Origin’s common stock to begin trading on the
Nasdaq under symbol “ORGN” on June 25, 2021
Origin Materials, Inc., the world’s leading carbon negative
materials company, announced today that it has completed its
previously announced business combination with Artius Acquisition
Inc. (“Artius”) (NASDAQ: AACQ, AACQW).
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20210625005071/en/
The transaction was unanimously approved by Artius’ Board of
Directors and was approved at an extraordinary general meeting of
Artius shareholders on June 23, 2021. In connection with the
closing, Artius changed its name to Origin Materials, Inc. (“Origin
Materials,” “Origin,” or the “Company”). The ticker symbols for the
common stock and warrants of Origin will change from “AACQ” and
“AACQW” to “ORGN” and “ORGNW”, respectively and will begin trading
as such on the Nasdaq on June 25, 2021.
Company Background
Founded in 2008, Origin is the world’s leading carbon negative
materials company with a mission to enable the world’s transition
to sustainable materials. Origin’s patented drop-in technology,
economics and carbon impact are supported by a growing list of
major global customers and investors. Origin’s technology has been
further supported by an ISO-compliant Life Cycle Assessment (LCA)
which concluded that Origin’s products are expected to be carbon
negative when produced at commercial scale.
While an estimated 55% of global carbon emissions come from
energy generation and transport, the other 45% come from the
production of materials for consumer and industrial products. More
than ten million barrels of oil per day are used to create
materials, in the process releasing new carbon into the atmosphere.
Origin’s vision for the future is to replace this oil use with
non-food feedstocks and materials while capturing carbon in the
process.
Origin Materials’ patented technology platform, which turns
inexpensive, plentiful, sustainable wood residues into carbon
negative materials, can help revolutionize the production of a wide
range of end products, including clothing, textiles, plastics,
packaging, car parts, tires, carpeting, toys, and more with a ~$1
trillion addressable market. In addition, Origin Materials’
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.
Since announcing the business combination with Artius on
February 17, 2021, Origin Materials has increased its customer
demand from signed offtake agreements and capacity reservations by
90% to $1.9 billion from the $1 billion previously disclosed. This
increase also greatly expanded the Company's end markets beyond its
Fortune Global 500 CPG customers – Danone, Nestlé Waters, PepsiCo –
to include industrial and apparel textiles, automotive parts,
insulating foams and other applications.
The Company also implemented the following new and expanded
partnerships and customer relationships:
- June 15, 2021: Strategic alliance with Palantir Technologies
(NYSE:PLTR) to accelerate the world’s transition to net zero carbon
focused on decarbonizing the global materials supply chain.
- June 10, 2021: Launched Net Zero Automotive program with Ford
Motor Company (NYSE:F) focused on industrializing new materials to
drive decarbonization in the automotive industry
- April 27, 2021: Partnership with Mitsubishi Gas Chemical to
industrialize advanced carbon negative chemicals and materials for
applications in the automotive, medical, food, information and
communication, energy, and infrastructure sectors.
- April 20, 2021: Partnership with Solvay to develop advanced
carbon negative materials for the automotive industry.
- April 19, 2021: Strategic alliance with PrimaLoft to develop
carbon negative insulating fiber for outdoor gear, bedding and
apparel. PrimaLoft’s iconic brand partners include Patagonia, Stone
Island, L.L. Bean, Lululemon, adidas and Nike.
- April 12, 2021: Partnership with Packaging Matters to advance
carbon negative packaging solutions, building on an existing
10-year supply agreement.
- April 6, 2021: Partnership with AECI Much Asphalt to develop
low-carbon asphalt.
- April 5, 2021: Partnership with AEC SANS Technical Fiber to
develop carbon negative materials for apparel and automotive
applications.
Management Commentary:
John Bissell, Co-Founder and Co-CEO of Origin Materials,
commented, “We are excited to complete this transaction, which will
further accelerate our growth and mission of enabling the world’s
transition to sustainable, carbon negative materials. The materials
supply chain accounts for nearly half of all global carbon
emissions, creating a significant opportunity to decarbonize
materials that are used in products across a wide range of end
markets. We believe our breakthrough technology provides countless
companies that make physical products with the ability to
drastically reduce their emissions in a cost-effective manner.”
