i(x) Net Zero investment in SLI
16 June 2023
i(x) Net Zero PLC
("i(x) Net Zero" or the "Company")
i(x) Net Zero invests $150,000 into Sustainable Living Innovations
i(x) Net Zero PLC (AIM: IX.), the investing company which focuses on the Energy Transition, is pleased to announce that it has agreed to invest an additional $150,000 via an Unsecured Convertible Promissory Note, a form of convertible debt, in Sustainable Living Innovations ("SLI").
In May 2022, i(x) Net Zero participated in SLI's US$53 million accelerated growth round, to allow the company to further expand in the US, while completing its conversion from a limited liability company to a C Corporation. The follow-on investment protects the Company's interest in SLI as it moves towards an IPO, which is expected to occur in the fourth quarter this year.
SLI is a building technology and product development company producing panelised buildings to address housing affordability, while delivering a new standard in sustainable living. SLI is due to complete and deliver its second and third buildings this year in Seattle. 303 Battery is a 15-story, 112-unit building that has been pre-certified by the International Living Building Institute as Net Zero Energy; it will be the first apartment tower in the world to achieve Net Zero Energy designation from the International Living Building Institute. DESC Greenlake is a 5-story, 124-unit building that began construction in 2022 in contract with Seattle's Downtown Emergency Service Center ("DESC"), a non-profit organization dedicated to serving homeless and the formerly homeless. The building is a Permanent Supportive Housing project and once completed is expected to include services such as healthcare and counseling.
Pär Lindström, Chief Executive Officer of the Company, said: "We are very pleased to have the opportunity to support SLI as it continues to innovate in the field of sustainable accommodation. We look forward to working closely with the team at SLI to support their deSPAC transaction and demonstrate further growth for our shareholders in the i(x) Net Zero portfolio."
- Ends -
For further information visit https://ixnetzero.com/ or contact:
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i(x) Net Zero |
Via Buchanan below |
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Pär Lindström - Chief Executive Officer |
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Canaccord Genuity Limited Nominated Adviser & Broker |
+44 20 7523 8000 |
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Max Hartley |
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Harry Pardoe |
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Buchanan |
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Helen Tarbet |
+44 7872 604 453 |
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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 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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