
TES
Overview
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.

Investment Rationale
- 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
- 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
- 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
KEY FACTS
SECTOR
Sustainability Solutions
HEADQUARTERS
Singapore
INVESTMENT DATE
May 2013
NAVIS OWNERSHIP
74%


Navis Value Impact
- Strategic repositioning from an Asia-focused e-waste recycler to a global sustainability solutions provider
- Accelerated expansion strategy, completing 15 acquisitions over eight years, enabling growth into Europe and USA, and enhancing the breadth and depth of TES’ capabilities
- Extended into battery recycling by building plants in Singapore, China, and the Netherlands
- Developed a proprietary technology for upcycling waste plastics into carbon nanotubes and built a plant in Singapore
- In addition, Navis professionals were heavily involved in various functional initiatives, including taking embedded roles on the senior team (CIO, Head of HR). Initiatives included:
- the upgrade and expansion of the senior management team
- the enhancement of TES’ compliance and security systems
- the establishment of various environmental and sustainability programs
- the implementation of new ERP, CRM, and shop floor management systems
- the enhancement of TES’ corporate governance capabilities
- the implementation of various cost reduction, working capital improvement, and cashflow optimization initiatives
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
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