SLI proposed business combination

RNS Number : 5093S

i(x) Net Zero PLC

10 March 2023

 

REACH

i(x) Net Zero PLC

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

SLI proposed business combination with Churchill Capital Corp V  

i(x) Net Zero PLC (AIM: IX.), the investing company which focuses on Energy Transition and Sustainability in the Built Environment,  announces that, as announced by NYSE listed Churchill Capital Corp V ("Churchill V") its investment company, Sustainable Living Innovations, Inc. ("SLI"), has entered into a non-binding letter of Intent in relation to a proposed business combination with Churchill V. i(x) Net Zero has a an indirect 0.1% interest in SLI which is held though MultiGreen SLI Partners, LP and, as of 30 June 2022, i(x) Net Zero carried its investment in SLI at an NAV of $0.74m.

Pär Lindström, Chief Executive Officer of i(x) Net Zero, said:  " This is a potentially transformative combination for SLI that, if completed, will provide the ideal platform to execute the next stage of SLI's growth strategy and significantly improve access to capital. A successful transaction will also help raise SLI's profile as it looks to capitalise on growing regulatory and policy support for companies that are driving sustainability in the built environment. "

About Sustainable Living Innovations, Inc.

SLI was founded in 2008 to deliver innovation in the multi-family building market by delivering sustainable apartment homes. Over 14 years, the SLI team has worked to simplify the complex and fragmented value chain of traditional multifamily construction.

Today, SLI employs more than 90 people with offices in Seattle and Denver and operates a showroom in Seattle and a manufacturing facility in Tacoma, Washington. In its 91,000-square-foot Tacoma factory, SLI manufactures high-performance building panels for rapid on-site assembly, including electrical, plumbing, ventilation, insulation and fireproofing.

SLI's building systems allow for highly repetitive and scalable construction; panels are installed in the field, enabling SLI to deliver an entire building directly to customers, significantly reducing build times, construction waste, labor needs and greenhouse gas emissions. 

About Churchill V

Churchill V has announced that on 14 March 2023, its shareholders will vote on whether to extend the date by which Churchill V has to consummate an initial business combination 18 March 2023 to 18 December 2023, or such earlier date as determined by the Churchill V board of directors.

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For further information visit   https://ixnetzero.com/  or contact:

i(x) Net Zero	Via Buchanan below
Pär Lindström - Chief Executive 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.

 

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