New fundamental chemical building block, CMF,
to be available at commercial scale for the first time
Plant to act as innovation center for scaling
up and deploying Company’s core technology platform, with a focus
on funded joint development programs and qualifying materials for
higher value applications
Origin Materials, Inc. (“Origin,” “Origin Materials,” or the
“Company”) (NASDAQ: ORGN, ORGNW), the leading carbon negative
materials company with a mission to enable the world’s transition
to sustainable materials, announced today it has begun startup of
Origin 1, the world’s first commercial CMF plant, located in
Sarnia, Ontario, in-line with prior guidance.
“Yesterday we initiated startup at Origin 1, a tremendous
accomplishment and milestone in our journey to decarbonize the
world’s materials,” said John Bissell, Co-Founder and Co-CEO of
Origin Materials. “This plant substantially scales up our
revolutionary core technology platform. We expect the power of our
platform intermediates, CMF and HTC, to be transformative for the
chemical industry and how the world generally makes things.”
The new plant will supply industry with intermediate chemicals
and materials that can be used across a wide range of end markets,
including clothing, textiles, plastics, packaging, car parts,
tires, carpeting, toys, fuels, and more with a ~$1 trillion
addressable market. The plant represents a significant scale-up of
Origin’s technology platform for converting sustainable wood
residues into versatile intermediate chemicals.
CMF (chloromethyl furfural) is a versatile chemical
building-block that can be used to make numerous downstream
products, including para-xylene, which is the precursor to PET
plastic, and FDCA (furandicarboxylic acid), which can be used in
numerous sustainable products and materials such as the next-gen
polymer PEF (polyethylene furanoate). The plant will also produce
HTC (hydrothermal carbon), whose applications include sustainable
carbon black for automotive tires.
“We are thrilled to be making our intermediates available to
industry on a scale never before achieved,” said Bissell. “The
commercialization of a molecule like CMF is historic, on the order
of an ethylene. After working with CMF for over a decade at pilot
scale, we couldn’t be more excited to begin commercial production
here in Sarnia.”
Origin 1 will be operated to optimally fulfill customer demand
around qualification and sampling. The plant is expected to play a
key role in the development of higher-value products and
applications for CMF, HTC, and other co-products. These higher
value products are expected to be produced and sold at world-scale
from future plants, including Origin 2, Origin 3, and potentially
licensed plants.
“The startup of Origin 1 is a testament to the strength of our
team in the face of pandemic and related supply-chain headwinds,”
said Bissell. “We are excellently positioned to meet the massive
customer demand for our renewable, carbon negative products, as we
continue to execute on our mission to enable the world’s transition
to sustainable materials.”
About Origin Materials
Headquartered in West Sacramento, Origin Materials is the
world's leading carbon negative materials company. Origin’s mission
is to enable the world’s transition to sustainable materials. For
over a decade, Origin has developed a platform for turning the
carbon found in inexpensive, plentiful, non-food biomass such as
sustainable wood residues into useful materials while capturing
carbon in the process. Origin’s patented technology platform can
help revolutionize the production of a wide range of end products,
including clothing, textiles, plastics, packaging, car parts,
tires, carpeting, toys, fuels, and more with a ~$1 trillion
addressable market. In addition, Origin’s technology platform is
expected to provide stable pricing largely decoupled from the
petroleum supply chain, which is exposed to more volatility than
supply chains based on sustainable wood residues. Origin’s patented
drop-in core technology, economics and carbon impact are supported
by a growing list of major global customers and investors.
For more information, visit www.originmaterials.com.
Cautionary Note on Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of the federal securities laws. Forward-looking
statements generally are accompanied by words such as “believe,”
“may,” “will,” “estimate,” “continue,” “anticipate,” “intend,”
“expect,” “should,” “would,” “plan,” “predict,” “potential,”
“seem,” “seek,” “future,” “outlook,” and similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters. These forward-looking statements
include, but are not limited to, statements regarding Origin
Materials’ business strategy, estimated total addressable market,
access to traditional financing sources, ability to operate and
produce material at Origin 1, budget and timelines to complete
Origin 2 and other future plants, ability to convert capacity
reservations and offtake agreements into revenue, ability to enter
new end-markets, ability to develop new product categories,
commercial and operating plans, product development plans,
anticipated growth and projected financial information and ability
to realize the anticipated benefits of any partnerships discussed
in the press release. These statements are based on various
assumptions, whether or not identified in this press release, and
on the current expectations of the management of Origin Materials
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
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 Origin Materials. These forward-looking statements are
subject to a number of risks and uncertainties, including that
Origin Materials may be unable to successfully commercialize its
products; the effects of competition on Origin Materials’ business;
the uncertainty of the projected financial information with respect
to Origin; disruptions and other impacts to Origin’s business as a
result of outbreaks such as the COVID-19 pandemic, Russia’s
military intervention in Ukraine, the impact of severe weather
events, and other global health or economic crises; changes in
customer demand; and those factors discussed in the Quarterly
Report on Form 10-Q filed with the U.S. Securities and Exchange
Commission on May 10, 2023, under the heading “Risk Factors,” and
other documents Origin Materials has filed, or will file, with the
SEC. 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 Origin Materials presently does not know, or
that Origin Materials 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 Origin Materials’ expectations, plans, or forecasts of
future events and views as of the date of this press release.
Origin Materials anticipates that subsequent events and
developments will cause its assessments to change. However, while
Origin Materials may elect to update these forward-looking
statements at some point in the future, Origin Materials
specifically disclaim any obligation to do so. These
forward-looking statements should not be relied upon as
representing Origin Materials’ assessments of any date subsequent
to the date of this press release. Accordingly, undue reliance
should not be placed upon the forward-looking statements.
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