TES-AMM

TES is a sustainable IT and battery lifecycle services market leader headquartered in Singapore and currently operates 43 facilities in 21 countries across Asia, North America, and Europe. TES provides a one-stop solution to customers for recycling, repurposing, and reusing IT devices and electric vehicle batteries. Today, TES has a client base comprising many of the world’s leading IT companies, hyperscale cloud providers, multinational corporations, and electric vehicle manufacturers.

Navis invested in TES in 2013 and exited the business to SK ecoplant in 2022. During Navis ownership, TES grew revenues and EBITDA by roughly 20% annually.

SECTOR

Sustainability Solutions

HEADQUARTERS

Singapore

INVESTMENT DATE

May 2013

NAVIS OWNERSHIP

74%

EXIT DATE

2022

Investment Rationale

*01.

E-waste recycling is a high-growth market due to the proliferation of e-waste globally, increased sustainability awareness, and tightening of e-waste regulations

*02.

Lithium-ion batteries’ growth is driven by increasing demand for electric vehicles, creating an enormous stockpile of spent EV batteries with applications in the second-life market

*03.

The fragmented industry puts TES in a solid position to emerge as a global market leader, with a complete suite of services to deliver a total solution to customers

Navis Value Impact

Strategic Repositioning

Transitioned from an Asia-focused e-waste recycler to a global sustainability solutions provider, positioning TES as a leader in environmentally responsible solutions worldwide.

Accelerated Expansion Strategy

Executed 15 acquisitions over eight years, expanding operations into Europe and the USA, significantly enhancing TES’ service capabilities and global presence.

Battery Recycling Expansion

Built state-of-the-art battery recycling plants in Singapore, China, and the Netherlands, establishing TES as a pioneer in the battery recycling industry.

Innovative Plastic Upcycling Technology

Developed proprietary technology to upcycle waste plastics into carbon nanotubes and established a dedicated plant in Singapore, advancing TES' innovation in sustainability.

Leadership & Operational Excellence Initiatives

Navis professionals embedded in the senior management team spearheaded initiatives such as upgrading management, improving compliance, and enhancing TES' governance and operational systems. This included the implementation of ERP, CRM, and environmental programs, and the execution of cost reduction and cashflow optimization strategies.

TES Advances Circular Economy Efforts in 2022

In 2022, TES made major advancements in the circular economy by increasing the volume of processed assets by 12.4% to 106,391 metric tonnes, all while maintaining a high recycling and reuse rate of 99.1%. These achievements contribute toward TES's overarching goal of repurposing 1 billion kilograms of assets by 2030. The company also invested in renewable energy initiatives, installing photovoltaic solar panels at three of its sites, with future plans to extend this effort across more locations to further enhance sustainability and energy efficiency.

TES Recognized for Sustainability Leadership in 2022

TES earned several prestigious awards in 2022, including the Green World Award for Environmental Best Practice and the EDIE Sustainability Leaders Award for Circular Economy Innovation. The company’s involvement in global collaborations, such as the Circular Electronics Partnership and the Global Battery Alliance, underscores its dedication to environmental stewardship. By aligning with eight Sustainable Development Goals (SDGs), TES remains committed to initiatives that drive resource efficiency, improve waste management, and reduce energy consumption.

Exit and Looking ahead

“We are proud to be the market leader in the IT lifecycle solutions industry and believe the last 8 years with Navis has created a strong platform for accelerated future growth. We thank Navis for their guidance and stewardship of the business, and for the many growth and operational efficiency projects that were successfully implemented under their strategic direction. SK ecoplant’s experience and shared vision of a more sustainable world makes them the perfect partner for TES. The team at TES looks forward to this new chapter for the company and working together with SK ecoplant.”

Terence Ng, Chairman of TES in 2022