TIDMIX.
RNS Number : 1777F
i(x) Net Zero PLC
06 July 2023
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").
i(x) Net Zero PLC
("i(x) Net Zero" or the "Company")
Portfolio Company WasteFuel Announces $10m investment from
bp
i(x) Net Zero PLC (AIM: IX.), the investing company which
focuses on the Energy Transition, is pleased to announce that its
portfolio company, WasteFuel Global, LLC ("WasteFuel"), has secured
a $10m investment from bp, the multi-national energy company. The
investment will further assist WasteFuel's plans to develop a
global network of plants to convert municipal and agricultural
waste into bio-methanol, a biofuel which could play a significant
role in decarbonising hard-to-abate sectors like shipping.
bp's $10m investment, leading the Series B investment round,
results in a a material uplift in the NAV attributable to the
Company's holding in WasteFuel. Following bp's investment, the
unaudited NAV of the Company's equity interest in WasteFuel is
$131.69m, a 181% uplift from the last reported audited NAV ($46.91m
as at 31 December 2022). Furthermore, the Company's Portfolio NAV
has increased from $63.84m as at 31 December 2022 to $148.62m*.
WasteFuel intends to develop multiple bio-methanol plants around
the world in collaboration with local strategic partners including
waste companies, with the first project expected to be in Dubai. bp
and WasteFuel have entered a memorandum of understanding to offtake
the produced bio-methanol and, working together, to help optimize
and improve bio-methanol yields and economics.
WasteFuel has a proven track record of working with global
partners as it pursues its plans for a global network of
bio-methanol plants converted from waste. In 2022 WasteFuel entered
a commercial-scale bio-methanol partnership with A.P. Moller -
Maersk, the global container logistics company. WasteFuel also has
a partnership with a leading end-to-end waste management company,
to develop the first commercial scale municipal waste-to-renewable
methanol plant in the Middle East.
Pär Lindström, Chief Executive Officer of i(x) Net Zero, said:
"This is a highly significant milestone for our portfolio company,
WasteFuel, which is seeking to make a tangible impact on climate
change through the production of sustainable fuels from municipal
and agricultural waste. This partnership with bp validates
WasteFuel's leading-edge technology and its potential to
efficiently produce fuel from waste sources. The investmentwill
accelerate the development of WasteFuel's first
waste-to-bio-methanol plant, as part of its plans to develop a
global network of bio-methanol plants."
Philipp Schoelzel, vice president of Next Generation biofuels in
bp, said: "Working with WasteFuel allows bp to offtake bio-methanol
and help optimize production which could support decarbonizing
shipping. bp is in action to produce more biofuels, aiming to
deliver around 100,000 barrels per day by 2030, to help decarbonize
transport. Investments like this can contribute to achieving our
net zero targets and goals and help our customers to decarbonize
too."
Trevor Neilson, Co-founder, Chairman and CEO of WasteFuel added:
"This investment from bp ventures is a significant milestone for
WasteFuel as it will help scale the production of bio-methanol to
decarbonize the shipping sector. As companies who are reliant on
shipping work to reduce their greenhouse gas emissions, it is
essential that we dramatically expand the availability of these
fuels."
* Portfolio NAV is based on audited NAV for all portfolio
companies as at 31 December 2022 and the revised unaudited NAV for
WasteFuel following the bp investment.
- Ends -
For further information visit https://ixnetzero.com/ or contact:
i(x) Net Zero Via Buchanan below
Pär Lindström - Chief Executive
Officer
Canaccord Genuity Limited
Nominated Adviser & Broker +44 20 7523 8000
Max Hartley
Harry Pardoe
Buchanan
Helen Tarbet +44 7872 604 453
Simon Compton +44 7979 497 324
Notes to Editors
About i(x) Net Zero PLC [Par to confirm all still up to
date]
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.
About bp ventures:
bp ventures was set up more than 10 years ago as bp's corporate
venture capital arm. Since then, bp has invested over $1bn in
technology companies and is actively managing 40 investments
today.
bp ventures makes strategic equity investments in private, high
growth businesses accelerating innovation across bp's transition
growth engines: renewables, EV charging, convenience, bioenergy and
hydrogen.
For more information visit: bp.com/ventures.
About WasteFuel :
Founded by Trevor Neilson and Alejandro Estrada and launched by
energy transition investment company i(x) Net Zero plc ( AIM London
Stock Exchange: IX. ), WasteFuel is a next generation sustainable
fuels company using proven technologies to help address the climate
emergency and revolutionize mobility. WasteFuel converts municipal
and agricultural waste into low-carbon fuels including bio-methanol
for shipping.
WasteFuel is working to change the way the world views, values
and treats waste - and harnessing its power to fuel the future of
mobility.
For more information visit: www.wastefuel.com.
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