Footprint is an Arizona-based material science technology company that produces plant-based packaging. It will now make its debut on the market when it merges with Gores Holdings VII, which is a blank check firm. Footprint’s share of the deal will be approximately $17 million. ranked No. 46This year’s CNBC Disruptor 50List price, $1.6 billion after the completion of SPAC’s merger.

SPACs — or special purpose acquisition companies — raise capital from public markets and use that cash to merge with a private company, with the goal of taking the company public within a two-year period. SPAC transactions saw a surge in popularity earlier this year. However, there is evidence that the market remains vibrant. cooling down. However, valuations continue to rise as money managers increasingly consider ESG policies when investing.

It was founded in 2014 by former colleagues Intel engineers, Footprint develops and manufactures alternative solutions to single- and short-term-use plastic. The company’s 100%-biodegradable, biodegradable. compostable and recyclable products were designed for the whole product lifecycle. It reduces the amount of waste entering the environment and reduces your exposure to plastic-based toxic chemicals.

Footprint solutions have been able to capitalize on the growing market of $315 billion annually for sustainable products. Consumers, regulators, and corporations are demanding better quality alternatives to plastics, foams, and other products.

Footprint claims that its plant-based fiber bowls and clamshell containers as well as cups, trays, cups, and other packaging products have helped to reduce plastic consumption by more than 6 million pounds. You can find them in the nation’s top supermarkets like Walmart, Target, Costco and Whole Foods.  

The company collaborates with many major brands including those that are just becoming public. Sweetgreen, McDonald’s, Kraft Heinz, Tyson Foods, Beyond MeatChick-fil A and Dunkin are also available.

Also, in July, entered into an agreement with the Phoenix SunsFootprint Center was renamed the home of the NBA team to Footprint Center. working with the sports teamTo eliminate single-use plastics and to test new technology at their facility.

The Suns and Footprint are trying to engage fans. They will be showing videos about sustainability and managing their trash at games and encouraging them to join a climate pledge to reduce plastics in their lives. Players and other performers in the arena will be encouraged to sign up for the pledge by the Suns.

The Nasdaq will begin Footprint trading in the first six months of 2022, under the ticker symbol “FOOT.”