17th Nov 2023 14:09
i(x) Net Zero PLC - St Helier, Jersey-based investor focused on energy transition - Completes sale of its interest in portfolio company Carbon Engineering Ltd to Occidental Petroleum Corp. Company announced deal in mid-August, saying Occidental had agreed to buy Carbon Engineering for USD1.1 billion. i(x) Net Zero had an approximate 0.45% indirect interest in Carbon Engineering, which it said would be worth USD7.2 million at purchase price, compared with its initial USD1 million investment. Says on Friday it has now received the first approximate USD2 million tranche of sale proceeds, about 30% of the USD7.2 million gross proceeds. Company expects to receive a further 30% in November 2024 and the final 40% in November 2025. Read More
