GFL Environmental Services Acquisition, Valuation, Funding & Investors

Fomento de Construcciones y Contratas SA is in the business of environmental services, end to end water management, construction and cement. The company's activities include services related to urban water treatment, waste recovery, end to end water cycle and also infrastructure construction projects, building construction, manufacturing of cement and concrete and operation of quarries and mineral deposits. The firm derives majority of its revenues from environmental services segment. It carries out international operations in European, the U.S and Latin American markets.

Redwood Materials is a Carson City, Nevada company that recycles lithium-ion batteries and battery manufacturing scrap, refines the recovered metals and produces battery materials, and has expanded into grid-scale energy storage built from retired electric vehicle batteries. It was founded in 2017 by JB Straubel, a co-founder and former chief technology officer of Tesla, and processes scrap from Panasonic's Nevada battery plant. Customers buy recovered cobalt, nickel, copper and lithium and cathode active material produced at its Nevada and South Carolina sites. Investors include Capricorn, Breakthrough Energy Ventures, Amazon's Climate Pledge Fund, T. Rowe Price, Goldman Sachs Alternatives, Baillie Gifford, Eclipse, NVentures and Google. It raised a Series E of 425 million dollars that closed in January 2026 at a valuation reported above 6 billion dollars, and it reported about 200 million dollars of revenue in 2024. In 2023 it bought the German recycler Redux Recycling to start European operations.

Umicore SA operates in the following business groups: Catalysis, Battery Materials, Specialty Materials, Recycling, and Corporate and Unallocated. Key revenue is derived from its Recycling segment, which treats complex waste streams containing precious and other specialty metals. The Battery Materials segment is engaged in developing, manufacturing, and marketing cathode materials (CAM) and its precursors (pCAM) for lithium-ion batteries. The Catalysis segment provides automotive catalysts for gasoline and diesel light and heavy-duty diesel applications, and the Specialty segment develops, manufactures, and distributes metal-based materials and chemicals for applications vital to everyday lives. Geographically, the group derives a majority of its revenue from Europe.

Canmax Technologies Co Ltd is engaged in Research and development, production and sales of new energy lithium battery materials products, anti-static ultra-clean technology products and medical equipment products.

Casella Waste Systems Inc is a solid waste removal company, providing resource management services to residential, commercial, municipal, and industrial customers. The company's reportable segments on Geographical basis include Eastern, Western and Mid-Atlantic regions through the Resource solution segment. It generates maximum revenue from the Western region segment. The company's services include Recycling, Collection, Organics, Energy, Landfills, Special Waste as well as Professional Services.

Cleanaway Waste Management is Australia’s largest waste management business with a national footprint in the collection and disposal of waste. It is active in municipal and commercial and industrial waste stream segments and in nonhazardous and hazardous liquid and medical waste. While Cleanaway is allocating greater capital to waste processing and treatment, earnings remain skewed toward waste collection. The company is particularly strong in commercial, industrial, and municipal waste collection with strong market share in all large Australian metro waste collection markets.

GEM Co Ltd is engaged in Waste battery recycling and power battery material manufacturing business, cobalt, nickel, and tungsten recycling and cemented carbide manufacturing business, renewable resources business, and environmental management business.

FCC Medio Ambiente is a Madrid-headquartered waste management operator serving Spain, Portugal, and other European markets. The company manages urban cleaning, wastewater treatment, and recycling facilities processing municipal and industrial refuse.

Zurn Elkay Water Solutions Corp is a growth-oriented, pure-play water management business that designs, procures, manufactures, and markets the broadest sustainable product portfolio of specification-driven water management solutions to improve health, hydration, human safety and the environment. Its product portfolio includes professional grade water safety and control products, flow systems products, hygienic and environmental products, and filtered drinking water products for public and private spaces that deliver superior value to building owners, positively impact the environment and human hygiene and reduce product installation time.

Zhejiang Weiming Environment Protection Co Ltd is a China-based company engaged in the solid waste disposal business. It is focused on solid waste-related technological development, equipment manufacturing and sales, project investment, project construction, and operational management. The company is also engaged in waste incineration power generation projects. The company's products include waste incineration grates, boilers, and flue gas treatment systems.

