SK ecoplant has purchased TES Envirocorp, a Singapore-based electrical and electronics waste recycling company, for 1.2 trillion won.
SK ecoplant’s acquisition will pave the way for the environmental unit of SK group to expand its business portfolio from the conventional waste management to the waste recycling business.
SK ecoplant held a ceremony to strike the stock purchase agreement (SPA) with Navis Capital Partners, the largest shareholder of TES, at Fullerton Hotel in Singapore on Feb. 21.
SK ecoplant President Park Kyung-il said, “Expanding the recycling business has come closer to realizing the “Zero City,” a model of the circular economy of realizing the zero waste and zero carbon reality.”
SK ecoplant will lead the global electronic waste (E-waste) recycling market based on TES’s world-class global competitiveness, he added.
TES, established in Singapore in 2005, is a global E-waste recycling company.
E-wastes refers to the recycling of old batteries, waste home appliances, and other used electrical and electronic products into raw materials and precious metals for new products.
TES, which posted about 414 billion won in sales last year, operates 43 waste treatment facilities in 21 countries, including five global key markets: the United States, UK, Germany, China and Singapore.
TES has mainstay business areas such as electrical and electronic waste recycling, IT asset disposal services (ITA) and reutilization of waste batteries.
TES has built up all value chains of the E-waste treatment market, ranging from collection and transportation to discarding of information and reuse and recycling.
The E-waste treatment market has higher market entry barriers due to issues such as protecting of intellectual properties, information security and restrictions on logistics.
An SK ecoplant official said, “TES has secured global IT companies as customer firms. The names of the customer companies are confidential information.”
SK ecoplant plans to establish a special purpose company (SPC) to secure a 100 percent stake in TES to secure the money necessary for the acquisition. The company plans to secure a biggest share and attract financial investors.
A view of a rooftop photovoltaic power facility, operated by Nami Solar at in Sonadezi Industrial Complex in Vietnam.
SK ecoplant to Launch Rooftop Photovoltaic Power Projects in Vietnam with Nami Solar
SK ecoplant will undertake 250MW rooftop photovoltaic power projects in Vietnam in cooperation of the Vietnamese rooftop solar company Nami Solar by investing $200 million over four years.
The projects will be undertaken with joint investments by the two companies.
SK ecoplant will be responsible for registering, issuing, transferring and selling carbon credits, while Nami Solar will be charged with developing projects, obtaining licenses and permits and signing direct power purchase agreements, EPC and operation.
The projects will be conducted on a gradual basis in connection with four industrial complexes in southern and central Vietnam.
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