Waste and recycling software leader expands position in the high-growth Japanese market
Lexington, Kentucky (February 8, 2022) — Rubicon Technologies, LLC (“Rubicon” or the “Company”), a digital marketplace for waste and recycling and provider of innovative software-based solutions for businesses and governments worldwide, today announced that its targeted pilot with Odakyu Electric Railway Co., Ltd. (“Odakyu”), a leading transportation, retail, and real estate company in Japan, has successfully transitioned into a long-term, nationwide technology licensing agreement focused on supporting the Japanese waste and recycling industry as it moves towards a more integrated circular economy.
“We are thrilled to be transitioning into a long-term product partnership with Odakyu,” said Nate Morris, Founder and CEO of Rubicon. “We believe the Japanese market offers high growth potential to Rubicon and our mission to end waste, and this partnership is proof of the value of Rubicon’s suite of technology solutions both in the United States, and around the world.”
Operating in Japan since 1948, Odakyu is committed to working collaboratively with Japanese municipalities and industry leaders to identify and solve the local and global challenges of waste. For the past three years, Rubicon’s suite of technology solutions has been helping local communities in Japan improve operational efficiency and reduce waste incineration while creating shared value. This new long-term, nationwide agreement will continue to allow Odakyu to deploy Rubicon’s technology in order to promote sustainable waste solutions across Japan. In its current form, the partnership is primarily focused on helping city governments implement environmental and circular economy practices.
“After a very successful pilot of Rubicon’s technology suite in Japan, we are extremely excited to expand and extend our agreement with Odakyu,” said Renaud de Viel Castel, Chief Operating Officer and Head of Global Expansion at Rubicon. “As the Japanese waste and recycling industry redoubles its commitment to sustainable practices, we are proud to support those efforts and look forward to a long and productive working relationship with our partners in Japan.”
Waste is a global challenge and a global opportunity. Rubicon partners with businesses and governments around the world to advance its mission through zero-waste, landfill diversion, and smart city solutions. The Company’s various cloud-based offerings help waste collection companies digitize their operations, while equipping municipalities and businesses of all sizes to adopt a fully digital model in service of initiating or growing their waste and recycling management capabilities.
“We have been working with Rubicon for several years to demonstrate the suitability of their technology for the Japanese market. As a result, we have found not only that their technology suits the Japanese market very well, but it has exceeded our expectations, solving problems in the collection and transportation field, and contributing to a circular economy on a global scale,” said Yohei Matsuda, Project Technical Director at Odakyu. “There are high expectations from the Japanese market and Odakyu hopes to build a sustainable society through our partnership with Rubicon and its ever-evolving technology.”
For more information on how Rubicon is creating worldwide partnerships to end waste, visit the Global Solutions page on the Company’s website.
Rubicon is a digital marketplace for waste and recycling, and provider of innovative software-based solutions for businesses and governments worldwide. Creating a new industry standard by using technology to drive environmental innovation, the Company helps turn businesses into more sustainable enterprises, and neighborhoods into greener and smarter places to live and work. Rubicon’s mission is to end waste. It helps its partners find economic value in their waste streams and confidently execute on their sustainability goals. Learn more at Rubicon.com.
Rubicon previously announced an agreement for a business combination with Founder SPAC (Nasdaq: FOUN), which is expected to result in Rubicon becoming a public company listed on the New York Stock Exchange (“NYSE”) under the new ticker symbol “RBT” in the second quarter of 2022, subject to customary closing conditions.
About Founder SPAC
Founder is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. While Founder is not limited to a particular industry or geographic region, the company focuses on businesses within the technology sector, with a specific focus on the theme of Digital Transformation. Founder is led by CEO Osman Ahmed, CFO Manpreet Singh, and Executive Chairman Hassan Ahmed. The company’s independent directors include Jack Selby, Steve Papa, Allen Salmasi, and Rob Theis. Sponsor and advisor, Nikhil Kalghatgi, leads the company’s advisory board.
