Environmental Solutions Group Holdings Limited, Pioneer in Sustainable Circular Economy Solutions, Announces Signing of Definitive Agreement to Combine with Genesis Unicorn Capital Corp. (Nasdaq:GENQ)
Environmental Solutions Group Holdings Limited (“ESG”) and Genesis Unicorn Capital Limited (“GENQ”) Enter into a Merger Agreement
– Combination values the combined company, to be renamed ESGL Holdings Limited, at an implied pro forma enterprise value of $161.25 million (assuming no redemptions in connection with the transaction)
– ESG is a circular economy solutions pioneer in Singapore. ESG restores and regenerates industrial waste into sustainable circular products, in partnership with companies to achieve their sustainability goals
– With operations in Singapore, we believe ESG will have a geographic coverage advantage for expanding into the ASEAN market as Singapore aims to be a leading regional center for developing new sustainability solutions as part of its 2050 Green Plan. The inception of the ASEAN circular economy framework should further accelerate cross border expansion opportunities
– The combined company will be named ESGL Holdings Limited and will apply for listing on the Nasdaq under the ticker ESGL
– ESG’s CEO and Chairman, Leng Chuang Quek, and the existing ESG management team to lead the combined company
Singapore’s Waste Problem
Green markets are on the rise— this refers to increasing consumer confidence towards the renewable energy market and the alternative fuel market. We also see a projected rise in biomedical waste from the demand of supplies due to COVID-19, as well as residential waste from the rise of e-commerce. Thus, there is an increasing need for waste management in these sectors. Additionally, the global CAGR across multiple waste management sectors (pyrolysis, sludge treatment, wastewater, hazardous waste) range around 4-7% as of 2021.
In the Singapore Green Plan 2030, one primary goal is to “reduce the amount of waste to landfill per capita per day 20% by 2026, and 30% by 2030.” At Environmental Solutions Asia, we serve to expedite the process in achieving this goal for Singapore. Many of our clients have also addressed the need to increase waste recycling and landfill avoidance as part of their ESG reports, and we help them do so with our processes. We have also set ambitious goals for ourselves by 2025, which include achieving 22,000 MT carbon negative emissions and a 60,000 MT landfill avoidance.