I(x) Net Zero to invest further USD2.5 million into Enphys Management

(Alliance News) - i(x) Net Zero PLC on Monday said it has committed to invest an additional USD2.5 million into Enphys Management Co LLC.

The London-based oil company said the investment costs will be spread over a four year period, and will increase its stake in Enphys to 30%, from its current 14.5%.

The investment increases the firm's net asset value holding in EMC to USD16.7 million from USD10.3 million, it said.

The company said the funding will support EMC's working capital resources as it progresses towards a merger opportunity with its Enphys Acquisition Corp to create a "major renewables energy group".

Chief Executive Par Lindstrom said: "This investment is reflective of our belief of the significant potential contained within Enphys and our strategy at i(x) Net Zero to own considerable stakes in our portfolio companies. We look forward to supporting the company as it looks to establish itself as a leading operator in the alternative energy sector in Latin America."

i(x) Net Zero shares fell 1.2% to 20.25 pence each on Monday afternoon in London.

By Harvey Dorset, Alliance News reporter

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