Genesis Unicorn Acquisition Corp. announced that it has entered into a joint development agreement with Nanomatics Pte. Ltd. to develop and advance jointly proprietary technologies to convert plastic waste to pyrolysis oil, carbon nanotubes and hydrogen. ESGL, through its operating entity in Singapore, Environmental Solutions (Asia) Pte. NMT has developed a proprietary THERMO-CVD Process Technology, which converts plastic waste to carbon nanotubes and Hydrogen. The two companies have evaluated the economic feasibility of a partnership for the joint development of a process combining their respective strengths to manufacture pyrolysis oil,carbon nanotubes and hydrogen from plastic waste. The main objective of this JDA is to further develop and apply at scale NMT's THERMO-CVD process Technology at ESA's pilot plant facility to primarily produce carbon nanotubes(i) and hydrogen from plastic waste and synthetic gas generated using ESA's FR-3 Pyrolysis Technology. As Southeast Asia has become a new hub for global supply chains, the environmental cost has continued to mount as higher volumes of hazardous waste and plastics meet underdeveloped waste management systems. In Singapore alone, total plastic waste amounted to 1,001 thousand tonnes with only 6% recycled in 2022, leaving 94% disposed in incinerators. ESGL is helping Singapore in its efforts to transition to a circular, carbon-neutral economic model by converting hazardous waste into circular products that help multi-national companies like Shell and Micron meet their Environmental, Social and Governance (ESG) mandates. Specifically, its proprietary FR-3 Pyrolysis technology converts plastic waste to circular pyrolysis oil in a sustainable manufacturing process, demonstrating their commitment towards resource circularity and actively contributing towards Singapore's achievement of the UN Sustainable Development Goals. In 2022, ESGL converted 81,000 kg of plastic waste that otherwise would have been incinerated into circular products
such as pyrolysis oil. ESGL expects to double the volume of plastic waste it converts in 2023.