Odakyu Electric Railway (Odakyu) is one of the major private railway companies in Japan. With its railway length of 120.5km, it serves over 2 million passengers a day between Tokyo and Kanagawa prefecture. Together with its 100 group companies, other than transportation (including bus and taxi), it conducts a wide range of businesses, such as merchandising, real estate, hotels, and more.
Odakyu has recently entered the waste management business, branding it by the name of “WOOMS”, as a new infrastructure to contribute to the Circular Economy. Under the vision of “Beyond Waste”, it is aiming to create a world without waste. Learn more at https://www.wooms.jp/
Important Information About the Business Combination and Where to Find It
Founder’s shareholders and other interested persons are advised to read, carefully and in their entirety, the preliminary proxy statement/consent solicitation statement/prospectus included in the registration statement on Form S-4 (the “Registration Statement”) filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 1, 2022 (including any amendments or supplements thereto) and, when available, the definitive proxy statement/consent solicitation statement/prospectus, as well as other documents filed with the SEC, as these materials will contain important information about Founder, Rubicon and the other parties to the Merger Agreement (as defined in the Registration Statement), and the Business Combination (as defined in the Registration Statement). After the Registration Statement is declared effective, the definitive proxy statement/consent solicitation statement/prospectus will be mailed to shareholders of Founder as of a record date to be established for voting on the business combination and other matters described in the Registration Statement. Founder shareholders will also be able to obtain copies of the proxy statement/consent solicitation statement/prospectus and other documents filed with the SEC that will be incorporated by reference in the proxy statement/consent solicitation statement/prospectus, without charge, once available, at the SEC’s web site at sec.gov, or by directing a request to: Founder SPAC, 11752 Lake Potomac Drive, Potomac, MD, 20854, Attention: Chief Financial Officer, (240) 418-2649.
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This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Founder’s and Rubicon’s actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believe,” “predict,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Founder’s and Rubicon’s expectations with respect to future performance and anticipated financial impacts of the Business Combination, the satisfaction of the closing conditions to the Business Combination and the timing of the completion of the Business Combination. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results, including factors that are outside of Founder’s and Rubicon’s control and that are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the outcome of any legal proceedings that may be instituted against Founder and Rubicon following the announcement of the Merger Agreement and the transactions contemplated therein; (2) the inability to complete the Business Combination, including due to failure to obtain the approval of the shareholders of Founder, approvals or other determinations from certain regulatory authorities, or other conditions to closing in the Merger Agreement; (3) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement or that could otherwise cause the transactions contemplated therein to fail to close; (4) the inability to obtain or maintain the listing of the combined company’s shares on the New York Stock Exchange following the Business Combination; (5) the risk that the Business Combination disrupts current plans and operations as a result of the announcement and consummation of the Business Combination; (6) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition and the ability of the combined company to grow and manage growth profitably and to retain its key employees; (7) costs related to the Business Combination; (8) changes in applicable laws or regulations; (9) the possibility that Rubicon or the combined company may be adversely affected by other economic, business, and/or competitive factors; (10) the combined company’s ability to raise financing in the future and to comply with restrictive covenants related to long-term indebtedness; (11) the impact of COVID-19 on Rubicon’s business and/or the ability of the parties to complete the Business Combination; and (12) other risks and uncertainties indicated from time to time in the Registration Statement and other documents filed, or to be filed, by Founder with the SEC.
Founder cautions that the foregoing list of factors is not exclusive. Although Founder believes the expectations reflected in these forward-looking statements are reasonable, nothing in this press release should be regarded as a representation by any person that the forward-looking statements or projections set forth herein will be achieved or that any of the contemplated results of such forward-looking statements or projections will be achieved. There may be additional risks that Founder and Rubicon presently do not know of or that they currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Founder cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Neither Founder nor Rubicon undertakes any duty to update these forward-looking statements, except as otherwise required by law.
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