25th Sep 2023 15:20
i(x) Net Zero PLC - investor in energy transition - Adds a new company to its portfolio. Invests USD600,000 into Citron Energy Inc, a US-based alternative fuels business. Says Citron Energy aims to replace the use of fossil fuels by processing non-recyclable municipal and commercial waste into a combustable fuel. The USD600,000 investment will in the form of a subscription for Citron shares and will result in i(x) Net Zero owning about 34% of the company.
Jonathan Stearns, i(x) Net Zero's chief financial officer, has a non-controlling holding in Citron Energy and is the chair of Citron Energy.
Chief Executive Officer Par Lindstrom says: "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."
Current i(x) Net Zero stock price: 22.25 pence each, down 5.3%
12-month change: up 4.0%
By Sophie Rose, Alliance News reporter
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