Tech

Footprint of the plant-based packaging manufacturer publicly available via SPAC

Troy Swope, co-founder and CEO of Footprint

Courtesy Photo Footprints

Footprint, an Arizona-based materials science technology company known for its plant-based packaging, is going to market by merging with drum testing company Gores Holdings VIII. The deal is expected to price Footprint, 45th place in this year CNBC Disruptor 50 listed, at $1.6 billion upon completion of the SPAC merger.

SPACs – or special purpose acquisitions – raise capital from the public market and use that cash to merge with a private company, with the goal of taking the company public within a short period of time. two year period. There was a boom in SPAC deals earlier this year, but there are signs that the space is hypothermia. However, valuations have increased as money managers also increasingly include ESG policies in their investments.

Founded in 2014 by two former Intel Engineers, Footprint develops and manufactures alternatives to single-use and short-term plastic. Its sustainable products are designed with the entire product life in mind and are made from 100% bio-fibers, which are biodegradable, compostable and recyclable. That not only reduces unnecessary waste in the environment, but also reduces exposure to harmful chemicals found in plastic.

“With corporations, regulators and consumers increasingly demanding high-quality, sustainable alternatives to disposable plastic, foam and other products, Footprint’s solutions is taking advantage of the $315 billion annual market opportunity that is transitioning to eco-friendly solutions as quickly as possible,” the companies said in a press release.

Footprint says plant-based fiber bowls, clamshell containers, trays, cups and other consumer packaging products have eliminated more than 61 million pounds of plastic. They are available at some of the country’s biggest supermarkets, including Walmart, Target, Costco, Whole Foods, Albertsons’ Safeway, Kroger, Fry’s, Aldi, Wegmans and Trader Joe’s.

And the company is working with major brands, including Sweetgreen, McDonald’s, Kraft Heinz, Tyson Foods, Besides meat, Chick-fil-A, Dunkin, Panera Bread and True Food Kitchen.

In July, the company also signed an agreement with the Phoenix Suns, renamed the NBA team’s home complex to the Footprint Center, and work with sports team to phase out single-use plastics and test new technologies at their facility.

Footprint and the Suns is aiming to get fans involved, from videos about sustainability and their waste management on giant scoreboards in games, to encouraging people to sign up ants are committed to the climate to cut plastic from their lives. Suns will also encourage players to join the pledge, as well as other entertainers to join the arena.

Footprint is expected to begin trading on Nasdaq in the first half of 2022 under the ticker symbol “FET”.

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https://www.cnbc.com/2021/12/15/plant-based-packaging-maker-footprint-going-public-via-spac.html Footprint of the plant-based packaging manufacturer publicly available via SPAC

Sarah Ridley

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