ix Net Zero to invest another $0.15m in Sustainable Living Innovations

16th Jun 2023 11:03

(Sharecast News) - Investing company ix Net Zero announced plans to invest an additional $150,000 into Sustainable Living Innovations (SLI) on Friday, through an unsecured convertible promissory note.

The AIM-traded firm said it would follow its participation in SLI's accelerated growth round in May last year, when it contributed to the company's $53mfunding.

It said the purpose of the new investment would be to safeguard ix Net Zero's stake in SLI, as it progressed towards an upcoming initial public offering, expected to take place in the fourth quarter.

SLI is a building technology and product development firm that specialises in constructing panelised buildings aimed at addressing housing affordability and setting a new standard in sustainable living.

The company is currently working on its second and third buildings, both of which are set to be completed and delivered in Seattle this year.

It said the first project, known as 303 Battery, is a 15-story, 112-unit apartment tower that received pre-certification as a net zero energy building from the International Living Building Institute.

That designation made it the world's first apartment tower to achieve such recognition.

The second project, DESC Greenlake, is a five-story building consisting of 124 units.

Construction on DESC Greenlake began in 2022 through a contract with Seattle's Downtown Emergency Service Center (DESC) - a non-profit organisation dedicated to aiding homeless and formerly-homeless individuals.

The building would serve as permanent supportive housing, offering shelter as well as essential services such as healthcare and counselling to residents.

"We are very pleased to have the opportunity to support SLI as it continues to innovate in the field of sustainable accommodation," said chief executive officer Pär Lindström.

"We look forward to working closely with the team at SLI to support their deSPAC transaction and demonstrate further growth for our shareholders in the ix Net Zero portfolio."

At 0807 BST, shares in ix Net Zero were down 5.88% at 12p.

Reporting by Josh White for Sharecast.com.