Carbon Engineering Signs Second Site Lease

RNS Number : 0151G

i(x) Net Zero PLC

11 November 2022

 

REACH

i(x) Net Zero PLC

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

Carbon Engineering Signs Lease Agreement for Second Site in the US

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"), has signed an agreement with its US development partner, 1PointFive, to begin planning and engineering for Direct Air Capture ("DAC") facilities at a second site in the U.S., in Kleburg County, Texas.

Carbon Engineering has a proprietary DAC technology that removes carbon dioxide directly from the atmosphere for sequestration and storage. The site in Kleburg County is expected to provide access for the potential construction of multiple DAC facilities that would be capable of collectively removing up to 30 million tonnes of carbon dioxide from the atmosphere annually for dedicated sequestration, creating one of the largest DAC projects in the world.

In addition, 1PointFive and its parent company, Occidental (NYSE: OXY), recently announced plans to begin detailed engineering and early site construction in Q3 2022 for its first large-scale DAC plant in Ector County, Texas.

More information on Carbon Engineering's latest announcements can be found here .

Steve Oyer, Chief Executive Officer of the Company, said: " Carbon Engineering and its partners are pioneering the systems and processes necessary for large-scale, commercially viable carbon capture. Carbon capture technology is a crucial decarbonisation solution and is helping to support the global move towards a net-zero economy."

Daniel Friedmann, CEO of Carbon Engineering, was quoted as saying: "Working hand in hand with our partners at Occidental and 1PointFive, we've been focused on building an accelerated deployment approach, while simultaneously beginning construction of the first, large-scale commercial facility in Texas. Now, with this 'copy and paste' megatonne DAC facility, we're working towards widespread, multi-million tonne deployments across the U.S."

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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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