Troy Swope, Co-Founder and CEO of Footprint
Footprint, an Arizona-based materials science technology company known for its plant-based packaging, will debut in the market by merging with blank check company Gores Holdings VIII. The deal is expected to value Footprint, ranked No.45 on this year’s rankings. CNBC 50 disruptor list, to $ 1.6 billion after the completion of the PSPC merger.
SPACs – or special purpose acquisition companies – raise capital on public markets and use that money to merge with a private company, with the aim of making the company public within two years. There was an explosion of PSPC agreements earlier this year, but there are indications that the space is return to calm. Nonetheless, valuations have risen as portfolio managers are also increasingly taking ESG policies into account in their investments.
Founded in 2014 by two former Intel engineers, Footprint develops and manufactures alternative solutions to single-use and short-term plastic. Its sustainable products are designed taking into account the entire product life cycle and are made from 100% bio-based, biodegradable, compostable and recyclable fibers. This not only reduces the entry of unnecessary waste into the environment, but also reduces exposure to toxic chemicals found in plastic.
âAs businesses, regulators and consumers increasingly demand high-quality, sustainable alternatives to plastic, foam and other single-use products, Footprint’s solutions capitalize on an annual market opportunity growth of $ 315 billion that converts as quickly as possible into environmentally friendly solutions. “the companies said in a press release.
Footprint says its plant fiber bowls, clamshell containers, trays, mugs and other consumer packaging products have already shed more than 61 million pounds of plastic. They can be found in some of the largest supermarkets in the country, including Walmart, Target, Costco, Whole Foods, Albertsons’ Safeway, Kroger, Fry’s, Aldi, Wegmans, and Trader Joe’s.
And the company works with top brands including Sweetgreen, McDonald’s, Kraft Heinz, Tyson Foods, Beyond Meat, Chick-fil-A, Dunkin, Panera Bread, and True Food Kitchen.
In July, the company also struck a deal with the Phoenix Suns, renaming the NBA team’s hospitality complex to the Footprint Center, while also working with the sports team to phase out single-use plastic and test new ones. technologies in their facilities.
Footprint and the Suns aim to engage fans, from videos about sustainability and their waste management on the giant scoreboard during games, to encouraging people to sign up for a climate engagement initiative to eliminate the plastic of their life. The Suns will also encourage players to participate in the engagement, as well as other artists performing in the arena.
Footprint is expected to start trading on the Nasdaq in the first half of 2022 under the symbol “FOOT”.
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