SINGAPORE--(BUSINESS WIRE)--20Cube Logistics Pte. Ltd. (“20Cube”), a Singapore-based software-enabled international supply chain orchestrator, today announced it has selected Ramboll, a global architecture, engineering and consultancy company founded in Denmark in 1945, with world-leading expertise in the energy and environment space, to accelerate its path to carbon neutrality through a sustainability framework of comprehensive reports, plans and initiatives for carbon emission reduction.
According to a McKinsey report, while the consumer sector will see a five percent annual growth rate, Consumer-Packaged-Goods (CPG) companies will have to reduce their greenhouse-gas emissions by a stark 92% by 2050 in order to achieve global climate goals. Logistics partners will play a key role in helping CPG companies achieve this goal. Companies are choosing to decarbonize by designing business strategies and operation plans that deliver lower carbon emissions.
Following the Greenhouse Gas Protocol, the world’s most widely-used greenhouse gas accounting standard, 20Cube Logistics will develop a sustainability framework and full emissions inventory incorporating Scope 1 (emissions from sources that an organization owns or controls directly), Scope 2 (emissions that a company causes indirectly) and Scope 3 (emissions that are not produced by the company itself, but by those up and down its value chain) to understand its full value chain of emissions and focus efforts on the greatest reduction opportunities. The Company has already reduced emissions substantially under Scope 1 and 2 through its operating model and digital approach.
With decades of experience and expertise, Ramboll will support 20Cube Logistics’ goal of becoming carbon neutral through a series of comprehensive strategies, plans and initiatives in Scope 1, 2 and 3 of carbon emission reduction. Critical efforts will involve transitioning away from fossil fuels, scaling up renewable energy share in total energy consumption, transitioning away from traditional freight handling materials to sustainable alternatives, introducing necessary measures and adopting strategic external sustainability partnerships.
“Supply chains play a major role in global carbon emissions and with global trade increasing it has become imperative for the industry to undertake tangible initiatives to lower carbon footprints and find sustainable alternatives,” said Mahesh Niruttan, Founder & CEO of 20Cube Logistics. “As a global supply chain solutions provider, we see this as an opportunity to contribute to this ambitious global goal. With our mission to ‘Make Trade Easy’, green logistics is an extension of our responsibility which will address the carbon emissions of our clients, and in turn also reduce 20Cube Logistics' emissions.
“We believe that a robust sustainability philosophy and a framework has become a necessity for organizations. One of our founding intentions has been to become a leading player in the industry towards sustainability through zero emissions. Our operating model was designed to achieve a material reduction compared to the industry norms, and we now intend to take our vision to the next level of carbon neutrality. We are excited to have engaged Ramboll who will bring in best practices and emerging new technologies to accelerate us toward our goals,” concluded Niruttan.
Juliana Ding, Head of Sustainability at Ramboll in Asia Pacific, added, “We are impressed by 20Cube Logistics’ commitment to building and implementing policies and frameworks to achieve their sustainability goals, following our initial assessment. We are pleased to be entrusted by 20Cube Logistics to support them along their ambitious and impactful journey and are confident that with our global leading expertise and deep local knowledge, we are the right partner to drive sustainable changes together with our client. This will be an ongoing journey, and we expect to complete our Phase I assignment in the next six months. Ramboll will engage three senior members of our team for this assignment.”
Mr. Ranjan Kedia, Business Head for India, added, “As the largest emitter within 20Cube Logistics, the India business unit will play a significant role in achieving our sustainability goal. There are several initiatives already underway towards this which will bring tangible results in the short and near terms. We look forward to Ramboll’s assistance to accelerate our vision towards carbon neutrality.”
Ramboll is a global architecture, engineering and consultancy company founded in Denmark in 1945. Our 17,000 experts create sustainable solutions across Buildings, Transport, Energy, Environment & Health, Water, Management Consulting and Architecture & Landscape. Across the world, Ramboll combines local experience with a global knowledge base to create sustainable cities and societies. We combine insights with the power to drive positive change for our clients, in the form of ideas that can be realized and implemented. We call it: Bright ideas. Sustainable change. For more information, please visit www.ramboll.com.
About 20Cube Logistics Pte. Ltd.
20Cube Logistics is a software-enabled international supply chain orchestrator from purchase order (PO) to point of delivery (POD) with a technology-driven, proven proprietary system and key presence at over 60 locations in Asia, Australia, and East Africa. 20 Cube has over 600 employees. 20Cube Logistics was built from the ground up over the past 10 years on a disruptive software, workflow and control tower driven platform. 20Cube Logistics’ platform is centered around MyHubPlus, which captures data from every part of the supply chain to provide customers with unprecedented real-time visibility, alerts, exception management and reporting. Its suite of freight forwarding, intelligent warehousing/distribution, customs and trade compliance solutions have resulted in significant savings from better container utilization, load balancing, predictability, and logistics process management. For more information visit www.20Cube.com.