China Everbright Environment Group (formerly China Everbright International) is a Hong Kong-listed environmental infrastructure company (HKG: 0257) headquartered in Hong Kong and part of the state-owned China Everbright Group. The listed company was incorporated in 1961, employs about 15,400 people and is led by chief executive Luan Zusheng. Its environmental energy segment builds and operates waste-to-energy and methane-to-energy plants and facilities for food and kitchen waste, leachate, sludge, fly ash, medical waste and other solid waste, and provides waste-sorting, sanitation and engineering design services. Its Greentech segment runs integrated biomass, hazardous and solid waste treatment, solar and wind power projects and environmental remediation, while its environmental water segment builds and operates wastewater, water supply and reuse plants, sponge-city and river-basin restoration projects. It also carries out environmental technology research and sells and installs related equipment. Its customers are mainly local governments, and it earns revenue from project construction, long-term operating fees and electricity sales. In June 2016 it acquired Novago, established in 1992 and Poland's largest independent solid-waste treatment company, which ran six integrated waste treatment plants in four provinces that handled 890,000 tonnes of waste in 2015.

Zijin Longking Co Ltd is engaged in the manufacturing, sales and installation of environmental pollution control equipment, dust removal, desulfurization and supporting high and low voltage electrical control equipment.

Kurita Water Industries Ltd. is a provider of water treatment solutions in Japan. It operates through two segments: the Electronic market and the General water treatment market. The company provides a wide range of water treatment chemicals, systems, and services, including wastewater and ultrapure water solutions, facility maintenance, and environmental remediation, serving both industrial and household needs.

Chengdu Xingrong Environment is a Chinese listed water and environmental-services group based in Chengdu, Sichuan. Its activities include water supply, wastewater treatment and the development and operation of environmental-protection infrastructure. The company provides integrated project and operating services, combining investment, construction and operation of water-related assets. Its revenue comes from water services and related environmental and infrastructure activities delivered through its operating businesses. The group is listed on the Shenzhen Stock Exchange under code 000598 and traces its listed corporate establishment to 1996. In 2014, it agreed to establish a joint venture with United Envirotech to develop water-treatment projects in western China using membrane technologies. At that time the issuer described Xingrong as a state-owned enterprise with approximately five million cubic metres per day of water-treatment concessions. The listed company is distinct from the smaller 49:51 joint venture incorporated under a similar English name in 2015.

Tomra Systems ASA provides sorting and recycling solutions to equip customers for handling waste. The company creates and delivers sensor-based solutions that contribute to optimal resource productivity, in packaging, collection, compaction, recycling, ore sorting, and food production. It provides reverse vending machines, sensor-based sorting machines integrated post-harvest solutions, sensors for waste sorting applications, and other related products and solutions. The company's operating segments are; TOMRA Collection which generates key revenue, TOMRA Recycling, TOMRA Horizon, and TOMRA Food. Geographically, the company generates maximum revenue from Europe (excluding Northern Europe), followed by Northern Europe, America, Asia, and Oceania.

Shenzhen Expressway Corp Ltd is a Company engaged in the construction, operation, management, and investment of toll highways and environmental protection in China. Environmental protection mainly includes recycling and treating solid waste and clean energy power generation. The group has identified two reporting segments, namely the toll road segment and the environmental protection segment. The toll road segment takes charge of the operation and management of toll roads in Mainland China. The environmental protection segment operates and manages environmentally related infrastructure, mainly including solid waste treatment, clean energy, and other related fields. The majority of its revenue is derived from the Toll segment.

Shenzhen Energy Environmental Protection Co. is a Shenzhen-based waste disposal specialist offering research, engineering design, engineering design, and operation management services. The company handles municipal solid waste incineration, landfill operations, and hazardous waste treatment projects in Guangdong province and beyond.

EcoCeres is a Hong Kong-based advanced biorefinery company converting waste-based biomass into lower-carbon transport fuels and renewable chemical products. Its principal outputs include sustainable aviation fuel and hydrotreated vegetable oil made from used oils, agricultural residues and other waste feedstocks. EcoCeres supplies airlines, fuel distributors and transport-sector customers seeking certified substitutes for fossil jet fuel and diesel. Revenue is generated through industrial production and long-term sales of renewable fuels, supported by proprietary pretreatment and refining technology. The Hong Kong-headquartered company has developed commercial production in Asia and entered partnerships aimed at expanding sustainable aviation fuel adoption. HKIC’s capital and ecosystem support are intended to accelerate technology development, international market access and Hong Kong’s role in sustainable aviation.