Calix (ASX:CXL) is selling a $24.5 million stake in its LEILAC business to global decarbonisation investment group Carbon Direct.
Carbon Direct will own a 7 per cent stake in LEILAC, and will provide guidance to help scale the business. Calix will use the funds to develop lime and cement decarbonisation technology. Calix describes LEILAC as a research and innovation project that is intended to enable large cement and lime companies to mitigate their carbon dioxide emissions.
The companies also entered into a licence agreement, under which LEILAC is set to retain 30 per cent of royalties earned by the group once the carbon dioxide capture technology hits the market.
Shares in Calix (ASX:CXL are trading 31.6 per cent higher at $5.04.
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