Origin Materials Announces Timing Update on Origin 1 Manufacturing Plant
December 29 2022 - 7:00AM
Business Wire
Origin’s first commercial plant set for
mechanical completion in January 2023
Plant commissioning has started and remains on
track to be complete by the end of Q1 2023, with start-up beginning
shortly thereafter
Origin Materials, Inc. (“Origin,” “Origin Materials” or the
“Company”) (NASDAQ: ORGN, ORGNW), the world’s leading carbon
negative materials company with a mission to enable the world’s
transition to sustainable materials, today announced a construction
update on Origin 1, the Company’s first commercial manufacturing
plant.
Due to severe weather conditions, the Company anticipates a
slight delay to its previously disclosed timeline for mechanical
completion of Origin 1. Barring any further unforeseen
circumstances, Origin expects the plant to be mechanically complete
in January 2023.
All equipment necessary for completion is onsite and will be
installed once current weather conditions subside. Plant
commissioning has started and we anticipate that commissioning will
remain on track for completion by the end of Q1 2023, with start-up
beginning shortly thereafter.
About Origin 1
Origin 1 is located in Sarnia, Ontario, Canada. This
commercial-scale plant is anticipated to produce sustainable
materials including chloromethylfurfural (“CMF”), which can
subsequently be converted into high-performance products used in
packaging, textiles, apparel, automotive, and other applications,
as well as hydrothermal carbon (“HTC”). HTC can be used in fuel
pellets, as activated carbon, and as a replacement for carbon
black. Origin’s patented technology platform can turn the carbon
found in sustainable wood residues into useful materials while
capturing carbon in the process. The plant is expected to be able
to convert an estimated 25,000 dry metric tons of biomass each year
into products for a wide range of end markets.
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, 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,
budget and timelines for mechanical completion, commissioning and
startup of Origin 1, ability to enter new end-markets, ability to
provide stable pricing, ability to develop new product categories,
commercial and operating plans, product development plans, and
estimated production volume 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 the evolving COVID-19
pandemic, Russia’s military intervention in Ukraine, impacts of
unexpected severe weather, 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 November 3, 2022 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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Origin Materials Investors: ir@originmaterials.com
Media: media@originmaterials.com
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