
at scale. Its factory-assembled and cost-effective steel panel technology
addresses both the inflationary pressure on material costs and supply chain
issues. SLI is due to complete its 15-storey apartment complex in Seattle
ready for occupancy in early 2023. This will be the world's first multi-family
tower designed to meet the net zero energy criteria set by the International
Living Future Institute's Living Building Challenge
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fliving-future.org%2Flbc%2F&esheet=52765337&newsitemid=20220629005270&lan=en-US&anchor=Living+Building+Challenge&index=1&md5=a337223e49d2b1c8f3e7958ed5a15680)
. Over the next 12 months, SLI is planning to expand its assembly plant
locations on the West Coast of the US, eventually moving east to serve
additional markets. As announced in May 2022, SLI's US$53M Accelerated Growth
Round in which i(x) Net Zero participated, will allow the company to expand
into other US markets. i(x) Net Zero is collaborating with SLI on potential
international expansion opportunities.

 

Steve Oyer, CEO of i(x) Net Zero, commented: "At i(x) Net Zero, we continue to
be committed to our investment strategy and are emboldened by the success and
strength of our underlying investee companies. The Company's first few months
as a public company have crystalised further the need to provide investors
transparent access to ESG investing at scale in a public market forum. Even
with the challenges of the current macroeconomic and political environment,
each of our portfolio companies represents a long-term opportunity for
investors who wish to align their values with their investments."

 

The Company plans to announce its unaudited interim results for the 6 months
ended 30 June 2022 in late-September 2022.

 

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
 Ariadna Peretz                              +44 7488 495 969

 

 

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 energy construction technology.

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

 

 

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