(Alliance News) - i(x) Net Zero PLC on Friday noted that investment company Sustainable Living Innovations Inc has proposed a merger with Churchill Capital Corp V, as also announced by the latter.
i(x) Net Zero is an investment company focusing on energy transition and sustainability in the built environment. Churchill V is a New York-listed special purpose acquisition company that follows four previous SPAC vehicles.
Sustainable Living has entered into a non-binding letter of intent regarding a proposed business combination with Churchill V, i(x) Net Zero said.
The company has an indirect 0.1% interest in Sustainable Living via MultiGreen SLI Partners LP. As of June 30 last year, i(x) Net Zero carried its investment in Sustainable Living at a net asset value of USD740,000.
"This is a potentially transformative combination for Sustainable Living that, if completed, will provide the ideal platform to execute the next stage of Sustainable Living's growth strategy and significantly improve access to capital," said i(x) Net Zero Chief Executive Officer Par Lindstrom, who was promoted to the role from being chief investment in late January, after previous CEO Steve Oyer stepped down with immediate effect.
"A successful transaction will also help raise Sustainable Living's profile as it looks to capitalise on growing regulatory and policy support for companies that are driving sustainability in the built environment."
Shares in i(x) Net Zero fell 6.8% to 11.65 pence each in London on Friday morning.
By Greg Rosenvinge, Alliance News reporter
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I(x) Net Zero (IX.)