Carbon Engineering: Airbus/Air Canada Investments
REACH
i(x) Net Zero PLC
("i(x) Net Zero" or the "Company")
Carbon Engineering announces direct investments from Airbus and Air Canada
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" or "CE"), has received millions in equity investments from Airbus and Air Canada to further the development of its Direct Air Capture ("DAC") technology.
Carbon Engineering's DAC technology removes carbon dioxide directly from the atmosphere for sequestration and storage. The investments from Airbus and Air Canada will be used to further advance the development work that is being done at the CE Innovation Centre in Squamish, Canada, the world's largest DAC development and research facility. This work includes the testing of a new material that has the potential to yield a 20% improvement in carbon capture efficiency.
Carbon Engineering's DAC process uses large fans to pull in air and then, through a series of processes, extracts the CO2 while returning the rest of the air to the environment. The captured atmospheric CO2 can be used to reduce aviation emissions by producing sustainable aviation fuel that is drop-in compatible with today's aircraft.
Steve Oyer, Chief Executive Officer of i(x) Net Zero, said: "This investment from two of the world's leading aviation companies helps to further validate Carbon Engineering's groundbreaking technology. We look forward to further supporting their innovative team as they work on a large-scale commercialisation strategy."
Daniel Friedmann, CEO of Carbon Engineering, said: "CE's DAC technology provides a scalable, affordable solution to help decarbonize aviation. We are thankful to Airbus and Air Canada for taking action and continuing to lead the way by helping to accelerate solutions for the industry and for the climate."
Karine Guenan, VP ZEROe Ecosystem, Airbus, commented: "We are proud to be investing in Carbon Engineering, reaffirming our commitment to the use of direct air carbon capture as a two-fold solution for the decarbonisation of the aviation industry."
Michael Rousseau, President & Chief Executive Officer, Air Canada, said: "We remain focused on seeking innovative, long-term, sustainable Greenhouse Gas emissions reduction solutions for aviation, and carbon capture is one we have outlined in our strategy to achieving net-zero GHG emissions by 2050. Last year, we became the first Canadian airline to sign an MOU with CE to explore carbon capture scalability and other initiatives for our industry. We are proud to invest in CE to further advance new, transformational technologies towards carbon removal commercially."
- 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 |
|
|
Dmitri Tsvetkov - Chief Financial Officer |
|
|
|
|
|
H & P Advisory Limited Financial Adviser & Joint Broker |
+44 20 7907 8500 |
|
Neil Passmore |
|
|
Ernest Bell |
|
|
Andy Crispin (Sales) |
|
|
|
|
|
Shore Capital Nominated Adviser & Joint Broker |
+44 20 7408 4050 |
|
Tom Griffiths |
|
|
David Coaten Iain Sexton |
|
|
|
|
|
Buchanan |
|
|
Helen Tarbet |
+44 7872 604 453 |
|
Simon Compton |
+44 7979 497 324 |
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.
Reach is a non-regulatory news service. By using this service an issuer is confirming that the information contained within this announcement is of a non-regulatory nature. Reach announcements are identified with an orange label and the word “Reach” in the source column of the News Explorer pages of London Stock Exchange’s website so that they are distinguished from the RNS UK regulatory service. Other vendors subscribing for Reach press releases may use a different method to distinguish Reach announcements from UK regulatory news.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 52 minutes ago Croda International
- 1 hour ago Diageo
- 1 hour ago IMI
- 2 hours ago Softcat
- 5 hours ago Tertiary Minerals