On October 18, 2022, 20Cube Logistics announced that it has entered into a definitive agreement to become publicly listed through a merger transaction with Evo Acquisition Corp. (Nasdaq: EVOJ), a publicly traded special purpose acquisition company. Pubco’s ordinary shares are expected to be listed on the Nasdaq Capital Market under the symbol “TCUB”.
About Evo Acquisition Corp.
Evo is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While Evo may pursue an acquisition in any business industry or sector, it intends to focus its search on companies in the technology and financial sectors, including companies with a nexus to Japan. Evo is led by its Chairman, Michael Lerch, its Chief Executive Officer, Richard Chisholm, its Chief Financial Officer, Adrian Brindle and Managing Director Jason Sausto. For more information visit www.evospac.com.
Certain statements included in this press release are not historical facts but are forward-looking statements. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other performance metrics and projections of market opportunity. These statements are based on various assumptions, whether or not identified in this press release and on the current expectations of 20Cube’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of 20Cube. Some important factors that could cause actual results to differ materially from those in any forward-looking statements could include changes in domestic and foreign business, market, financial, political and legal conditions.
These forward-looking statements are subject to a number of risks and uncertainties, including the ability of 20Cube to compete effectively in a highly competitive market; the ability to protect and enhance 20Cube’s corporate reputation and brand; the impact from future regulatory, judicial, and legislative changes in 20Cube’s industry; and, the uncertain effects of the COVID-19 pandemic or other public health matters; competition from larger technology companies that have greater resources, technology, relationships and/or expertise; future financial performance of 20Cube including the ability of future revenues to meet projected annual bookings; the ability of 20Cube to forecast and maintain an adequate rate of revenue growth and appropriately plan its expenses; the ability of 20Cube to generate sufficient revenue from each of our revenue streams; the ability of 20Cube’s patents and patent applications to protect our core technologies from competitors; 20Cube’s ability to manage a complex set of marketing relationships and realize projected revenues from subscriptions, advertisements; product sales and/or services; 20Cube’s ability to execute its business plans and strategy; and those factors set forth in documents of Evo or 20Cube Logistics Solutions Pte. Ltd. filed, or to be filed, with SEC. You should carefully consider the foregoing factors and other documents to be filed by Evo or 20Cube Logistics Solutions Pte. Ltd. from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. The foregoing list of risks is not exhaustive.
If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that 20Cube does not presently know or that 20Cube currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect 20Cube’s current expectations, plans and forecasts of future events and views as of the date of this press release. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this press release, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein and the risk factors described above. 20Cube anticipates that subsequent events and developments will cause its assessments to change. However, while 20Cube may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so, except as may be required by law. These forward-looking statements should not be relied upon as representing 20Cube’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Participants in the Solicitation
20CUBE LOGISTICS PTE. LTD., (“20Cube”), EVO ACQUISITION CORP. (“EVO”), and their respective directors, executive officers and employees and other persons may be deemed to be participants in the solicitation of proxies from the holders of shares of EVO common stock in respect of the Business Combination described herein. Information about EVO’s directors and executive officers and their ownership of EVO common stock is set forth in EVO’s annual report on Form 10-K dated March 28, 2022 filed with the Securities and Exchange Commission (the “SEC”), as amended. Other information regarding the interests of the participants in the proxy solicitation will be included in the proxy statement / prospectus pertaining to the Business Combination which will be filed by 20CUBE LOGISTICS SOLUTIONS PTE. LTD. These documents can be obtained free of charge from the sources indicated below.
Additional Information and Where to Find It
In connection with the transaction described herein, EVO has filed and will file relevant materials with the SEC, including the registration statement / proxy statement. Promptly after the proxy statement / prospectus is declared effective by the SEC, EVO will mail the proxy statement / prospectus and a proxy card to each stockholder entitled to vote at the special meeting relating to the transaction. INVESTORS AND SECURITY HOLDERS OF EVO ARE URGED TO READ THESE MATERIALS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE TRANSACTION THAT EVO WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT EVO, 20CUBE AND THE TRANSACTION. The proxy statement / prospectus and other relevant materials in connection with the transaction (when they become available), and any other documents filed by EVO with the SEC, may be obtained free of charge at the SEC’s website (www.sec.gov) or by writing to EVO.
This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of EVO, the combined company or 20Cube, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended.