i(x) Net Zero PLC (AIM:IX.) said it has “a number of investment opportunities under active consideration” and is confident about the future as it reported its first set of annual results as a listed company.
The investment holdings company, which focuses on energy transition and sustainability in the built environment, floated on London’s AIM in February, following a year in which its net asset value increased to US$60.7mln from US$15.8mln, with portfolio investments of US$4.4mln.
As at 28 March 2022, the NAV of its six investee companies had increased to US$65.4mln, taking into account a US$1.5mln accretive follow-on investment in Enphys Management Company, but not including the £9mln net cash raised from the IPO.
Also since listing, the company has been awarded the LSE Green Economy Mark, while investee companies have been active, with achievements including WasteFuel sealing a green methanol offtake agreement with shipping giant Maersk, a US$53mln funding round for Sustainable Living Innovations that triggered a 50% increase in i(x)’s ownership, and Context Labs signing a multi-year Decarbonization-as-a-Service partnership with Fortune 500 energy company Williams Companies (NYSE:WMB) Inc.
Steve Oyer, chief executive i(x), said: “Our performance as a private company during the year ended 31 December 2021 was very strong, as we successfully pursued our strategy of investing in companies whose remit is to deploy capital to address the long-term issues of energy transition and sustainability in the built environment.”
He said the AIM float was the culmination of last year’s efforts and the listing “will enable the company to further leverage the significant market opportunity to deploy capital that has the power to improve the sustainability of our planet and the communities in which we live”.
He added: "Looking ahead, i(x) Net Zero's strategy remains to be an effective driver of its platform for growth, with a number of investment opportunities under active consideration. We are confident and excited about what the future holds.”