Net Asset Value Update

RNS Number : 3623G

i(x) Net Zero PLC

29 March 2022

 

i(x) Net Zero PLC

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

Net Asset Value Update

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 an upward revision to its unaudited net asset value ("NAV").

On 8 March 2022, i(x) Net Zero announced an additional investment of US$1.5 million in cash in Enphys Management Company ("EMC"), i(x) Net Zero's partnership with the Latin America Investment Group, a business development and investment group that is focused on renewables and energy transition in Latin America.

This additional investment led to an increase in i(x) Net Zero's ownership in EMC from 11% to 14.5% and, after consultation, the Company's third-party valuation advisors have determined that this has created a positive material uplift in the fair value of the holdings in EMC.

i(x) Net Zero's 14.5% ownership in EMC is currently valued at US$10.37 million, up from the last fair value reported on the previous 11.0% holding of US$5.78 million as at 4 October 2021. Including the US$1.5 million additional investment, the increase of US$4.59 million (equivalent to 5.8 pence per i(x) Net Zero share) almost doubles the previous NAV of the EMC stake. 

P är Lindstr öm, Chief Investment Officer of the Company, said: "We are extremely pleased with the accretive value to our shareholders that has been achieved as a result of this follow-on investment in Enphys Management Company. 

There are a great many attractive assets in the rapidly emerging Latin American renewables market. EMC, with its local on-the-ground expertise, is ideally placed to be the investment partner of choice in the region. This is just the beginning of what we believe will be the long term growth story at EMC."

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

- 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
Marc Chennault - 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]
Ariadna Peretz	[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 provisional signatory to the UN Principles for Responsible Investing. The Company has received the London Stock Exchange's Green Economy Mark.

 

END

 

 

MSCEASDNALEAEEA