16th Aug 2023 13:39
i(x) Net Zero PLC - investor in energy transition - Occidental Petroleum Corp agrees to buy Carbon Engineering Ltd for USD1.1 billion. i(x) Net Zero has an about 0.45% indirect interest in Carbon Engineering, which it says would be worth USD7.2 million at the purchase price, a 7.2-times return on its initial investment of USD1 million. i(x) Net Zero holds its investment on its books at just USD2.6 million. British Columbia, Canada-based Carbon Engineering has developed 'direct air capture' technology to remove carbon from the atmosphere. It is an existing partner of Houston, Texas-based Occidental.
Current stock price: 26.85 pence, up 17% in London on Wednesday afternoon
12-month change: up 5.3%
By Tom Waite, Alliance News editor
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