Rich Riley, Co-CEO of Origin Materials, commented, “Our
strategic customer base has grown dramatically, driven by new
partnerships with industry-leading companies that are at the
forefront of decarbonization and corporate sustainability. With the
capital from this transaction, we are well positioned to scale our
technology platform and help our customers meet their
decarbonization and ESG goals. We are energized by the exciting
opportunities that lie ahead as we commercialize our technology and
transition to a world of net zero carbon.”
Boon Sim, Chief Executive Officer of Artius, commented, “We
pursued a merger with Origin Materials because we wanted to make
sure that we invested in a company with technology that has been
tested and validated. We conducted significant due diligence
evaluating their technology and their expanded customer base is
further validation of their technology’s ability to help the world
transition to net zero carbon. With their breakthrough technology
and significant customer base we are highly confident in Origin’s
ability to disrupt the materials supply chain and enable their
customers’ decarbonization goals, which we believe will deliver
significant long-term shareholder value.”
Transaction Overview
The transaction previously valued at approximately $1 billion is
supported by existing and new investors, including Danone, Nestlé
Waters, PepsiCo, Mitsubishi Gas Chemical and AECI, as well as
certain funds and accounts managed by Sylebra Capital, Senator
Investment Group, Electron Capital Partners, BNP Paribas AM Energy
Transition Fund and affiliates of Apollo. Origin Materials will use
the proceeds to fund the Company’s planned growth, including the
completion and commissioning of its first commercial plant, which
is expected to be operational in 2022, and of its second commercial
plant, which is expected to be operational in 2025.
Origin’s senior management team will continue to lead the
combined company. The Board of Directors of the combined company
will consist of John Bissell, Benno O. Dorer, Charles Drucker,
Kathleen B. Fish, William Harvey, Pia Heidenmark Cook, Karen
Richardson, Rich Riley and Boon Sim.
A more detailed description of the transaction can be found in
the definitive proxy statement/prospectus filed with the SEC on May
27, 2021.
Advisors BofA Securities served as exclusive financial
advisor to Origin, and Cooley LLP served as legal advisor to
Origin. Credit Suisse and Goldman Sachs & Co. LLC served as
joint financial and capital markets advisors to Artius and served
as co-placement agents. Cleary Gottlieb Steen & Hamilton LLP
served as legal advisor to Artius.
About Origin Materials Headquartered in West Sacramento,
Origin Materials is the world's leading carbon negative materials
company. Origin Materials’ mission is to enable the world’s
transition to sustainable materials. Over the past 10 years, Origin
Materials has developed a platform for turning the carbon found in
non-food biomass into useful materials, while capturing carbon in
the process. Origin Materials’ patented drop-in core technology,
economics and carbon impact are supported by a growing list of
major global customers and investors. Origin Materials’ first
commercial plant is expected to be operational in 2022 with a
second commercial plant expected to be operational in 2025 and
plans for additional expansion over the next decade.
For more information, visit www.originmaterials.com.
About Artius Acquisition Inc. Artius was a special
purpose acquisition company formed for the purpose of effecting a
merger, share exchange, asset acquisition, share purchase,
reorganization or similar business combination with one or more
businesses. Artius was co-founded by Charles Drucker, the former
CEO of WorldPay, Inc., a leading payments company, and its
predecessor company, Vantiv. Inc., and Boon Sim, the Founder and
Managing Partner of Artius Capital Partners LLC.
For more information, visit
https://www.artiuscapital.com/acquisition.
Cautionary Note on Forward-Looking Statement 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, commercial and
operating plans and product development plans. 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; disruptions and other impacts to Origin
Materials’ business as a result of the COVID-19 pandemic and other
global health or economic crises; changes in customer demand;
failure to realize the anticipated benefits of the business
combination; and those factors discussed in the definitive proxy
statement/prospectus filed with the SEC on May 27, 2021 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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version on businesswire.com: https://www.businesswire.com/news/home/20210625005071/en/
Origin Materials Investors: ir@originmaterials.com
Media: media@originmaterials.com
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