Origin’s first commercial plant anticipated to
complete commissioning to support start-up around 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 the mechanical
completion of Origin 1, the Company’s first commercial
manufacturing plant, in-line with the previously disclosed
timeline.
As part of mechanical completion, the plant's critical
mechanical systems have been successfully installed and
commissioning has begun. Work onsite will continue, including
electrical work, adding new equipment, and further refining
technology.
“The mechanical completion of Origin 1, our first commercial
plant, is an important milestone in our mission to enable the
world’s transition to sustainable materials,” said John Bissell,
Co-Founder and Co-CEO of Origin Materials. “I’m proud of how our
team has executed as we draw closer to commercial production to
meet over $9 billion in total customer demand for our
carbon-negative materials. What we’ve been able to accomplish to
date, despite the pandemic and related supply-chain headwinds,
demonstrates the capability, efficiency, and efficacy of our
project team. I’d also like to express our gratitude to
BioIndustrial Innovation Canada, the Sarnia-Lambton community,
Sarnia's mayor, Mike Bradley, the Honorable Bob Bailey, the
Honorable Marilyn Gladu, along with support from Innovation,
Science and Economic Development Canada (“ISED”), for their
partnership and support. As we look ahead, we are excited to start
up the plant, begin commercial production, deliver product to our
customers, and take the next step in our journey to decarbonize the
world’s materials.”
Work at the plant continues following this key achievement, with
plant commissioning to support start-up anticipated to be complete
around the end of Q1 2023 and start-up beginning shortly
thereafter. Origin 1 is expected to start to address growing
customer demand for the Company’s renewable materials and allow
customers to qualify products and applications beyond PET. The
Company expects to provide guidance on revenue, EBITDA, and other
financial metrics for full year 2023 on its next earnings call.
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,
anticipated customer demand for Origin’s carbon-negative materials,
budget and timelines for the 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, anticipated growth and
projected financial information, ability to realize the anticipated
benefits of any partnerships discussed in the press release and
estimated production volume. 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, 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 (“SEC”) 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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