Wastefuel announces partnership with Averda

RNS Number : 5972F

i(x) Net Zero PLC

08 November 2022

 

i(x) Net Zero PLC

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

WasteFuel to Develop First Commercial Waste-to-Renewable Methanol Plant in the Middle East

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, WasteFuel, has embarked upon a partnership with Averda Holdings International Ltd ("Averda "), a leading end-to-end waste management company, to develop the first commercial scale municipal waste-to-renewable methanol plant in the Middle East.

Under the terms of the agreement, which was announced on the first day of the COP27 Climate Conference in Egypt, Averda will collect and provide the plant with waste feedstock which cannot be otherwise re-used and recycled. Utilising WasteFuel technology, the plant will produce renewable methanol that is expected to help shipping companies reduce their CO2 emissions and other greenhouse gases by up to 90% compared with conventional fuels.

The location of the plant is currently being researched, and is expected to be in Jebel Ali, United Arab Emirates. Further announcements regarding financing and development will be made in due course.

Averda and WasteFuel partnered after meeting through the Sustainable Markets Initiative (SMI), which was established in 2020 by King Charles III when he was Prince of Wales. 

Pär Lindström, Chief Investment Officer of i(x) Net Zero, said : "This is an exciting announcement for our portfolio company, WasteFuel. With global municipal solid waste expecting to grow from 2.01 billion tonnes annually to 3.40 billion tonnes by 2050, this partnership is very significant, helping to divert waste that would otherwise end up in landfills and creating valuable renewable and sustainable fuel for the shipping industry."

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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]
Abby Gilchrist	[phone]

Notes to Editors

About i(x) Net Zero PLC

i(x) Net Zero PLC is an AIM quoted investing company that provides 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 WasteFuel  

WasteFuel produces renewable fuels using proven technologies to address the climate emergency and revolutionize mobility. WasteFuel converts municipal (trash) and agricultural waste into low-carbon fuels such as renewable natural gas and green methanol.

 

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