5th Aug 2022 16:15
(Alliance News) - i(x) Net Zero PLC on Friday said its portfolio companies continued to perform in line with its expectations, despite the challenging market conditions and economic volatility that has unfolded since the company's listing.
The Jersey-based investment company focused on sustainability listed on London's AIM market in February this year at a price of 76 pence. Shares are currently 68% behind the initial public offering price, untraded at 24.90p each in London on Friday afternoon.
As energy rices continue to climb, i(x) Net Zero said that alternative power sources, such as wind and power, have provided a solution to the energy crisis.
Carbon Engineering Ltd is i(x)'s Canadian portfolio company, which deploys a proprietary direct air capture technology that captures carbon dioxide directly out of the atmosphere. It has a goal to build and operate 70 direct air capture facilities by 2035, each with an expected capacity of up to one million tonnes per year.
Context Labs BV is an impact software company, it recently announced a platform partnership with Encino Environmental Services LLC, along with Satlantis. This will "accelerate" the verification of carbon emissions measurement with greater accuracy.
i(x) Net Zero also said that real estate and construction industries are experiencing inflationary pressures, rising interest rates and supply chain challenges.
MultiGreen Properties LLC is i(x) Net Zero's sustainable housing platform. It is executing its pipeline of developments, with 1,106 units currently under construction. ViaVerde, its multi-phase development in Albuquerque, New Mexico, is progressing with Phase I leasing, due to commence in October 2022, with demand already overpacing supply.
Its building technology and product development company Sustainable Living Innovations is due to complete its 15-storey apartment complex in Seattle ready for occupancy in early 2023.
Chief Executive Officer Steve Oyer said: "The company's first few months as a public company have crystalised further the need to provide investors transparent access to ESG investing at scale in a public market forum.
"Even with the challenges of the current macroeconomic and political environment, each of our portfolio companies represents a long-term opportunity for investors who wish to align their values with their investments," Oyer added.
By Sophie Rose; [email protected]
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