Hyosung signed a multi-year capacity
reservation agreement to purchase sustainable carbon-negative
materials from Origin Materials
Origin Materials (“Origin”) (NASDAQ: ORGN ORGNW), the world’s
leading carbon negative materials company with a mission to enable
the world’s transition to sustainable materials, and Hyosung
Advanced Materials Corp. (“Hyosung Advanced Materials”) (KRX:
298050), a Korea-based industrial materials company, today
announced a partnership to industrialize sustainable high-value
specialty materials.
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the full release here:
https://www.businesswire.com/news/home/20230322005190/en/
As part of the partnership, Hyosung Advanced Materials signed a
multi-year capacity reservation agreement to purchase sustainable
carbon-negative materials from Origin Materials, including PET and
a hybrid polymer PET/F (a blend of PET and FDCA) for use in tire
cord applications, HTC for use in battery materials, as well as
furanic derivatives for use in spandex applications in the apparel
industry.
The partnership will leverage Origin’s patented technology
platform, which can turn the carbon found in sustainable wood
residues into useful materials while capturing carbon in the
process.
The materials will support Hyosung Advanced Materials’ broader
sustainability effort to address climate change with a focus on
carbon neutrality and eco-friendly business sectors. In 2020,
Hyosung Advanced Materials garnered a grade of “A” in recognition
of its efforts in climate change from the CDP (Carbon Disclosure
Project) and won the status of Honors Club in carbon management at
the ceremony presenting the CDP Climate Change Korea Award.
“Partnering with Hyosung Advanced Materials is a significant
milestone in our mission to transition the world to sustainable
materials,” said Origin Materials Co-CEO Rich Riley. “The
opportunity for working together is remarkably broad, and we are
excited to develop high-value products for use in a wide range of
end markets and applications including batteries, automotive, and
apparel. Together, we can expand the adoption of Origin’s
technology and help drive the ‘once in a planet’ shift to
sustainable materials taking place around the world.”
“We are excited to be a partner with Origin Materials to take
this pathway together to Net Zero through this innovative
technology development and commercialization effort,” said Young
Joon Lee, Vice President at Hyosung. “Sustainability is at the
heart of Hyosung’s growth strategy and we firmly believe that our
strong partnership will take both of us to the forefront of
industry leadership in the renewable materials space.”
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.
About Hyosung Advanced Materials
Founded in 1968, Hyosung Advanced Materials Corporation (HAMC),
is the global no. 1 polyester tire reinforcements company with an
annual revenue of $4 billion. HAMC's business covers industrial
materials with various applications that serve a variety of
industries. In response to the transition of the mobility industry
and the need for green technology, HAMC continues to develop and
commercialize high-strength and light-weight materials that
contribute to lower product carbon emissions.
For more information, visit www.hyosungadvancedmaterials.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, budget and timelines to
complete Origin 1 and Origin 2, 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 the partnership 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 Annual Report
on Form 10-K filed with the U.S. Securities and Exchange Commission
on February 23, 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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version on businesswire.com: https://www.businesswire.com/news/home/20230322005190/en/
Hyosung Advanced Materials: Ju Han Lee, Vice President,
PR & Communications +82-2-707-7650, juhan@hyosung.com Origin
Materials: Investors: ir@originmaterials.com Media:
media@originmaterials.com
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