New director’s decades of manufacturing,
operations, and engineering experience to enhance Board
expertise
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, today announced
the appointment of James ("Jim") Stephanou to the Origin Board of
Directors, effective June 12. Mr. Stephanou will serve as a member
of the Board’s Audit and Compensation Committees.
“Jim’s proven track record leading manufacturing and technology
initiatives for global companies complements the skill set of our
current Board of Directors,” said John Bissell, Co-Founder and
Co-CEO of Origin Materials. “We believe Jim’s expertise will prove
invaluable as we ramp up Origin 1 operations throughout the year
and begin commercial production.”
“With an extensive background leading engineering and
manufacturing operations, Jim will be a tremendous addition to our
Board,” said Rich Riley, Co-CEO of Origin Materials. “We are
thrilled to welcome Jim as we continue advancing toward commercial
production to begin to meet our over $9 billion in customer
demand.”
Mr. Stephanou brings over thirty years of experience in
manufacturing operations and engineering, including his current
role as CEO of IPS (Integrated Project Services), an engineering
and construction services provider to the life sciences sector.
Previously, he served as Vice President and Head of Engineering and
Projects at Merck & Co., Inc., a position he held from 2015 to
2023. Prior to joining Merck, he held various leadership positions
at Bayer Corp. for over a decade, including roles as Vice President
of Engineering and General Manager, Vice President of Global Asset
Management, Vice President and Plant Manager for Manufacturing and
Technology, and Regional Director of Engineering and Maintenance.
Mr. Stephanou joined Lyondell Basell Industries N.V. in 1988 and
held a variety of supervisory positions with the company before
being named Manager of Maintenance and Reliability in 2000. Mr.
Stephanou holds a mechanical engineering degree from Drexel
University.
“I am honored to join the Board of Directors of Origin Materials
and look forward to helping to bring the company’s breakthrough
technology to market,” said Mr. Stephanou. “I believe my work in
manufacturing operations, engineering, and construction services
will lend itself well to Origin’s efforts to construct and start up
their new world-class manufacturing facilities.”
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.
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, timelines to begin
commercial production, ability to convert capacity reservations and
offtake agreements into revenue and satisfy total customer demand,
ability to enter new end-markets, ability to develop new product
categories, commercial and operating plans, product development
plans, and anticipated growth and projected financial information.
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 Quarterly Report on Form 10-Q filed with the U.S.
Securities and Exchange Commission on May 10, 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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