Climate fund backed by Red Hot Chili Peppers singer Anthony Kiedis set for London IPO

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i(X) Net Zero, headed by former London minister Nick Hurd, is planning an IPO on AIM later this month.

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The clean energy investment business backed by the lead singer of the Red Hot Chili Peppers has announced plans to list in London.

i(x) Net Zero, founded in 2015, is planning to raise £20 million in an IPO at Target. The company supports sustainable and eco-friendly businesses and has already invested in projects that include a company that turns waste products into jet fuel and a firm that captures carbon in the atmosphere.

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Investors in i(x) include Red Hot Chili Peppers singer Anthony Kiedis and Airbnb co-founder Joe Gebbia. The company’s chairman is Nick Hurd, a former London minister who left Parliament in 2019.

Hurd said: “The massive investment of private capital is the key to increasing the technological and structural innovations the world needs to drastically reduce our carbon output.

“Capital is there: what is needed are dedicated financial and operational experts who can nurture and incubate companies that are pioneering and commercializing technologies. i(x) Net Zero consists of the exact same experts.”

Experts estimate that the world will need an investment of $150 trillion over the next 30 years to avert a climate disaster. Most of this will come from the private sector. Banks like NatWest and major investors like BlackRock have already made big climate commitments.

i(x) CEO Steve Oyer said: “We believe the world’s biggest problems present significant market opportunities, and that deliberately deployed capital has the power to improve the sustainability of our planet and the communities in which we live. in which we live.”

Funds from the company’s IPO will go towards more investments in companies that are already backed, as well as new opportunities. The shares are expected to start trading by the end of this month. Shore Capital and Hunnam & Partners are both operating on the float.

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