New investee company
The information contained within this Announcement is deemed by i(x) Net Zero plc to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018 ("MAR").
25 September 2023
i(x) Net Zero PLC
("i(x) Net Zero" or the "Company")
i(x) Net Zero commits US$0.6 million in new investee company
i(x) Net Zero PLC (AIM: IX.), the investing company which focuses on the Energy Transition, is pleased to announce that it has added an additional company to its portfolio via a $600,000 investment into Citron Energy Inc ("Citron Energy"), a US based alternative fuels business.
Citron Energy aims to replace the use of fossil fuels by processing non-recyclable municipal and commercial waste into a combustable fuel. The use of CitronFuel will allow the replacement of coal as well as helping to reduce landfill usage and significantly lower CO2 emissions. The $600,000 investment will be in the form of a subscription for new shares in Citron Energy and will result in i(x) Net Zero owning approximately 34% of Citron Energy. Jonathan Stearns, the Company's Chief Financial Officer, has a non-controlling holding in Citron Energy and is the chairman of Citron Energy.
Pär Lindström, Chief Executive Officer of the Company, said: "I am delighted to be adding to our portfolio with the investment in Citron Energy which will bring innovative cleantech technology to the US and support the development of a platform that supplies low-carbon, high-BTU alternative fuels to decarbonize industrial production and support the circular economy."
- 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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