Companies to explore converting an Indorama
Ventures’ U.S. facility into bio-based materials plant to develop
and commercialize low-carbon bio-based materials
Companies to produce samples for use in
limited-volume product launches with high-profile brands
Origin Materials, Inc. (“Origin” “Origin Materials”), the
world’s leading carbon negative materials company, and Indorama
Ventures Public Company Limited, the world’s largest producer of
virgin and recycled PET resins, today announced a strategic
partnership to accelerate the mass production of bio-based
materials.
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the full release here:
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Origin Materials (NASDAQ: ORGN, ORGNW) and Indorama Ventures
(Bloomberg ticker IVL.TB) signed a strategic memorandum of
understanding (“MOU”) to explore initiatives related to the rapid
commercialization of low-carbon, bio-based materials. Initiatives
include evaluating the use of existing Indorama Ventures’ units in
the United States with some modification to commercially produce
bio-based materials. Under this arrangement, Indorama Ventures
would convert derivatives of Origin Materials’ platform chemical
CMF (chloromethylfurfural) into various sustainable chemicals and
bio-based plastics.
Under the MOU, the companies will also study the potential to
use production samples of bio-based materials in limited-volume
product launches in partnership with high-profile brands. The
materials could potentially be used in packaging, textiles, films,
and automotive applications. These could include bio-PET, bio-PTA,
the advanced bio-based chemical FDCA (furandicarboxylic acid), and
co-polyesters that have an advantage over traditional PET
plastic.
The companies share a strategic interest in rapidly deploying
Origin Materials’ carbon-negative technology platform, which
converts sustainable wood residues into useful materials. The
partnership is expected to enhance the value of Indorama Ventures’
global petrochemical manufacturing footprint and support the
company’s Vision 2030 to build on its industry leadership in
sustainability by adopting low-carbon intensity, bio-based
materials.
Rich Riley, Co-Chief Executive Officer of Origin Materials,
said, “We are thrilled to partner with Indorama Ventures, the
world’s largest producer of virgin and recycled PET resins, to
combine our strengths across technology development, commercial
production, and supply chain operations. Our shared ambition is to
drive rapid, meaningful change throughout industry by developing
new products and exploring the conversion of existing
petroleum-based plants into plants producing low-carbon intensity
and performance-enhanced bio-based materials. Together we aim to
help decarbonize the world’s materials.”
Yash Lohia, Chairman of the ESG Council at Indorama Ventures,
said, “As part of our Vision 2030, we are striving to explore and
employ advanced technologies for sustainability. Strategic
partnerships that speed up the introduction of innovative new
technology play an important role, including this one with Origin
Materials. Driving the commercialization of bio-based materials
production will create advantages for Indorama Ventures as well as
the chemical industry and other sectors. We are excited to bring
more sustainable solutions to our customers and together create a
better world.”
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.
Origin’s bio-PTA and bio-PET are sustainable, carbon-negative
alternatives to traditional petroleum-based PTA and PET and can be
made using non-food, 100% bio-based resources. They are physically
and chemically identical to petroleum-based PTA and recyclable
petroleum-based PET, making them attractive sustainable
replacements for producers and buyers of traditional PTA and PET.
The next-gen chemical FDCA has numerous applications including a
wide range of polyesters, polyamides, polyurethanes, coating
resins, and plasticizers.
Origin is committed to addressing the most pressing
sustainability and performance challenges in packaging, textiles,
films, automotive applications, and beyond. For brands looking for
more information about incorporating bio-based and carbon-negative
materials into limited-volume product launches, contact
bizdev@originmaterials.com.
For more information, visit www.originmaterials.com.
About Indorama Ventures Public Company Limited (IVL)
Indorama Ventures Public Company Limited, listed in Thailand
(Bloomberg ticker IVL.TB), is one of the world’s leading
petrochemicals producers, with a global manufacturing footprint
across Europe, Africa, Americas, and Asia Pacific. The company’s
portfolio comprises Combined PET, Integrated Oxides and
Derivatives, and Fibers. Indorama Ventures products serve major
FMCG and automotive sectors, i.e., beverages, hygiene, personal
care, tire and safety segments. Indorama Ventures has about 26,000
employees worldwide and revenue of US$18.7 billion in 2022. The
Company is listed in the Dow Jones Emerging Markets and World
Sustainability Indices (DJSI).
For more information, visit www.indoramaventures.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 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 Annual Report
on Form 10-K filed with the U.S. Securities and Exchange Commission
on February 23, 2023, as amended April 28, 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/20230508005707/en/
Origin Materials: Investors: ir@originmaterials.com
Media: media@originmaterials.com
Indorama Ventures: Stuart Kelly stuart.k@indorama.net
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