25 August 2023

i(x) Net Zero PLC

("i(x) Net Zero" or the "Company")

i(x) Net Zero investment Enphys Acquisition Corp. Files Preliminary Proxy Statement and Announces Non-Binding Letter of Intent to Acquire Advanced Biofuels Company

i(x) Net Zero PLC (AIM: IX.), the investing company which focuses on the Energy Transition, announces that Enphys Acquisition Corp. (NYSE: NFYS, "Enphys") has filed a preliminary proxy statement in connection with an extraordinary general meeting of shareholders of Enphys for the purpose of, among other things, extending the time by which it has to consummate an initial business combination from October 8, 2023 to July 8, 2024 (the "Extension"), as well as other documents filed by Enphys with the U.S. Securities and Exchange Commission. The Extension is subject to approval by Enphys shareholders and a further announcement will be made in due course.

Enphys has also signed a non-binding letter of intent for a business combination with a leading and well-established advanced biofuels company in Latin America (the 'Target').

i(x) Net Zero owns 30% of Enphys Management Company ("EMC"), which has a direct ownership in Enphys Acquisition Sponsor, LLC ("EAS"), the sponsor company of Enphys Acquisition Corp., a NYSE-listed SPAC targeting renewable energy businesses in Latin America, in which EAS has a direct ownership.

No assurances can be made that the Company and the Target will successfully negotiate and enter into a definitive agreement regarding a business combination. Any transaction would be subject to board and equityholder approval of both Enphys Acquisition Corp. and the Target, regulatory approvals and other customary closing conditions.

Pär Lindström, Chief Executive Officer of the Company, said: "We believe that Enphys has significant growth potential and we are supporting the company as it looks to establish itself as a leading biofuels operator in the alternative energy sector in Latin America."

- Ends -

For further information visit https://ixnetzero.com/ or contact:

Notes to Editors

About i(x) Net Zero PLC

i(x) Net Zero PLC is an AIM quoted investing company that seeks to provides its shareholders with the opportunity to create long-term capital growth with positive, scalable, measurable and sustainable impact on the environment and on the communities it serves.

In accordance with its belief that the world's biggest problems are also the biggest market opportunities, i(x) Net Zero focuses on two critical areas in which it aims to make a positive impact: (i) Energy Transition and (ii) Sustainability in the Built Environment.

The Company uses a multi-strategy investment approach, providing the companies in which it invests with the expertise and catalytic capital to help them grow. To date, i(x) Net Zero has invested in biofuels, direct air capture (carbon removal), renewable energy, sustainable workforce housing and net zero construction technology.

i(x) Net Zero is a  signatory to the UN Principles for Responsible Investing. 

The Company has received the London Stock Exchange's Green Economy Mark.