Latest news with #Etika
Business Insider
02-07-2025
- Automotive
- Business Insider
Lotus Technology announces Etika exercised its put option
Lotus Technology (LOT) announced that Etika Automotive exercised its put option on June 30 requiring us to purchase 49% of the equity interests in Lotus Advance Technologies held by Etika pursuant to the Put Option Agreement dated January 31, 2023 between the parties. Lotus UK is currently owned by Geely International and Etika. As announced on April 14 Geely HK exercised a similar put option granted to it by the Company. With Etika having exercised its put option, the Company is expected to acquire 100% of the equity interests of Lotus UK through non-cash transactions based on pre-agreed prices. Upon completion, the Company will gain control over Lotus UK and consolidate its financial results. Lotus UK controls the manufacturing operations of Lotus' sportscars and hyper cars, and Lotus Engineering which provides comprehensive consultancy services to many of the OEMs and Tier 1 suppliers around the world. The acquisition is expected to be completed by 2025. In conjunction with the business combination between the Company and L Catterton Asia Acquisition Corp, a special purpose acquisition company affiliated with L Catterton, a leading global consumer-focused investment firm, the Company and Lotus UK entered into a Put Option Agreement with each of Geely HK and Etika. Pursuant to these agreements, each of Geely HK and Etika was granted the right to require the Company to acquire its equity interest in Lotus UK at a pre-agreed pricing method1 and upon satisfaction of the condition that the total number of vehicles sold by Lotus UK and its subsidiaries shall exceed 5,000 in 2024, with the exercise of such options by Geely HK and Etika not cross-conditioned on one another. As of December 31, 2024, the Put Option Exercise Condition had been satisfied.
The Sun
08-05-2025
- Business
- The Sun
Malaysia leads sustainability with launch of Atlas Ecopod, world's thinnest reverse vending machine
PUTRAJAYA: Malaysia has officially entered the record books with the unveiling of the Atlas Ecopod, now certified as the world's thinnest reverse vending machine. The Atlas Ecopod is specifically designed to collect and recycle polyethylene terephthalate (PET) bottles and aluminum cans. Natural Resources and Environmental Sustainability Minister Nik Nazmi Nik Ahmad said its development aligns with the Malaysia Plastics Sustainability Roadmap 2021-2030 and the United Nations Sustainable Development Goals. Speaking at the launch and Guinness World Records certificate presentation today, Nik Nazmi highlighted the machine's role in advancing the country's environmental targets, including reducing greenhouse gas emissions intensity by 45% by 2030 and achieving net-zero emissions by 2050. The Ecopod, a locally designed and built innovation, was developed by Atlas Vending, a subsidiary of the Etika Group of Companies. 'Malaysia still generates over one million tonnes of plastic waste annually. This presents a major challenge not only in urban areas but also in rural communities, affecting both public health and economic stability,' he said. Emphasising the need for more efficient recycling infrastructure, Nik Nazmi added that the Ecopod showcases how plastic waste can be compacted and processed effectively—reducing dependence on manual labour and lowering operational costs. He also said while steps have been taken to reduce single-use plastics, Malaysia still lacks clear regulations for dealing with plastics that can't be avoided. 'Last week in Geneva, I joined talks on the Global Plastic Treaty. We're pushing for a fair and forward-looking deal,' he said. 'But at home, we need stronger laws to support recycling of unavoidable plastic waste.' As part of a nationwide sustainability initiative, the Ecopad will see its first 100 units installed in high-traffic areas across Malaysia, encouraging the public to recycle used Etika beverage containers. The Ecopod is designed for scalability and easy use in urban areas. Its compact size allows it to be installed in tight spaces such as public transport stations, building lobbies, and schools—making recycling more accessible for all Malaysians. Each machine is equipped with a barcode scanner that verifies brands and rewards users for recycling Etika bottles and cans. Etika Group chief executive officer Santharuban Thurai Sundaram said the machine is a 100% Malaysian-made solution that blends sustainability with innovative technology. 'This milestone demonstrates Malaysia's capability to lead in the global green economy,' he said. 'It transforms recycling into an engaging experience, with AI-enabled systems and a rewarding mechanism that encourages eco-conscious behaviour among everyday users,' he added.
The Sun
08-05-2025
- Business
- The Sun
Malaysia unveils Atlas Ecopod, world's thinnest recycling machine
PUTRAJAYA: Malaysia has officially entered the record books with the unveiling of the Atlas Ecopod, now certified as the world's thinnest reverse vending machine. The Atlas Ecopod is specifically designed to collect and recycle polyethylene terephthalate (PET) bottles and aluminum cans. Natural Resources and Environmental Sustainability Minister Nik Nazmi Nik Ahmad said its development aligns with the Malaysia Plastics Sustainability Roadmap 2021-2030 and the United Nations Sustainable Development Goals. Speaking at the launch and Guinness World Records certificate presentation today, Nik Nazmi highlighted the machine's role in advancing the country's environmental targets, including reducing greenhouse gas emissions intensity by 45% by 2030 and achieving net-zero emissions by 2050. The Ecopod, a locally designed and built innovation, was developed by Atlas Vending, a subsidiary of the Etika Group of Companies. 'Malaysia still generates over one million tonnes of plastic waste annually. This presents a major challenge not only in urban areas but also in rural communities, affecting both public health and economic stability,' he said. Emphasising the need for more efficient recycling infrastructure, Nik Nazmi added that the Ecopod showcases how plastic waste can be compacted and processed effectively—reducing dependence on manual labour and lowering operational costs. He also said while steps have been taken to reduce single-use plastics, Malaysia still lacks clear regulations for dealing with plastics that can't be avoided. 'Last week in Geneva, I joined talks on the Global Plastic Treaty. We're pushing for a fair and forward-looking deal,' he said. 'But at home, we need stronger laws to support recycling of unavoidable plastic waste.' As part of a nationwide sustainability initiative, the Ecopad will see its first 100 units installed in high-traffic areas across Malaysia, encouraging the public to recycle used Etika beverage containers. The Ecopod is designed for scalability and easy use in urban areas. Its compact size allows it to be installed in tight spaces such as public transport stations, building lobbies, and schools—making recycling more accessible for all Malaysians. Each machine is equipped with a barcode scanner that verifies brands and rewards users for recycling Etika bottles and cans. Etika Group chief executive officer Santharuban Thurai Sundaram said the machine is a 100% Malaysian-made solution that blends sustainability with innovative technology. 'This milestone demonstrates Malaysia's capability to lead in the global green economy,' he said. 'It transforms recycling into an engaging experience, with AI-enabled systems and a rewarding mechanism that encourages eco-conscious behaviour among everyday users,' he added.
