Industry Partnership Achieves Positive Results in Pilot Project Using Mushrooms to Decarbonize Construction Waste

Lendlease, Rubicon Technologies, Mycocycle, and Rockwood Sustainable Solutions applied mycology to roofing shingles in what is believed to be a first-of-its kind sustainability study, emphasizing the importance of recycling, reuse, and carbon reduction

Lendlease, Rubicon Technologies, Inc. (NYSE: RBT), Mycocycle, and Rockwood Sustainable Solutions, today announced the completion of a successfully partnered pilot involving used asphalt shingles, mushrooms, and mycoremediation technology to reduce construction and demolition waste in order to produce a sustainable and reusable product to further create a more circular economy.

According to the Environmental Protection Agency, 11 to 13 million tons of asphalt shingles end up in landfills each year, where they take upwards of 300 years to break down. After seeing the large percentage of waste that was generated by used asphalt roofing shingles from a recent re-roofing project at their Fort Campbell Army installation in Kentucky, Lendlease, Rubicon, Mycocycle, and Rockwood Sustainable Solutions proposed a solution to reuse the material in a new capacity.

“Every asphalt shingle from those 214 homes would have gone to a landfill,” said Sara Neff, Head of Sustainability at Lendlease Americas. “There was simply no viable use for them. We understand the importance of reducing our Scope 3 carbon by diverting waste streams from the landfill. After teaming up with Rubicon, Mycocycle, and Rockwood Sustainable Solutions, we came up with an innovative idea using mycoremediation technology; combining mushrooms and shingles to break down waste materials and create a new by-product that could ideally be reintroduced for reuse, furthering a circular economy.”

Shingle samples were gathered and transported to Rockwood Sustainable Solutions’ facility in Lebanon, Tennessee where Mycocycle, an environmental remediation company that uses fungi to decarbonize waste streams, performed what is believed to be a first-of-its-kind pilot study, mixing the sample with three strains of fungi, a process called mycoremediation.

“The successful completion of this pilot is a fantastic example of environmental innovation in action,” said Nate Morris, Chairman and CEO of Rubicon. “Rubicon’s mission is to end waste, and it is innovations such as these that find second life circular solutions for hard-to-recycle materials. Partnerships, like this one between Rubicon, Lendlease, Mycocycle, and Rockwood Sustainable Solutions are possible when environmental innovation and the circular economy meet.”

“Using mycoremediation to process waste so as to be further recycled and form part of the circular economy is its highest use,” said Joanne Rodriguez, Founder and CEO of Mycocycle. “Our mycelium recycling pilots continue to see excellent results among a wide range of materials, and I’m excited to see where our work, in partnership with Lendlease, Rubicon, and Rockwood Sustainable Solutions, takes us.”

“This partnership has the potential to be a template for the future,” continued Neff. “Of those 11 to 13 million tons of asphalt shingles dumped in landfills each year, only 5-10 percent are being recycled. Taking a product that is no longer viable and combining it with a natural renewable source that results in a new product is a phenomenal outcome that is both beneficial to the environment and bolsters the economy. We are proud of this pilot and our future partnerships with Rubicon, Rockwood Sustainable Solutions, and Mycocycle.”

Alexandra Ewing of Lendlease, Chris Batterson of Rubicon, Lincoln Young of Rockwood Sustainable Solutions, and Joanne Rodriguez of Mycocycle will be hosting a session on the results of this project, titled “Forging a Truly Circular Economy for Toxic C&D Materials,” at the Greenbuild International Conference and Expo on Tuesday, November 1, 2022 at the Moscone Center in San Francisco, California.

Additionally, the team is looking to manufacturers across the building industry and encouraging them to continue to focus on the impact these new materials can have on reducing emissions while making our supply chain more sustainable.

About Lendlease

Lendlease (www.lendlease.com) is a leading global real estate and investment group with operations in Australia, Asia, Europe, and the Americas. Our purpose is to create places where communities thrive. Headquartered in Sydney, Australia, and listed on the Australian Securities Exchange, Lendlease has approximately 7,700 employees internationally. Our core capabilities are reflected in our operating segments of Development, Construction, and Investments. The combination of these three segments provides us with a sustainable competitive advantage and allows us to provide innovative integrated solutions for our customers.

About Rubicon

Rubicon Technologies, Inc. (NYSE: RBT) is a digital marketplace for waste and recycling, and provider of innovative software-based products for businesses and governments worldwide. Creating a new industry standard by using technology to drive environmental innovation, the company helps turn businesses into more sustainable enterprises, and neighborhoods into greener and smarter places to live and work. Rubicon’s mission is to end waste. It helps its partners find economic value in their waste streams and confidently execute on their sustainability goals. To learn more, visit www.Rubicon.com.

About Mycocycle

Mycocycle, Inc. (www.mycocycle.com) was founded in October 2018. It is a woman-owned, early stage cleantech company using mycoremediation to process toxins out of waste. Mycocycle was one-of-seventeen companies worldwide selected to The Circulars Accelerator in 2022 through the World Economic Forum and Accenture, was the winner of the 2021 1871 Momentum Awards as an Industry Disrupter and Chicago Innovation “Up and Comer” Award, recognized as a Finalist in FastCompany's "2021 World Changing Ideas" Awards issue, recognized as a Forbes “Next1000” Entrepreneur and Energy+Environment Top 100 Leader, selected as a Top 100 Global Deeptech Pioneer by Hello Tomorrow, and a 2020 Innovation selection in the EPA's Innovation and America Recycle's Fair.

About Rockwood Sustainable Solutions

Rockwood Sustainable Solutions (www.rockwoodrecycling.com) was founded in 2014. Rockwood began their operations in shingle recycling; collecting materials, processing, and utilizing the shingle in hot mix asphalt in Tennessee. As the company progressed, they continued to grow through recycling additional construction products including wood, tires, and drywall. Today, Rockwood is one of Tennessee’s largest construction recycling companies specializing in a variety of material recovery for various end markets.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, are forward-looking statements. When used in this press release, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Rubicon Technologies, Inc. (“Rubicon”) and its management, are inherently uncertain; factors that may cause actual results to differ materially from current expectations include, but are not limited to: 1) the outcome of any legal proceedings that may be instituted against Rubicon or others following the closing of Rubicon’s business combination with Founder SPAC (the "business combination"); 2) Rubicon’s ability to meet the New York Stock Exchange's listing standards following the consummation of the business combination; 3) the risk that the business combination disrupts current plans and operations of Rubicon as a result of consummation of the business combination; 4) the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; 5) costs related to the business combination; 6) changes in applicable laws or regulations; 7) the possibility that Rubicon may be adversely affected by other economic, business and/or competitive factors; and 8) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Rubicon’s Registration Statement on Form S-1 filed with the U.S. Securities and Exchange Commission (“SEC”), and other documents of Rubicon filed or to be filed with the SEC. Although Rubicon believes the expectations reflected in the forward-looking statements are reasonable, 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. There may be additional risks that Rubicon presently does not know of or that Rubicon currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Rubicon does not undertake, and expressly disclaims, any duty to update these forward-looking statements, except as otherwise required by applicable law.

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