Carbon Engineering Update

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/ or contact:

i(x) Net Zero	Via Buchanan below
Pär Lindström - Chief Executive Officer
Canaccord Genuity Limited Nominated Adviser & Broker	[phone]
Max Hartley
Harry Pardoe
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 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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