GigCapital2 and Bolder Industries Have Signed an Exclusive Letter of Intent for

PALO ALTO, Calif. & BOULDER, Colo.–(BUSINESS WIRE)–GigCapital2, Inc. (NYSE: GIX), a publicly traded special purpose acquisition company, and Waste to Energy Partners LLC (dba Bolder Industries) (“Bolder Industries” or “Bolder” or “the Company”) announced today that they have entered into a non-binding letter of intent (“LOI”) for a business combination. The business combination would result in Bolder Industries becoming a publicly traded company on the New York Stock Exchange. Under the terms of the LOI, GigCapital2 and Bolder would become a combined entity, with Bolder’s existing shareholders rolling over a majority of the equity in the combined public company.

Bolder Industries, a certified B Corporation, innovates sustainable rubber and plastic solutions that address the global waste-tire problem by providing valuable new product outputs from recovered tire materials. The Company’s flagship product, BolderBlack®, is a carbon black alternative that replaces petroleum-derived carbon black as a rubber reinforcing agent and a black pigment in plastics. BolderBlack is produced from 100% post-consumer or post-industrial tires and rubber scrap and is the world’s most sustainable replacement for traditional carbon black, a key material used globally in rubber tire production.

Tony Wibbeler, Founder and Chief Executive Officer of Bolder Industries, commented: “Bolder Industries was founded on our mission to divert materials from landfill, offset greenhouse gas emissions, reduce water and electricity usage and create local jobs. We have now met those goals at scale with our proven tire reuse solution; addressing the growing global waste tire issue at 40 billion pounds per year and the increasing demand for sustainably sourced materials. We have built an incredible foundation based on revolutionary technology, financial strength and a deeply knowledgeable team with significant operational and product development expertise. This combination with GigCapital2 will allow us to further deliver on our mission, accelerate our growth, and deliver significant shareholder value as a public company.”

Dr. Avi Katz, Founder of GigCapital Global and Executive Chairman of GigCapital2, commented: “We incepted GigCapital Global in 2017 as a lead sponsor of technology Private-to-Public Equity (PPE)^TM companies, also known as special purpose acquisition companies (SPAC), driven by the purpose of bettering our world and making our planet cleaner and sustainable for generations to come. We are delighted to partner with Bolder Industries on its journey to the public market, as it represents the ultimate ESG investment opportunity with a fully commercial and already proven technology that delivers 97% less CO2 than traditional carbon black, while significantly reducing the amount of rubber tire waste that enters our landfills. Tony, Robert and the Bolder team have established a clear path to industry leadership and a de-risked investment platform. We are incredibly excited about Bolder’s purpose and mission, proven track record and global growth opportunity. We look forward to supporting their transition to a public company and beyond.”

Highlights of the proposed transaction:

• First mover advantage as the first proven and profitable thermal chemical recovery solution for the waste tire industry, located in Maryville, MO
• Developed the world’s most sustainable replacement for traditional carbon black (BolderBlack), a key material used globally in plastics, industrial rubber and tire production
• Dominant market position in recycled carbon black with proven and revolutionary technology that delivers extraordinary sustainability benefits compared to traditional carbon black, including 98% less water used, 61% less electricity used, and 97% reduced CO2 emissions
• Highly scalable and proprietary process technology that recovers 98% of the tire giving new life to petroleum-based ingredients and steel
• Revolutionary use of syngas creating performance petrochemical products and sustainably sourced fuels
• Validated by industry leaders including Ford, Avient, Hexpol Continental, Cooper Standard, GFL Environmental, Nucor and Otter Products
• $1 Trillion total addressable market selling into large industrial markets, including carbon black, metals and energy
• Closed loop process that will reuse 86 million rubber tires per year by 2026
• Waste-to-profits business model leveraging feedstock to achieve 65% EBITDA margins
• Clear global growth plan with 15 plants by 2026 and path to $530M in revenue and $350M EBITDA by 2026
• Sustainability projections include water savings equivalent to 70B 12oz. water bottles worth of water, electricity savings equivalent to more than 65,000 homes and CO2 savings…