Carbon Engineering: Airbus/Air Canada Investments

RNS Number : 9844G

i(x) Net Zero PLC

21 November 2022

 

REACH

i(x) Net Zero PLC

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

Carbon Engineering announces direct investments from Airbus and Air Canada

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, Carbon Engineering Ltd. ("Carbon Engineering" or "CE"), has received millions in equity investments from Airbus and Air Canada to further the development of its Direct Air Capture ("DAC") technology.

Carbon Engineering's DAC technology removes carbon dioxide directly from the atmosphere for sequestration and storage. The investments from Airbus and Air Canada will be used to further advance the development work that is being done at the CE Innovation Centre in Squamish, Canada, the world's largest DAC development and research facility. This work includes the testing of a new material that has the potential to yield a 20% improvement in carbon capture efficiency.

Carbon Engineering's DAC process uses large fans to pull in air and then, through a series of processes, extracts the CO₂ while returning the rest of the air to the environment. The captured atmospheric CO₂ can be used to reduce aviation emissions by producing sustainable aviation fuel that is drop-in compatible with today's aircraft.

Steve Oyer, Chief Executive Officer of i(x) Net Zero, said: "This investment from two of the world's leading aviation companies helps to further validate Carbon Engineering's groundbreaking technology. We look forward to further supporting their innovative team as they work on a large-scale commercialisation strategy."

Daniel Friedmann, CEO of Carbon Engineering, said: "CE's DAC technology provides a scalable, affordable solution to help decarbonize aviation.  We are thankful to Airbus and Air Canada for taking action and continuing to lead the way by helping to accelerate solutions for the industry and for the climate."

Karine Guenan, VP ZEROe Ecosystem, Airbus, commented:  "We are proud to be investing in Carbon Engineering, reaffirming our commitment to the use of direct air carbon capture as a two-fold solution for the decarbonisation of the aviation industry."

Michael Rousseau, President & Chief Executive Officer, Air Canada, said:  "We remain focused on seeking innovative, long-term, sustainable Greenhouse Gas emissions reduction solutions for aviation, and carbon capture is one we have outlined in our strategy to achieving net-zero GHG emissions by 2050. Last year, we became the first Canadian airline to sign an MOU with CE to explore carbon capture scalability and other initiatives for our industry. We are proud to invest in CE to further advance new, transformational technologies towards carbon removal commercially."

- Ends -

For further information visit   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 Financial Adviser & Joint Broker	[phone]
Neil Passmore
Ernest Bell
Andy Crispin (Sales)
Shore Capital Nominated Adviser & Joint Broker	[phone]
Tom Griffiths
David Coaten Iain Sexton
Buchanan
Helen Tarbet	[phone]
Simon Compton	[phone]

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.

About Carbon Engineering

Carbon Engineering (CE) is a climate solutions company. CE is focused on the global deployment of megaton-scale Direct Air Capture (DAC) technology that captures carbon dioxide out of the atmosphere so it can be permanently stored deep underground or used to produce clean, affordable transportation fuels. With its industrial partners, CE is working to deploy its technology in multiple markets around the globe, providing affordable climate solutions to meet the needs of a net zero economy.

For more information on Carbon Engineering, please visit https://carbonengineering.com.

 

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