REG - i(x) Net Zero PLC - WasteFuel Announces $10m investment from bp

I (X) Net ZeroAnnouncement

06/07/2023 07:00

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RNS Number : 1777F  i(x) Net Zero PLC  06 July 2023

The information contained within this Announcement is deemed by i(x) Net Zero
plc to constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014 as it forms part of UK law by virtue of
the European Union (Withdrawal) Act 2018 ("MAR").

 

i(x) Net Zero PLC

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

Portfolio Company WasteFuel Announces $10m investment from bp

i(x) Net Zero PLC (AIM: IX.), the investing company which focuses on the
Energy Transition, is pleased to announce that its portfolio company,
WasteFuel Global, LLC ("WasteFuel"), has secured a $10m investment from bp,
the multi-national energy company. The investment will further assist
WasteFuel's plans to develop a global network of plants to convert municipal
and agricultural waste into bio-methanol, a biofuel which could play a
significant role in decarbonising hard-to-abate sectors like shipping.

bp's $10m investment, leading the Series B investment round, results in a a
material uplift in the NAV attributable to the Company's holding in
WasteFuel.  Following bp's investment, the unaudited NAV of the Company's
equity interest in WasteFuel is $131.69m, a 181% uplift from the last reported
audited NAV ($46.91m as at 31 December 2022).  Furthermore, the Company's
Portfolio NAV has increased from $63.84m as at 31 December 2022 to $148.62m*.

WasteFuel intends to develop multiple bio-methanol plants around the world in
collaboration with local strategic partners including waste companies, with
the first project expected to be in Dubai. bp and WasteFuel have entered a
memorandum of understanding to offtake the produced bio-methanol and, working
together, to help optimize and improve bio-methanol yields and economics.

WasteFuel has a proven track record of working with global partners as it
pursues its plans for a global network of bio-methanol plants converted from
waste.  In 2022 WasteFuel entered a commercial-scale bio-methanol partnership
with A.P. Moller - Maersk, the global container logistics company. WasteFuel
also has a partnership with  a leading end-to-end waste management company,
to develop the first commercial scale municipal waste-to-renewable methanol
plant in the Middle East.

 

Pär Lindström, Chief Executive Officer of i(x) Net Zero, said: "This is a
highly significant milestone for our portfolio company, WasteFuel, which is
seeking to make a tangible impact on climate change through the production of
sustainable fuels from municipal and agricultural waste. This partnership with
bp validates WasteFuel's leading-edge technology and its potential to
efficiently produce fuel from waste sources. The investmentwill accelerate the
development of WasteFuel's first waste-to-bio-methanol plant, as part of its
plans to develop a global network of bio-methanol plants."

 

Philipp Schoelzel, vice president of Next Generation biofuels in bp, said:
"Working with WasteFuel allows bp to offtake bio-methanol and help optimize
production which could support decarbonizing shipping. bp is in action to
produce more biofuels, aiming to deliver around 100,000 barrels per day by
2030, to help decarbonize transport. Investments like this can contribute to
achieving our net zero targets and goals and help our customers to decarbonize
too."

 

Trevor Neilson, Co-founder, Chairman and CEO of WasteFuel added: "This
investment from bp ventures is a significant milestone for WasteFuel as it
will help scale the production of bio-methanol to decarbonize the shipping
sector. As companies who are reliant on shipping work to reduce their
greenhouse gas emissions, it is essential that we dramatically expand the
availability of these fuels."

 

 

* Portfolio NAV is based on audited NAV for all portfolio companies as at 31
December 2022 and the revised unaudited NAV for WasteFuel following the bp
investment.

 

 

 

- 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 [Par to confirm all still up to date]

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.

 

About bp ventures:

 

bp ventures was set up more than 10 years ago as bp's corporate venture
capital arm. Since then, bp has invested over $1bn in technology companies and
is actively managing 40 investments today.

 

bp ventures makes strategic equity investments in private, high growth
businesses accelerating innovation across bp's transition growth engines:
renewables, EV charging, convenience, bioenergy and hydrogen.

 

For more information visit: bp.com/ventures.

 

About WasteFuel:

 

Founded by Trevor Neilson and Alejandro Estrada and launched by energy
transition investment company i(x) Net Zero plc (AIM London Stock Exchange:
IX.
(https://url.avanan.click/v2/___https:/www.londonstockexchange.com/stock/IX./i-x-net-zero-plc/company-page___.YXAzOml4bmV0emVybzphOm86OTEwOTgyNDU4OTE3ODhjMjA3M2M1YmM4NDE1OTBmNGE6Njo4MDg5OmEzYzY2NDc3OTUyYjUzNzUwMWY1OGI5ZWU1ODQ4ZDA0MjlmMjI1YzhjMjQ0YTA5NzVhMTZiZDBkMjFhMWM4ZWE6cDpU)
), WasteFuel is a next generation sustainable fuels company using proven
technologies to help address the climate emergency and revolutionize mobility.
WasteFuel converts municipal and agricultural waste into low-carbon fuels
including bio-methanol for shipping.

 

WasteFuel is working to change the way the world views, values and treats
waste - and harnessing its power to fuel the future of mobility.

 

For more information visit: www.wastefuel.com.

 

 

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