Sustainea and Origin Materials signed a
partnership agreement to develop 100% bio-based PET and polyesters,
leveraging Sustainea’s bioMEG and Origin Materials’ bio-based PTA
and FDCA
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, and Sustainea
Bioglycols (“Sustainea”), a joint venture between Braskem (NYSE:
BAK) and Sojitz Corporation, today announced a strategic
partnership centered on advanced bio-based materials produced using
Origin’s technology platform and Sustainea’s bio-based glycol
products and market expertise.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20230808398713/en/
As part of the partnership, Sustainea signed two multi-year
capacity reservation agreements to purchase renewable chemicals
from Origin Materials, including bio-based PTA and bio-based FDCA.
PTA is a fundamental feedstock for a broad variety of market
applications, including PET polyester packaging, textiles,
clothing, plastics, car parts, tires, carpeting, and toys. FDCA is
a raw material whose commercial applications include surfactants,
epoxy resins, and the next-gen polymer PEF (polyethylene
furanoate).
“We are thrilled to partner with Sustainea, a joint venture
formed by two innovative global companies: Braskem, the largest
thermoplastic resin producer in the Americas and a global pioneer
in biopolymers, and Sojitz, a Japan-oriented global trading company
with wide-ranging market networks and a strong presence in Asia,”
said Origin Materials Co-CEO Rich Riley. “Through Sustainea,
Braskem and Sojitz aim to be the global leader in bioMEG
production. Since bioMEG and bio-PTA are both necessary for making
100% bio-based PET, we are strongly aligned to create a low-carbon
future for polymers, including bio-PET and advanced bio-based
polymers integrating FDCA. We are excited about this powerful
strategic partnership on the cutting edge of renewable
materials.”
Origin expects to produce bio-based FDCA and bio-based PTA using
its patented technology platform, which turns the carbon found in
sustainable wood residues into useful products while capturing
carbon in the process.
“We are very excited to join forces with Origin on the pathway
to a low carbon future,” stated Gustavo Sergi, CEO of Sustainea.
“Bringing to the market bioMEG and bioPET has always been our
ambition and the partnership with Origin represents an important
step towards this goal. The polyester and PET markets grow 3.5
million tons every year, so we have an important mission to develop
our operation to supply the industry as soon as possible. From
textiles to bottles, our bioMEG and bioPET will be there to be
quickly absorbed by the market as a drop-in solution. Finally,
these biopolymers are not only bio-based but also fully recyclable.
This will contribute to a circular economy and to the reduction of
CO2 emissions.”
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 Sustainea Bioglycols Sustainea is a dynamic
and innovative company focused on sustainable chemistry.
Established as a joint venture between Braskem and Sojitz
Corporation, Sustainea is a company born with the desire to be the
global leader in bio-MEG and transform the bottles and textiles
market through innovation in renewable chemicals, generating a
positive impact for everyone. Sustainea’s business plan includes
the construction of three industrial plants with annual production
capacity of 700,000 tons of bio-based MEG, with the startup of the
first plant in 2027. With a strong emphasis on research and
development, Sustainea's commitment to environmental stewardship
and their innovative approach to creating renewable materials
aligns perfectly with the goal of developing sustainable
alternatives to conventional plastics. Headquartered in the United
States, with an office in São Paulo, Brazil, Sustainea has
professionals with in-depth knowledge of the chemical industry and
renewable chemicals business.
For more information, visit www.sustaineabio.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,
ability to enter new end-markets, ability to develop new product
categories, commercial and operating plans, product development
plans, 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
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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version on businesswire.com: https://www.businesswire.com/news/home/20230808398713/en/
Origin Materials Investors: ir@originmaterials.com
Media: media@originmaterials.com
Sustainea Bioglycols Media Sustainea:
communication@sustaineabio.com
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