Troy is the CEO of Footprint.
Footprint, an Arizona-based materials science technology company known for its plant-based packaging, will make its market debut by merging with blank-check firm Gores. The deal is expected to value Footprint at over $1 billion, making it the 45th most valuable company on the CNBC Disruptor 50 list.
Special purpose acquisition companies raise capital from public markets and use it to acquire a private company with the goal of taking the company public within two years. There was an explosion in SPAC deals earlier this year, but there are indications that the space is cooling down. Money managers are increasingly incorporating ESG policies in their investments.
Two former Intel engineers founded Footprint in order to develop and manufacture alternative solutions to single- and short-term-use plastic. Its sustainable products are made from 100% bio-based, biodegradable, compostable and recyclable fibers and are designed with the entire product lifecycle in mind. It also reduces exposure to toxic chemicals found in plastic.
Footprint's solutions are taking advantage of a growing $315 billion annual market opportunity that is converting to environmentally friendly solutions as quickly as possible.
More than 61 million pounds of plastic have been eliminated by Footprint's plant-based fiber bowls, clamshell containers, trays, cups and other consumer packaging products. They are in many of the country's biggest supermarkets, including Walmart, Target, Whole Foods, Safeway, Kroger, Fry's and Trader Joe's.
The company is collaborating with a number of brands.
In July, the company entered into an agreement with the Phoenix Suns, re-naming the NBA team's home complex to Footprint Center, while also working with the sports team to eliminate single-use plastic and test new technologies at their facility.
The Suns and Footprint are trying to get fans involved in the issue of sustainable living, from videos about how to manage their trash on the giant board during games, to encouraging people to sign up for a climate pledge initiative to cut plastic from their lives. The Suns will encourage players to take part in the pledge, as well as other entertainers who perform in the arena.
The Footprint ticker symbol will be FOOT in the first half of 2022, when it is expected to begin trading on the Nasdaq.
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