Verde pioneered PolyEarthyleneTM, an innovative and proprietary bioresin that has the potential to replace traditional petroleum-based plastics and disrupt the plastics industry. It is an economically feasible alternative that is capable of being dropped into existing plastics manufacturing processes.
Verde is one of the first scalable full-service bio-resin market solutions we believe is capable of meeting most of the environmental, application, manufacturing, and cost requirements of the industry.
Verde’s current applications may be able to address nearly half of the approximate $600 billion total addressable global plastics market. Despite global regulatory and political pressures for eco-friendly solutions, green plastics currently have less than 2% market penetration.
Business combination implies a pre-money enterprise value of $365 million (pro forma EV of $433 million) on a cash-free and debt-free basis (excluding up to $365 million in performance-based earnouts shares).
Vinmar, a global distributor of plastics, entered into a strategic partnership with Verde to market PolyEarthyleneTM, and has been working closely to market PolyEarthylene™ to its large corporate customer base, generating more than a dozen opportunities and several initial orders with potential customers in the first few months.
Braskem is a strategic supplier to Verde and is expected to support Verde with the feedstock capacity to transition high volume plastics applications to sustainable materials. As Verde’s business grows, Verde’s relationship with Braskem is expected to continue to expand as well.